Coronavirus Impact: Respiratory Monitoring Devices Market Grows Exponentially, TBRC Reports
LONDON, June 9, 2020 /PRNewswire/ -- The global respiratory monitoring devices market is expected to grow from $4.5 billion in 2019 to about $9 billion in 2020, as hospitals across the globe are increasing their installed base of these equipment due to their demand in the treatment of COVID-19 patients. The market is expected to stabilize and reach $6.2 billion at an annual rate of 8.6% through 2023. The market for respiratory monitoring devices is experiencing exponential growth due to the COVID-19 pandemic. The fact that COVID-19 is essentially a respiratory ailment has boosted the use of respiratory monitoring devices, to monitor the physiological functions of lungs during COVID-19 treatment.
R ead More On The Business Research Company's Respiratory Monitoring Devices Market Report:Respiratory Monitoring Devices Market Driven By Chronic Respiratory Diseases
Rising rate of chronic respiratory diseases is expected to further drive the respiratory monitoring devices market in the near future. The chronic respiratory diseases such as asthma, bronchitis, pneumonia and others, resulting from different bacterial and viral infections, will boost the demand for respiratory monitoring devices. For instance, in the USA, 25 million people are currently suffering from asthma while 14 million people suffer from chronic obstructive pulmonary disease (COPD). Respiratory monitoring devices such as spirometers and pulse oximeters act as essential devices to monitor vital respiratory parameters.
Stringent Regulations In The Respiratory Monitoring Devices Market
Longer duration of time taken in the approval process of respiratory devices is restricting the growth of the respiratory monitoring devices market. Before a new respiratory device is introduced to the market, it takes 7.2 months for the US Food and Drug Administration (FDA) approval process, which adds to the development costs to be borne by device manufacturers, thus acting as a restraint to the market growth. To reduce incidences associated with respiratory devices and ensure that the devices are safe and have least adverse reactions, regulatory authorities such as Medicines and Healthcare products Regulatory Agency (MRHA) in the UK regulates and monitors the devices by restricting devices for use and sending field safety notices to correct the devices. These stringent approval processes and regulatory policies may impact the respiratory monitoring devices market.
Request A Free Sample Of The Respiratory Monitoring Devices Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=2845&type=smp
Introduction Of Smart Respiratory Monitoring Devices In The Market
Companies in the market are increasingly launching smart respiratory monitoring devices to diagnose and monitor number of respiratory diseases. These smart respiratory monitoring devices are Bluetooth-enabled which can be connected to smartphones to continuously monitor vital respiratory parameters. For instance, in 2018, Nuva Air, a Swedish digital health startup launched a smart device, Air Next, that monitors all the vital respiratory parameters in patients with asthma and other respiratory diseases.
Here Is A List Of Similar Reports By The Business Research Company:
Respiratory Devices And Equipment (Therapeutic And Diagnostic) Global Market Report 2020
Temperature Monitoring Devices Global Market Report 2020-30: Covid 19 Implications And Growth
Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
The World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
Contact Information:
Nitin.G
The Business Research Company
Europe: +44-207-1930-708
Asia: +91-8897263534
Americas: +1-315-623-0293
Email: [email protected]
Follow us on LinkedIn: https://in.linkedin.com/company/the-business-research-company
Follow us on Twitter: https://twitter.com/tbrc_Info
SOURCE The Business Research Company
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article