The global Lung monitoring devices market is experiencing growth due to factors such as an increase in the prevalence of lung disorders and the growing adoption of lung monitoring devices and the increase in the number of key players.
PORTLAND, Ore., July 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Lung Monitoring Devices Market by Product Type (Spirometers, Pulse Oximeters, Capnographs, and Others) and End User (Hospitals & Clinics, Ambulatory Surgical Centers, and Homecare): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global lung monitoring devices market was valued at $3,247.02 million in 2022 and is estimated to reach $6,112.50 million by 2032, exhibiting a CAGR of 6.6% from 2023 to 2032.
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Prime determinants of growth
An increase in the prevalence of lung diseases, and the advancement in lung monitoring device products such as the development of hand-held and home settings devices drive the growth of the global Lung monitoring devices market. However, a lack of awareness regarding respiratory diseases may restrict the market growth. Moreover, a rise in the number of key players and developing economies presents new opportunities in the coming years.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $3,247.02 million |
Market Size in 2032 | $6,112.50 million |
CAGR | 6.6 % |
No. of Pages in Report | 252 |
Segments Covered | Product type, End User, and Region. |
Drivers | Rise in incidence of respiratory diseases. The growing geriatric population. |
Opportunities | Rise in preference for home healthcare. |
Restraints | The lack of awareness regarding respiratory diseases. |
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a positive impact on the global Lung monitoring devices market, owing to the increase in the demand for lung monitoring devices and rising awareness about lung diseases.
- The companies are more focused on customized product development.
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The Spirometers segment to maintain its leadership status throughout the forecast period.
Based on the Product type, the Spirometers segment held the highest market share in 2022, accounting for more than two-fifths of the global Lung monitoring devices market and is estimated to maintain its leadership status throughout the forecast period. The increase in the prevalence of lung disorders such as COPD and asthma is the major factor that propels the growth of the spirometer segment across the globe. In addition, an increase in the number of key players drives the growth of the market. However, the pulse oximeter segment is projected to manifest the highest CAGR of 7.5% from 2023 to 2032. Pulse oximeter segment is notably done in the U.S., Canada, and Western European countries. Emerging countries such as Brazil, Russia, India, and China offer promising opportunities for the pulse oximeter segment market.
The Hospitals segment to maintain its leadership status throughout the forecast period.
Based on End User, the Hospitals segment held the highest market share in 2022, accounting for more than two-fifths of the global Lung monitoring devices market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the Homecare segment is projected to manifest the highest CAGR of 7.2% from 2023 to 2032, owing to the rise in the adoption of home-based lung monitoring devices.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two fifths of the global Lung monitoring devices market revenue and is likely to dominate the market during the forecast period. The increase in the adoption of home-based lung monitoring devices such as spirometers and pulse oximeters contributes to the growth of the Lung monitoring devices market in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.7% from 2023 to 2032. The growing awareness about lung monitoring devices, and the presence of high-potential markets such as India and China, is expected to drive the growth of the Lung monitoring devices market.
Leading Market Players: -
- Koninklijke Philips N.V.
- Masimo Corporation
- Medtronic Plc
- Nihon Kohden Corporation
- Resmed Inc.
- Icu Medical Inc.
- Vyaire Medical, Inc.
- Becton, Dickinson and Company
- Teleflex Incorporated.
- Baxter International Inc.
The report provides a detailed analysis of these key players in the global Lung monitoring devices market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
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