Increasing prevalence of chronic respiratory disorders will lead to rise in demand for respiration rate monitors market. The rising number of geriatric population will boost the demand for respiration rate monitors market. An increasing number of ambulatory care centers also contributes towards respiration rate monitors market growth.
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Disorders like chronic pulmonary disorders, asthma, and lung cancer are major contributors to respiration rate monitors market growth. Prevalence of pandemic like COVID that infect respiratory system will lead to significant adoption of respiration rate monitors market. Increasing research and development for product innovation attracts significant investments towards respiration rate monitors market. For instance, in January 2019 a medical device company named Masimo as received FDA clearance for its respiration rate monitor using photoplethysmogram used on the finger pulse oximeter. Lack of reimbursement for respiratory diagnostics will hinder the respiration rate monitors market growth. In regions like Middle East and Africa, respiratory disorders are left undiagnosed at times and hence challenge respiratory rate monitors market growth.
COVID-19 has proved to have the highest impact on the respiratory system of a human, hence the respiration rate monitors market is expected to observe the exponential rise in demand during the forecast period. Leading manufacturers of medical devices with industrial and government support have increased manufacturing of essential COVID-19 aids like ventilators, respiratory monitors, and temperature monitors, hence leading to the growth of respiration rate monitors market. There has been a significant rise in product adoption leading to the growth of the respiration rate monitors market.
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Major players in respiration rate monitors market are GE Healthcare, Siemens Healthcare, Philips Healthcare, Medtronic Plc, Masimo Corporations, ResMed Inc., Smiths Medical, Dragerwerk Ag & Co. KGaA, MGC Diagnostic Corporation, Nihon Kohden Corporation, Welch Allyn, Inc and others.