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Europe Respiratory Monitoring - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2021 - 2029
Market Report I 2024-02-17 I 100 Pages I Mordor Intelligence
The Europe Respiratory Monitoring Market size is estimated at USD 1.16 billion in 2024, and is expected to reach USD 1.75 billion by 2029, growing at a CAGR of 8.60% during the forecast period (2024-2029).
The COVID-19 pandemic had a significant impact on the market initially as respiratory monitoring was widely used to monitor the conditions of coronavirus-infected patients. The ECDC in its October 2021 report on COVID-19 surveillance guidance indicated that the severity of the respiratory infection was to be monitored and reported weekly to ECDC. Such activities added to the growth of the studied market in the initial phase of the pandemic. However, currently, as the pandemic has subsided and fewer people are getting infected with the virus, the studied market is expected to have stable growth during the forecast period of the study.
The increasing prevalence of respiratory diseases, technological advancements, and the growing geriatric population are expected to drive market growth over the forecast period. Chronic obstructive pulmonary disease (COPD) is a life-threatening lung disease that interferes with normal breathing. According to an article published by the European Respiratory Journal in September 2021, it is estimated that 49,453,852 people will have COPD with a prevalence of 9.3% by the end of 2050. The article also stated that by 2050, there will be approximately 7.6 million, 7 million, and 4.8 million people affected with COPD in Germany, the United Kingdom, and Spain respectively. Thus, the high prevalence of COPD is anticipated to drive the respiratory monitoring market in Europe.
Additionally, factors such as a rise in the number of smokers, urbanization, growing pollution levels, and the development of advanced technologies will increase the demand for respiratory devices in healthcare facilities. Also, the recent product launches by the key market players in the region are expected to boost market growth. For instance, in April 2022, SCHILLER France SAS launched the MRI-compatible patient monitor MAGLIFE RT-1 with the ability to monitor respiratory mechanics through its spirometry option. Such product launches in the region are expected to significantly add to the growth of the studied market over the forecast period.
However, the high price associated with the devices is expected to hinder the growth of the market to a certain extent over the forecast period.
Europe Respiratory Monitoring Market Trends
Peak Flow Meters are Expected to Register Significant Growth over the Forecast Period
Peak flow meters are handheld devices used to measure the rate of respiration. They are portable devices that are used to measure the airflow from the lungs and the person's ability to pump the air. A peak flow meter is an inexpensive and portable device used to measure the peak flow of air moving out of the lungs and is widely used in the management of asthma.
The large prevalence of asthma in Europe is a major factor contributing to the growth of the studied segment. For instance, according to an article published by PubMed Central in July 2022, asthma is considered one of the most prevalent chronic diseases in Germany which affects about 4-5% of all adults and 10% of children. Moreover, the Asthma and Lung UK in November 2021 indicated that there were 5.4 million people in the United Kingdom affected by asthma. As per the organization, around one in every 12 adults and one in every 11 children were affected by the disease. The large number of people affected by asthma is likely to have a positive impact on market growth.
The recent advancements in peak flow meters are expected to boost market growth. For instance, an article published by PubMed Central in May 2021 discussed the use of a new digital peak flow meter, known as Smart Peak Flow (SPF), which has been developed to monitor asthma patients' peak expiratory flow (PEF) at home. It is connected wirelessly to any type of smartphone and it is used by asthma patients to self-monitor the progress of their clinical condition. Such management of the peak expiratory flow (PEF) which is widely used in the diagnosis and monitoring of asthma is expected to propel the growth of the market segment.
Another factor that contributes to its high demand is its portable nature, which makes these devices easy to handle, easy to carry, and remotely accessible. Thus, factors such as the high prevalence of asthma and technological advancement in peak flow meters are expected to propel the segment growth over the forecast period.
United Kingdom is Expected to hold a Significant Share in the Market Over the Forecast Period
The major factors responsible for the growth of the United Kingdom region in the studied market are the rising geriatric population, increasing prevalence of respiratory disorders, and increasing research and development expenses by key players in the country.
The rising geriatric population in the country is a major factor driving the growth of the market as the prevalence of respiratory diseases increases with age. For instance, according to the data from the Centre for Ageing Better in 2022, there are almost 11 million people aged 65 and over in England and it accounts for 19% of the total population. It is also estimated that in 10 years the geriatric population will reach almost 13 million people or 22% of the total population.
Furthermore, several key developments by country-level players are also adding to the growth of the market. For instance, in October 2022, Acurable, a United Kingdom-based medical device company, raised EUR 11 million (USD 10.8 million) in Series A funding. The company will use the funds to accelerate the international expansion of its first home sleep-testing device, the AcuPebble SA100, which enables users to detect and monitor obstructive sleep apnea. The company will also develop new products for chronic obstructive pulmonary disease (COPD), asthma, and cardiovascular conditions.
Hence, factors such as the rising geriatric population and increasing key developments by major country-level players are expected to boost the growth of the market in the United Kingdom.
Europe Respiratory Monitoring Industry Overview
The Europe Respiratory Monitoring Market is highly competitive and consists of a few major players. A few of the major players currently dominate the market including Draegerwerk AG, GE Healthcare, Koninklijke Philips N.V., Maquet (Getinge AB), Medtronic, Resmed, and Siemens Healthcare GmbH, among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
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1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Respiratory Diseases
4.2.2 Technological Advancements
4.2.3 Growing Geriatric Population
4.3 Market Restraints
4.3.1 Reimbursement Concerns
4.3.2 High Cost Associated with the Devices
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Type of Device
5.1.1 Spirometers
5.1.2 Peak Flow Meters
5.1.3 Sleep Test Devices
5.1.4 Gas Analyzers
5.1.5 Pulse Oximeters
5.1.6 Capnographs
5.1.7 Others
5.2 Geography
5.2.1 Germany
5.2.2 United Kingdom
5.2.3 France
5.2.4 Italy
5.2.5 Spain
5.2.6 Rest of Europe
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Draegerwerk AG
6.1.2 GE Healthcare
6.1.3 Koninklijke Philips N.V.
6.1.4 Maquet (Getinge AB)
6.1.5 Medtronic
6.1.6 COSMED srl
6.1.7 Resmed
6.1.8 Koko PFT
6.1.9 Vitalograph Ltd
6.1.10 Siemens Healthcare GmbH
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