New York, Dec. 05, 2022 (GLOBE NEWSWIRE) -- The global digital respiratory devices market size is expected to reach US$ 400 Billion by 2032, according to a new report by Persistence Market Research, expanding at a CAGR of 25% from 2022 to 2032.
Therapeutic and diagnostic devices that are linked to smartphone applications or other data gathering modules include digital respiratory devices. Asthma, chronic obstructive pulmonary disease (COPD), and other respiratory illnesses are treated and monitored with these devices.
Digital respiratory devices aid in the accurate administration of medications as well as the efficient monitoring of patient health and treatment outcomes. These cutting-edge devices allow the patient and physician to monitor, record, and track the dose recording during treatment. With the help of smart respiratory devices, disease management can be improved.
“The treatment of COPD will increase the need for breathing equipment. While the illness indication is expected to remain dominant, the COPD category is expected to rise quickly in the projected year. Aside from the increased prevalence of COPD, rising healthcare expenditures globally are predicted to propel the expansion of the digital respiratory devices market,” says an analyst at PMR.
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Key Highlights of Digital Respiratory Devices Market
- The global digital respiratory devices market accounts for a revenue of US$ 43 Billion in 2022.
- The global market for digital respiratory devices is expected to reach US$ 400 Billion by 2032.
- Demand for digital respiratory devices from 2022 to 2032 is projected to expand at a stellar CAGR of 25%.
- North America to be an opportunistic market for digital respiratory devices
- By 2032, the hospital segment is projected to hold a maximum share of 50% of the market.
According to the World Health Organization, there were an estimated 251 million cases of chronic obstructive pulmonary disease worldwide in 2016. Furthermore, asthma afflicted around 339 million individuals worldwide in 2018. Furthermore, COPD is responsible for more than 3 million fatalities worldwide each year. The increasing incidence of asthma, COPD, and other respiratory illnesses is expected to drive the global market.
Furthermore, a rising number of businesses are adopting digital technology into their devices to increase drug administration efficiency. Aptar Pharma, for example, will release HeroTracker Sense in April 2022. It's a brand-new digital respiratory health solution that transforms a traditional metered dosage inhaler (pMDI) into a smart linked healthcare device.
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Key Market Players
Key suppliers of digital respiratory devices are Cohero Health Inc., Cognita labs, Adherium limited, Amiko digital health limited, Teva pharmaceuticals industries ltd., Propeller health, Novartis ag, Pneuma respiratory inc., 3m health care limited, Airehealth, inc. and Findair sp. Z o.o.
Recent Developments:
- In September 2021, Adherium Limited, a market leader in respiratory eHealth, remote monitoring, and data management, announced that the FDA's 510(k) approval has allowed it to begin selling its first, next-generation Hailie Sensor, which includes physiological measures for tracking the use of asthma and COPD medications.
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