Global Respiratory Monitoring Devices Market: Analyst’s Assessment
Respiration is an irreplaceable process of human lives, which starts at birth and continues uninterruptedly until death. A healthy human body is capable of respiration process for several decades but, owing to escalating levels of pollution in urban cities and lifestyles involving tobacco smoking, clogging of airways and other structures of the lung is turning into a common concern across the world. As a result of increasing prevalence of chronic respiratory diseases (CRDs), chronic obstructive pulmonary disease (COPD), and asthma, it has become imperative to frequently monitor respiration process. And the market for the devices that enable it, is flourishing. According to this business intelligence study, the demand in the global respiratory monitoring devices market will multiply at an impressive CAGR of 8.27% during the forecast period of 2017 to 2023. In terms of revenue, it has been estimated that the respiratory monitoring devices market, worldwide, will generate a demand worth of US$2,795.4 mn by the end of 2023, substantially more than the market’s evaluated worth of US$1,735.7 mn in 2017.
Apart from the growing prevalence of COPD, which the WHO has projected to be the third largest cause of deaths across the world by 2030, the demand in the global respiratory monitoring devices market is expected to gain traction from recent technological advancements and improving healthcare infrastructure in a number of emerging economies. On the other hand, high cost of devices and undefined reimbursement policies in rural parts of the world are a few restraints mitigating the prosperity of the respiratory monitoring devices market.
Pulse Oximeter & Spirometer In-demand Product Segments
On the basis of product, this report segments the respiratory monitoring devices market into capnographs, pulse oximeter, peak flow meter, and spirometer. Among these, as of 2017, the pulse oximeter and spirometer segments were in highest demand, respectively. A pulse oximeter measures the saturation of hemoglobin in arterial blood, i.e., the average amount of oxygen bound to each hemoglobin molecule. It is one the most commonly used monitoring modalities in a critical care setting and are very useful for patients suffering from respiratory or cardiac problems, especially COPD. Simplicity in usage and display of result within a short span of time are some of the other drivers of the growing demand for the segment of pulse oximeter. By the end of the forecast period of this report, 2023, the global pulse oximeter market is estimated to attain a valuation of US$937.8 mn.
On the other hand, spirometer, which is a device used by physicians to measure and assess lung functions regarding respiratory problems such as bronchitis and asthma, is projected to produce a demand worth of US$855.4 mn by the end of 2023. Spirometers are mostly utilized in physician offices and clinical laboratories, as these provide more accurate and effective diagnostic results quicker than all commercially available lung function testing equipment.
Based on end users, the report bifurcates the respiratory monitoring devices market into laboratories, hospitals, and home use. The hospitals segment is expected to provide for the maximum chunk of demand until 2023, followed by laboratories.
North America to Remain Most Profitable Region until 2023
Geographically, North America, Europe, and Asia Pacific have been identified as the three regions that will drive the demand in the respiratory monitoring devices market in the near future. In North America, the developed country of the U.S. is providing for the most prominent chunk of demand, which is a reflection of high awareness about spirometers and plethysmographs, and financial capability to purchase expensive machines. Moreover, prevalence of COPD, rising demand for technologically advanced and innovative products in hospitals, diagnostic laboratories, and outpatient ambulatory surgery centers would fuel market growth in the country. By the end of 2023, the North America respiratory monitoring devices market is estimated to be worth US$1,013.1 mn. While France, Germany, Spain, and the U.K. are the key countries in this market, vastly populated emerging economies of India and China are pushing the Asia Pacific respiratory monitoring devices market.
CareFusion Corporation, Smiths Medical, ResMed, Inc., Masimo Corporation, COSMED, GE Healthcare, MGC Diagnostic Corporation, and Medical Technologies, Inc. are some of the companies currently ahead of the curve in a largely fragmented competitive landscape of the global respiratory monitoring devices market.
Global Respiratory Monitoring Devices Market: Overview
This report on the respiratory monitoring devices market studies the current and future prospects of the market globally. Growing incidences of respiratory diseases such as asthma, lung cancer, COPDs, in addition to increasing geriatric population, and rising number of medical devices companies is expected to accentuate the growth of respiratory monitoring devices market. The respiratory monitoring devices market report comprises an elaborate executive summary, which includes a market snapshot that provides information about various segments and sub-segments of the market. It also provides information and data analysis of the respiratory monitoring devices market with respect to market segments based on product, end user and their geographic analysis.
Global Respiratory Monitoring Devices Market: Segmentations
Based on product, the global respiratory monitoring devices market has been segmented into four major categories: spirometer, peak flow meter, pulse oximeter, and capnographs. Likewise, on the basis of end user, the global respiratory monitoring devices market has been segmented into hospitals, laboratories, and home use. The market segments have been extensively analyzed based on usefulness, adoption, efficacy, revenue, and geographical coverage. The market size and forecast in terms of US$ 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 2017 to 2023, considering 2016 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.
Global Respiratory Monitoring Devices Market: Regional Analysis
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 2017 to 2023, considering 2016 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.
Global Respiratory Monitoring Devices Market: Competitive Landscape
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.
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