Rockville, March 21, 2023 (GLOBE NEWSWIRE) -- The market for digital respiratory devices, which had a market value of US$ 43 billion in 2022, is anticipated to grow at a CAGR of 25% from that year through 2032. Improvements in the manufacture of breathing apparatus have been driven by the rise in respiratory illnesses.
Patients with asthma and chronic obstructive pulmonary disease (COPD) have increased use of digital respiratory devices as they have demanded greater accuracy in medication administration. Government reimbursement policies that support the manufacturing and distribution of digital respiratory devices.
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Drivers:
The Digital Respiratory Devices market has several drivers, including:
- The rising prevalence of respiratory diseases, such as asthma, chronic obstructive pulmonary disease (COPD), and cystic fibrosis, is a major driver of the digital respiratory devices market. These devices help patients manage their conditions by monitoring symptoms, tracking medication usage, and providing personalized feedback to improve outcomes.
- Advances in technology, such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), have made it possible to develop more sophisticated and accurate digital respiratory devices.
- Digital respiratory devices are a cost-effective solution for patients and healthcare providers, reducing hospitalization and emergency room visits. They also provide a more convenient and comfortable option for patients to manage their respiratory conditions.
- Governments are taking initiatives to promote digital health technologies, including digital respiratory devices, to improve healthcare outcomes and reduce healthcare costs. For example, in the US, the Centers for Medicare and Medicaid Services (CMS) has approved reimbursement for certain digital respiratory devices, increasing adoption rates among patients and providers.
Key Market Trends:
- Wearable devices, such as smart inhalers and respiratory monitors, are a growing trend in the digital respiratory devices market. These devices can track patient symptoms and medication usage, providing personalized feedback and insights to improve disease management.
- The COVID-19 pandemic has accelerated the trend toward telemedicine, including virtual consultations and remote patient monitoring. Digital respiratory devices can be integrated into telemedicine platforms, allowing healthcare providers to monitor patients remotely and provide real-time feedback and support.
- Personalized medicine is a growing trend in healthcare, and digital respiratory devices are no exception. These devices can collect and analyze patient data to provide personalized feedback and treatment plans, improving patient outcomes and reducing healthcare costs.
- Artificial intelligence (AI) and machine learning (ML) are increasingly being used in the development of digital respiratory devices. These technologies can analyze large amounts of patient data to identify patterns and provide insights into disease management, improving patient outcomes.
- Home-based care is a growing trend in healthcare, driven by the desire to reduce hospitalization and healthcare costs. Digital respiratory devices can be used in home-based care settings, providing patients with a convenient and comfortable option for disease management while reducing healthcare utilization.
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Restraints:
Limited awareness about digital respiratory devices among patients and healthcare providers can be a significant restraint for the market. Many patients and healthcare providers may not be aware of the benefits and potential applications of these devices, limiting their adoption.
- The high cost of digital respiratory devices can be a significant restraint for patients, especially those in low- and middle-income countries. Many patients may not be able to afford these devices, limiting their accessibility and adoption.
- Data privacy and security concerns can also be a restraint for the digital respiratory devices market. As these devices collect and transmit sensitive health data, patients and healthcare providers may be hesitant to use them due to concerns about data privacy and security breaches.
Competitive Intelligence:
Various key players in the market are focusing on strategies such as acquisitions and mergers to establish a sustainable market share.
- For instance, Digital therapeutics are software-based interventions designed to treat behavioral health disorders. These include mobile apps, online programs, and virtual reality experiences. Moreover, several new digital therapeutics have recently been launched, including Pear Therapeutics' ReSET-O for opioid use disorder and Woebot Health's chatbot therapy for depression and anxiety.
- Moreover, TMS devices have recently been launched, including MagVenture's MagVita TMS Therapy system. Transcranial Magnetic Stimulation (TMS): TMS is a non-invasive brain stimulation technique that has been approved by the FDA for the treatment of depression system.
Key Companies Profiled
- 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.
Key Segments in Digital Respiratory Devices Industry Research
- By Product:
- Smart Inhalers & Nebulizers
- Sensors & Apps
- By Indication:
- Asthma
- COPD
- Other Diseases
- By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- By End Use:
- Hospitals
- Homecare Settings
- Other settings
- By Region:
- North America
- Europe
- East Asia
- South Asia
- Oceania
- Latin America
- Middle East & Africa
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Key Questions Covered in the Digital Respiratory Devices Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Digital Respiratory Devices sales grow until 2033?
- Which are the factors hampering the Digital Respiratory Devices demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Digital Respiratory Devices Market during the forecast period?
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