Plethysmograph Market Trends

Growth Drivers

• Rising Popularity of Remote Monitoring Among Patients - According to a survey conducted in 2020, 22 million U.S. patients used remote patient monitoring tools and services. It is expected that 29 million U.S. patients will have access to remote patient monitoring devices and tools by 2024. Remote monitoring allows patients to track their health from the comfort of their homes, using devices such as plethysmographs, which measure blood oxygen levels and respiration rates. This eliminates the need for frequent hospital visits, increasing convenience for the patient and reducing healthcare costs for the provider.

• Continuous Improvement in Healthcare Technology - For instance, wearable photoplethysmography sensors are the latest technological advancements in plethysmographs. This technology has enabled the development of more accurate and reliable devices for measuring human vital signs, such as heart rate and respiration. These devices can be used for medical diagnostics, research, and monitoring of health and fitness.

• Increasing Number of Geriatrics Worldwide - As people age, they are more prone to suffer from respiratory illnesses such as asthma, COPD, and other chronic conditions. Plethysmographs are used to measure the volume of air in and out of the lungs, which helps diagnose these conditions. For instance, In accordance with the World Ageing Report 2019, it is expected that the number of people aged 65 and over will reach 83.813 million by 2050, up from 53.340 million in 2019. With the growing global geriatric population, the demand for plethysmographs is expected to rise.

• Rise in the Number of Tobacco Smoking - According to the World Health Organization, tobacco is responsible for the death of more than 8 million individuals annually. Approximately 22.3% of the world's population smoked in 2020, along with 36.7% of men and 7.8% of women. As more people take up smoking, there is an increasing need for accurate and reliable medical diagnostic devices to monitor respiratory health. Plethysmographs measure changes in the volume of a body part, usually the lungs, and are used to detect abnormalities in lung function.

• Rising Prevalence of Chronic Obstructive Pulmonary Disease (COPD) - COPD is a serious lung condition characterized by difficulty breathing. As COPD becomes more common, diagnostics and treatments are needed. According to statistics released by the World Health Organization, COPD ranks third in mortality worldwide, causing 3.23 million deaths in the year 2019. This has contributed to an increased demand for plethysmographs, which are devices used to diagnose and monitor COPD.

Challenges

• High cost of plethysmographs and their associated accessories- The high cost of plethysmographs and their associated accessories is due to the expensive components used in the plethysmograph system, such as pressure transducers and amplifiers, which increase the overall cost of the system. Additionally, the cost of calibration and maintenance of the plethysmograph system can also be expensive and is a major factor hindering market expansion.

• Unawareness regarding the use of plethysmographs in remote areas

• Lack of trained professionals to operate the equipment