Global Respiratory Monitoring Devices Market: Snapshot
Factors at the forefront of driving the demand in the global respiratory monitoring devices market are the rising number of cigarette smokers and a worsening air quality on account of rampant pollution. Further, a burgeoning geriatric population highly susceptible to lung diseases has also pushed up the demand in the market. Countering its growth, however, are the steep prices of newer, sophisticated respiratory monitoring devices, particularly advanced spirometry devices. They are much more expensive than peak flow meters or even pulse oximeters. This has somewhat dampened the demand for improved products leveraging better technologies. Further, dearth of skilled personnel to install advanced respiratory monitoring devices is also creating a gap between demand and supply in the market.
Expanding at a healthy CAGR of 8.2% from 2015 to 2023, the global market for respiratory monitoring devices is predicted to achieve a value of US$2.79 bn in 2023.
Widespread Prevalence of Asthma and COPD makes North America Market Leader
The Centers for Disease Control and Prevention (CDC) pegged chronic lower respiratory disease (COPD) as the third main cause of death in the U.S. in 2014. As per its findings, about 15.7 million people, which is about 6.4% of the nation’s population, were afflicted with COPD in 2014. Numbers were equally alarming for asthma cases. In fact, North America has the maximum cases of COPD and asthma and this has been the single-most important factor driving robust uptake of respiratory monitoring devices in the continent, thereby catapulting it to the leading position in the global market. The market in North America is slated to attain a value of US$266.0 mn by 2023.
Europe is another dominant market on account of the widespread prevalence of cystic fibrosis. Asia Pacific is proving to be a promising market too due to solid pace of development of healthcare and medical devices industries in the region. Other factors positively impacting its market are the strong economic growth in the densely populated countries of China and India, rising instances of respiratory illnesses, increasing government aid in healthcare development, and soaring popularity of medical tourism. The market in Asia Pacific is expected to register a healthy CAGR of 8.5% from 2015 to 2023.
Hospitals Generate Maximum Revenue due to Better Respiratory Monitoring Devices
Depending upon end users, the global market for respiratory monitoring devices can be segmented into laboratories, hospitals, and home use. Among them, hospitals lead the market with maximum share. Going forward too, it is predicted to retain its dominant share by exhibiting a stellar CAGR of 8.3% from 2015 to 2023. In terms of revenue, hospitals are slated to attain a value of US$1.89 bn by 2023. This is because of the large number of patients opting for treatment in hospitals for different respiratory problems. The trend is most noticeable in developed countries where hospitals have advanced respiratory monitoring devices for diagnosing modern strains of respiratory diseases.
In terms of product, the market can be classified into peak flow meter, spirometer, capnograps, and pulse oximeters. The global market for respiratory monitoring devices is dominated by a few players who hold a sizeable chunk of the market share. A host of other smaller players compete with each for the remaining share. Some of the prominent names in the market are CareFusion Corporation, Smiths Medical, and ResMed, Inc. On account of the presence of both large and small players, the global respiratory monitoring devices market is highly competitive. This market is dynamic too as it is characterized by rapid technological development.
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