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.
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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.
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