The global market for respiratory monitoring devices is expected to expand at a CAGR of 8.2% in terms of revenue from 2015 to 2023. By the end of 2016, this revenue is expected to reach US$1.60 bn and US$2.79 bn by 2023.
Global Respiratory Monitoring Devices Market: Snapshot
The CDC in 2012 had already stated that North America leads the world in the number of COPD and asthma cases. Europe showed the topmost prevalence of cystic fibrosis. Emerging economies are also showing a growing prevalence of patients suffering from respiratory illnesses. The number of people smoking has gone up over the recent past. Additionally, the quality of air has deteriorated due to the presence of a large volume of pollutants. These factors are collectively the leading cause for the growing demand for respiratory monitoring devices in all parts of the world.
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The number of patients with respiratory problems increases even further due to the significantly growing population of the elderly. This demographic is highly prone to diseases of the lungs and thus forms a key factor pushing for the faster manufacturing of respiratory monitoring devices.
There is, however, the restraint of cost that is holding back the use of newer respiratory monitoring devices. Most of the advanced respiratory monitoring devices especially in spirometers, cost way more than peak flow meters or even pulse oximeters. As a result, patients are opting for the latter, thus creating a very low adoption rate of modern technologies.
The global market for respiratory monitoring devices is expected to reach US$1.60 bn by the end of 2016 and US$2.79 bn by the end of 2023. This revenue is projected at a CAGR of 8.2% from 2015 to 2023.
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North America Lead in Respiratory Monitoring Devices Consumption to Continue
By the end of 2023, 36.2% of the total value of respiratory monitoring devices globally is expected to be taken up by North America. This region hosts an exceptionally high number of patients suffering from COPD and asthma. Governments are holding a higher number of awareness drives across the region to properly assess the threat of respiratory illnesses. Europe follows North America in terms of patient numbers for respiratory diseases and demand for respiratory monitoring devices.
On the other side, Asia Pacific is showing a very high growth in the demand for respiratory monitoring devices, owing to the rapid developments in its healthcare industry and the increasing outreach of medical programs revealing a higher number of patients with respiratory illnesses.
Hospitals Remain Top End-users of Respiratory Monitoring Devices
By the end of 2023, nearly US$1.80 bn in revenue is expected to be generated for respiratory monitoring device manufacturers through hospitals. This end-user segment is additionally showing a high growth rate in its demand for respiratory monitoring devices, owing to the growing number of incoming patients for the treatment of various respiratory illnesses. A large number of hospitals in developed countries are equipped with advanced respiratory monitoring devices due to their optimized use for modern strains of respiratory diseases.
Although the problem of lack of skilled labor and high device costs is affecting all end-user segments of respiratory monitoring devices, it affects hospitals at a lesser intensity, thereby allowing it to grow at a relatively higher pace than laboratories and home use.
The key providers of respiratory monitoring devices from a global perspective include CareFusion Corporation, Smiths Medical, ResMed, Inc., and Masimo Corporation.
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