Respiratory Monitoring Device Market Size, Share, Growth Analysis, By Type(Capnographs, Gas Analyzers, Pulse Oximeter, Peak Flow Meter), By Application(Chronic Obstructive Pulmonary Disease, Infectious Diseases, Asthma and Others), By End User(Hospitals, Laboratories, and Home Use), By Region - Industry Forecast 2024-2031

Global Respiratory Monitoring Device Market size was valued at USD 1.35 billion in 2022, USD 1.5 billion in 2023 and is projected to grow USD 3.11 billion by 2031, growing at a CAGR of 11.0% in the forecast period (2024-2031).

During the COVID-19 pandemic, the worldwide market for respiratory monitoring devices has experienced exponential growth. Patients who have COVID-19 may experience severe respiratory problems. As a result, there is now a greater use of respiratory monitoring equipment in home care and medical settings. Over the course of the forecast period, rising health care spending by governments in developing nations like India and an increase in the prevalence of respiratory illnesses are expected to boost the global market. In the upcoming years, it is anticipated that product innovations and technical developments will propel the global market for respiratory monitoring devices. All things considered, respiratory monitoring equipment will remain crucial due to the rise in respiratory illnesses and the fluctuations in pollution levels.

Over the past ten years, people's life expectancies have increased. The population pool in all the age groups has increased because of this. An individual's immune system deteriorates with age. Therefore, the increased number of elderly people raises their risk of developing illnesses. Compared to 71% in rich nations, the number of elderly persons in less developed nations is expected to increase by more than 250% between 2010 and 2050. The likelihood of developing respiratory illnesses rises with age. Over the forecast period, this is expected to increase demand for therapeutic respiratory equipment. In the United States, sleep apnea prevalence is comparable to that of diabetes and asthma. The need for respiratory monitoring equipment is being driven by this.