Global Respiratory Monitoring Devices Market: Snapshot
Rising pollution in most cities across the world is a chief driver of the global respiratory monitoring devices market. Numerous people are seen queuing outside health centers such as clinics and hospitals for respiratory problems, particularly during winters in urban pockets when air pollution is aggravated by fog. Chronic obstructive pulmonary disease (COPD) and asthma are generally the most common issues that need the use of respiratory monitoring devices. And with such respiratory ailments showing little signs of declining, the market for respiratory monitoring devices is set to witness a substantial increase in sales in the near term.
As per out expert analysts, the global respiratory monitoring devices market is expected to attain a value of US$2.79 bn until 2023, at an impressive CAGR of 8.2% from 2015 to 2023.
Asia Pacific to Showcase a Promising Growth in Future due to Rising Healthcare
According to the Center for Disease Control and Prevention (CDC), the lower respiratory disease that leads to COPD is the third main cause of fatalities in the U.S. in 2014. According to detailed research, about 15.7 million people were affected by COPD in this year. As North America comprises a significant part in the form of the U.S., it has emerged as a key region boosting the sales of respiratory monitoring devices. In this way, North America is a prominent market driver. By 2023, this region is anticipated to gain valuation of US$266.0 mn in the global respiratory monitoring devices market.
Apart from North America, Europe is another region that has been looking at a good growth rate in the global respiratory monitoring devices market. This is mainly due to the frequent occurrence of cystic fibrosis, a deadly respiratory disease. Among few other promising regions, the Asia Pacific region is showcasing a steady development owing to improvement in healthcare infrastructure and increasing health awareness. In countries with high population such as India and China, which are also home to some of the most polluted cities on this planet, respiratory diseases are on the rise like never before. Hence, they are major drivers of market growth in the region. Healthcare development, improving medical tourism, and better government initiatives also are responsible for the market in this region getting boosted significantly. From 2015 to 2023, the global respiratory monitoring devices market in Asia Pacific is expected to clock a strong CAGR of 8.5%.
High Patient Footfall Makes Hospitals Dominating End Users
From the perspective of end users, the global respiratory monitoring devices market can be divided into following segments: hospitals, laboratories, and home use. Amongst these, the hospitals segment holds the leading position and in the upcoming years will hold on to this position by showcasing a healthy CAGR of 8.3% from 2015 to 2023. This segment pulls in high revenue as a result of many patients invariably visiting hospitals in order to get diagnosed properly for their respiratory troubles since it is much cheaper. This is majorly seen in developed regions and urban areas, where reaching hospitals and health care centers is fairly easier as compared to remote and less inhabited areas.
The competitive landscape of the global respiratory monitoring devices market is substantially tough and consists of large as well as small players. Rapid technological development has made the market dynamic too. Smiths Medical, CareFusion Corporation, ResMed, Inc, COSMED, MGC Diagnostic Corporation, and GE Healthcare are a few key players in the global respiratory monitoring devices market.
This report on the respiratory monitoring devices market studies the current and future prospects of the market globally. Growing incidences of respiratory diseases such as asthma, lung cancer, COPDs, in addition to increasing geriatric population, and rising number of medical devices companies is expected to accentuate the growth of respiratory monitoring devices market. The respiratory monitoring devices market report comprises an elaborate executive summary, which includes a market snapshot that provides information about various segments and sub-segments of the market. It also provides information and data analysis of the respiratory monitoring devices market with respect to market segments based on product, end user and their geographic analysis.
Based on product, the global respiratory monitoring devices market has been segmented into four major categories: spirometer, peak flow meter, pulse oximeter, and capnographs. Likewise, on the basis of end user, the global respiratory monitoring devices market has been segmented into hospitals, laboratories, and home use. The market segments have been extensively analyzed based on usefulness, adoption, efficacy, revenue, and geographical coverage. The market size and forecast in terms of US$ Mn for each segment has been provided for the period from 2013 to 2023. The global respiratory monitoring devices market report also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2015 to 2023, considering 2014 as the base year. A brief annual cost estimation, prevalence of asthma and COPD, average pricing analysis, reimbursement scenario have also been discussed in the global respiratory monitoring devices market report.
Geographically, the global respiratory monitoring devices market has been categorized into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The market size and forecast for each of these regions has been provided for the period from 2013 to 2023, along with their respective CAGRs for the forecast period from 2015 to 2023, considering 2014 as the base year. The research study also covers the competitive scenario in these regions. A detailed qualitative analysis of factors responsible for driving and restraining the growth of the market and future opportunities has been provided in the market overview section. This section of the report also provides market attractiveness analysis, Porter’s Five Forces analysis, and market share analysis by key players, thus presenting a thorough analysis of the overall competitive scenario in the global respiratory monitoring devices market.
A list of recommendations has also been provided for new entrants as well as existing market players to assist them in taking strategic initiatives to establish a strong presence in the market. The report also profiles major players in the global respiratory monitoring devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. Major players profiled in this report include CareFusion Corporation, Smiths Medical, ResMed, Inc., Masimo Corporation. COSMED, GE Healthcare, MGC Diagnostic Corporation, ndd Medical Technologies, Inc., and others.
The global respiratory monitoring market is segmented as given below:
Global Respiratory Monitoring Devices Market, by Product
- Peak Flow Meter
- Pulse Oximeter
Global Respiratory Monitoring Devices Market, by End User
- Home Use
Global Respiratory Monitoring Devices Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa