According to a new market report published by Transparency Market Research “Respiratory Monitoring Devices Market – (By Product – Spirometers, Peak Flow Meters, Pulse Oximeters, and Capnographs; By End-user – Hospitals, Laboratories, Home Use) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015–2023”, the global respiratory monitoring devices market was valued at US$1.4 bn in 2014 and is estimated to reach US$2.8 bn by 2023 at a CAGR of 8.2% from 2015 to 2023.
Respiratory disease is a medical condition that affects the structure and organs (respiratory system) associated with respiration or breathing. Equipment used to detect pulmonary abnormalities hold immense potential due to increasing prevalence of various respiratory diseases such as asthma, COPD, cystic fibrosis, and pneumonia. Moreover, rising geriatric population and technological advancements would increase demand for respiratory disease testing products globally. However, low adoption rate of advanced equipment due to high cost and limited applications are the factors that restrict demand.
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North America accounted for the largest share of the global respiratory monitoring devices market in 2014. North America dominated the market due to increasing prevalence of chronic respiratory diseases, implementation of technological platforms, and intense governmental regulations relating to public health issues. Major types of respiratory monitoring devices that contribute to the growth of the market in North America include spirometers and pulse oximeters. Pulse oximeters was the largest segment of the respiratory monitoring devices market in North America in 2014.
Europe was the second largest market for respiratory monitoring devices in 2014 due to factors such as significant use of respiratory tests by hospitals and laboratories. Germany held the largest share of the respiratory monitoring devices market in Europe due to large patient population base and sophisticated health care infrastructure. Factors attributed to the rapid growth of the respiratory monitoring devices market in Europe are increasing geriatric population and rising incidence of respiratory disorders. According to the European Commission (EC), population aged 65 years and above is anticipated to increase from 17% to 30% by 2060. Such rise in geriatric population would boost the uptake of respiratory monitoring devices.
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Asia Pacific was the third largest market for respiratory monitoring devices in 2014 and is likely to expand at the highest CAGR during the forecast period from 2015 to 2023. Larger population base leading to high patient enrollment rate and implementation of government initiatives aimed at improving health care access are anticipated to propel the market in Asia Pacific. In addition, increase in the prevalence of chronic respiratory diseases in developing regions in Asia Pacific contribute to the growth of the respiratory monitoring devices market in the region.
CareFusion Corporation, Smiths Medical, ResMed, Inc., Masimo Corporation. COSMED, GE Healthcare, MGC Diagnostic Corporation, ndd Medical Technologies, Inc., and others are the major players operating in the global respiratory monitoring devices market. CareFusion Corporation and Smiths Medical were the market leaders in 2014.