The global respiratory monitoring devices market is fragmented in nature and have both small and large multinational players. The top three players dominant in the market are CareFusion Corporation,Smiths Medical,ResMed,Inc, and Masimo Corporation. These three companies represented a share of approximately 61.1% in the market in 2014. All of these players have been working on product innovation in order for them to get a strong foothold in the market.
The global respiratory monitoring devices market is expected to touch US$1.60 bn by 2016 end and US$2.79 bn by 2023 end, expanding at an 8.2% CAGR between 2015 and 2023. On the basis of product, the segment of pulse oximeter is predicted to lead the market in the forecast period. Pulse oximeter is amongst the most commonly employed monitoring modalities within critical care setting and hence are extremely useful in cases where patients suffer from cardiac or respiratory problems. This segment is predicted to touch US$937.8 mn by 2023. On the other hand, the segment of spirometer is predicted to take the second position in the market in the forecast period.
Hospitals Emerged as Top End Use Segment for Respiratory Monitoring Devices
In terms of end use, the segment of hospitals is poised to lead the market by the end of the forecast period. Hospitals and clinics extensively employ devices for detecting numerous pulmonary disorders and diseases such as cystic fibrosis, COPD, asthma, and pneumonia. Within hospitals, spirometers have emerged as the key line for detecting respiratory diseases owing to their effective results and easy availability. On the other hand, the segment of laboratories is predicted to hold the 2nd position in the market in the forecast period.
On the basis of geography, the North America respiratory monitoring devices market led in the past due to the increasing preference for portable devices, rising occurrence of respiratory diseases, and the increasing shift toward home health care services and devices in this region. However, Asia Pacific is predicted to experience the most exponential development in the forecast period. This is owing to the enhancement of the healthcare infrastructure, rising awareness about diagnostic technologies and procedures, and the growing count of government initiatives in this region.
Increasing Technological Developments to Bode Well with Market Growth
The global respiratory monitoring devices market is fuelled by the rising occurrence of respiratory diseases such as COPD, asthma, and cystic fibrosis. In addition, the increasing aging population has a direct impact on the development and growth of respiratory monitoring devices market. This is due to the fact that geriatric individuals are more prone to a number of respiratory diseases due to low blood flow and less immunity, states a TMR analyst. Furthermore, the increasing technological developments taking place in the market have aided in extending the life expectancy of individuals, thus impacting the market positively.
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On the other hand, the installment of such cutting-edge systems is expensive and needs skilled personnel for operation. This may inhibit the development of this market. In addition, the less rate of adoption of expensive respiratory devices such as spirometry devices may further impede the development of the overall market.
“Nonetheless, the improving scenario to avail better healthcare facilities in nations such as China and India will present a number of growth opportunities in the market for respiratory monitoring devices in the coming years,” says a TMR analyst.
This information is based on the findings of a report published by Transparency Market Research titled, “Respiratory Monitoring Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”