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.
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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.
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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.