The global respiratory monitoring devices market has a fragmented competitive landscape with a handful of leading companies taking up the chief portion of the share in the market, states Transparency Market Research (TMR) in a research report. The remaining shares of the market is marked by a large pool of small sized players. Of all the multinational companies operating in the market, ResMed, Inc., Smiths Medical, and CareFusion Corporation held a collaborative share of 54.2% in 2014. As mentioned earlier, the fragmented nature of the market is likely to give rise to intense rivalry over the coming years. The nature of the market is also exponentially dynamic and is a present controlled by the robust rate of the technological development in the gadgets.
According to a TMR analyst, “The global market for respiratory monitoring devices is likely to rise at an 8.2% over the forecast period of 2015-2023. In 2016, the market was worth US$1.60 bn and is likely to touch a valuation of US$2.79 bn by the end of 2023.” Based on end user, the market was led by hospitals both in terms of revenue generation and growth rate. This segment is likely to witness an 8.3% CAGR from 2015 to 2023. The medical devices and healthcare industries of Asia Pacific are at present encountering a high rate of improvement. The blasting economy of nations, such as India and China, the developing government support towards human services improvement, the high thickness of populace in these nations, and the developing pattern of medical tourism are for the most part in charge of drawing out the more prominent interest for respiratory monitoring devices.
Rising Asthma Cases to Increase Adoption Rate
"The essential driver for an extensive demand for respiratory monitoring devices is the developing necessity for keeping an extensive volume of these gadgets in the market. Most medical gadgets are delivered on a premise of need and there is surely a significantly more noteworthy requirement for respiratory monitoring devices than some time recently. Organization related with public health, for instance, the American Academy of Allergy, Asthma, and Immunology, the CDC, and the American Lung Association are for the most part revealing insight into the developing predominance of patients with respiratory issues. This is genuine particularly for COPD and asthma," expresses a TMR expert.
Two variables in charge of this are the developing number of geriatrics on the planet alongside the developing fuse of negative way of life propensities, for instance, smoking.
The rate of mechanical progression in respiratory monitoring devices is high, in this manner enabling players to keep a dynamic yield. An extensive extent of respiratory monitoring devices makers is additionally bolstered by significant governments, along these lines enabling them to approach examine and grew all the more effectively.
High Costs to Act as Primary Barrier
The cost of cutting edge spirometry devices is high in contrast with peak flow meters and pulse oximeters. This dissimilarity in costs is sufficient to hinder a lion's share of patients to adhere to the last gadgets instead of go for cutting edge ones. Also, the establishment of cutting edge respiratory monitoring devices requires gifted experts, the absence of whom is further adding to the strain of giving them.
There is at present an expansive undiscovered market for respiratory monitoring devices in the creating economies. All inclusive conspicuous players can take more notice of districts, for instance, Latin America and Asia Pacific to take advantage of their expanding demand.
This review of the market is based on a recent market research report published by Transparency Market Research, titled, “Respiratory Monitoring Devices Market (Technology – Spirometry, Plethysmography, and FOT/IOS; End User – Home Use, Laboratories, and Hospitals) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.”
Key segments of the Global Respiratory Monitoring Devices Market:
Global Respiratory Monitoring Devices Market, by Technology
Global Respiratory Monitoring Devices Market, by End-user
- Home Use
Global Respiratory Monitoring Devices Market, by Geography
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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