Lung Monitoring Devices Market Research, 2032
The global lung monitoring devices market was valued at $3.3 billion in 2022, and is projected to reach $6.1 billion by 2032, growing at a CAGR of 6.6% from 2023 to 2032. Lung monitoring device is used to measure, record, distribute, and display the values, which indicate the health of the lungs. It is commonly used for the diseases such as bronchitis, asthma, and chronic obstructive pulmonary disease (COPD). It uses the technique of controlled pressure to increase blood flow in the legs. Various devices such as pulse spirometers, pulse oximeters, peak flow meters, and capnography are used for the lung monitoring. A spirometer is an apparatus for measuring the volume of air inhaled and exhaled by the lungs in one respiratory cycle. A spirometer measures ventilation, i.e., the movement of air in and out of lungs. The spirogram will identify two different types of abnormal ventilation patterns, obstructive and restrictive.
Market Dynamics
Innovations in the medical devices industry for the adoption of lung monitoring devices for lung monitoring are majorly driven by rise in prevalence of lung diseases such as asthma and COPD. Moreover, rise in number of patients suffering from respiratory diseases is expected to creates remunerative opportunities for the expansion of the Lung Monitoring Devices Market Size. In addition, key players are adopting various strategies such as product launch, product approval, agreements, partnerships, and collaborations to strengthen their foothold in the market. For instance, in April 2021, Masimo, received FDA clearance of Radius PCG for the root patient monitoring and connectivity platform. Radius PCG connects with the root patient monitoring and connectivity platform to provide seamless, tetherless mainstream capnography for patients of all ages.
The demand for lung monitoring devices is not only limited to developed countries but is also being witnessed in the developing countries, such as China, Brazil, and India, which fuels the Lung Monitoring Devices Market Growth. Factors such as rise in hospital admissions, increase in number of surgeries, and surge in awareness toward the advantages of early diagnosis of lung diseases drive the growth of the market.
Furthermore, rise in air pollution levels due to burning fossil fuels, vehicle exhaust fumes, and emissions from agriculture and industry triggers the prevalence of respiratory diseases. Thus, increase in the prevalence of respiratory disorders drives the Lung Monitoring Devices Industrygrowth. In addition, increase in research activities by manufacturers for developing advanced lung monitoring devices is expected to fuel the growth of the industry. However, lack of awareness about lung disorders is hampering Lung Monitoring Devices Industry growth.
The lung monitoring devices market is segmented into End User and Product Type.
Segmental Overview
The global lung monitoring devices market is segmented into product type, end user, and region. By product type, the Lung Monitoring Devices Market Size is classified into spirometers, pulse oximeters, capnography, and others. Depending on end user, it is classified into hospitals, homecare and others. Region wise, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
By Product Type
On the basis of the product type, the market is classified into spirometers, pulse oximeters, capnographs, and others. The spirometers devices segment dominated the global Lung Monitoring Devices Market Share in 2022 and is expected to remain dominant throughout the Lung Monitoring Devices Market Forecast period owing to an increase in the prevalence of asthma and a rise in demand for lung monitoring devices among the patient population. Moreover, surge in geriatric population is anticipated to boost the demand for lung monitoring devices. This is attributed to the fact that aged individuals are highly susceptible to respiratory diseases.
By End User
Based on end user, the market is divided into hospitals, homecare, and others. The hospitals segment dominated the global Lung Monitoring Devices Market Share in 2022 and is anticipated to continue this trend during the forecast period. This is attributed to increase in the adoption of lung monitoring devices in hospitals for diagnosis and monitoring. In addition, an increase in the number of surgeries in hospitals drives the growth of the market as the lung monitoring devices such as gas analyzers and capnographs used during surgery. Moreover, improvements in the healthcare infrastructure is expected to propel the growth of the market.
By Region
By region, the lung monitoring devices market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2022, North America was the dominant region and is expected to continue this trend throughout the forecast period owing to high prevalence of respiratory disorders such as asthma and bronchitis, strong presence of key players, and surge in number of devices available in the region. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, owing to the presence of high populace countries such as India and China, which, in turn, increases the prevalence of respiratory disorders and the growing number of strategies and trends adopted by the market players that include product development, product approval, partnership, collaboration, and agreement.
COMPETITION ANALYSIS
Competitive analysis and profiles of the major players in the lung monitoring devices market such as GE Healthcare, Hill-Rom, Inc., Koninklijke Philips N.V., Masimo, Medtronic, Nihon Kohden Corporation, Resmed Inc., Smiths Medical, Vitalograph Ltd., and Vyaire Medical are provided in this report. These players have adopted product launch and product development as key developmental strategies to improve the product portfolio of lung monitoring devices.
Product Approval
Masimo has announced FDA Clearance of Radius PCG for the Root Patient Monitoring and Connectivity Platform.
Medtronic plc, announced that the U.S. Food and Drug Administration (FDA) granted 510(k) clearance for the Nellcor OxySoft SpO2 sensor.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the lung monitoring devices market analysis from 2022 to 2032 to identify the prevailing Lung Monitoring Devices Market Opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the lung monitoring devices market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global lung monitoring devices market trends, key players, market segments, application areas, and market growth strategies.
Lung Monitoring Devices Market, by Product Type Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 6.1 billion |
 Growth Rate | CAGR of 6.6% |
 Forecast period | 2022 - 2032 |
 Report Pages | 224 |
 By End User |
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 By Product Type |
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 By Region |
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 Key Market Players | ResMed Inc., Medtronic plc, Koninklijke Philips N.V., Vyaire Medical, Inc., Baxter International Inc., Becton, Dickinson and Company, Teleflex Incorporated., Masimo Corporation, Nihon Kohden Corporation, ICU Medical Inc. |
Analyst Review
This section provides opinions of the top-level CXOs in the lung monitoring devices market. In accordance with several interviews conducted, lung monitoring devices are gaining high traction due alarming increase in air pollution owing to industrialization, burning of fossil fuels, and transportation. Furthermore, increase in the prevalence of lung diseases such as asthma and chronic obstructive pulmonary disease (COPD) contributes to the growth of market. Moreover, growing awareness for respiratory diseases, government initiatives for the early diagnosis of lung disorders, and advancements in the lung monitoring device drive the growth of market.
The CXOs further added that Asia-Pacific serve as the potential market for lung monitoring devices owing the increase in the R&D expenditure for advancements in lung monitoring devices, rise in number of surgeries, and increase in government support for spread awareness about the benefits of lung monitoring devices. However, lack of awareness regarding respiratory diseases hampers the growth of the market.
The total market value of the lung monitoring devices Market is $3,247.02 million in 2022.
The forecast period in the report is from 2023 to 2032.
North America is the largest regional market for Lung Monitoring Devices.
There are 10 lung monitoring devices manufacturing companies are profiled in the report.
The top companies that hold the market share in the GE Healthcare, Hill-Rom, Inc., Koninklijke Philips N.V., Masimo, and Medtronic
The base year for the report is 2022.
Yes, lung monitoring devices companies are profiled in the report
Yes, the competitive landscape included in the lung monitoring devices market report.
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