Respiratory Monitoring Devices Market: Global Industry Analysis and Forecast 2015 - 2023

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.

Global Respiratory Monitoring Devices Market to Reach US$2.8 bn by 2023, Development of Home Healthcare Devices a Strategic Imperative

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.

Global Respiratory Monitoring Devices Market to Benefit from Increasing Prevalence of Respiratory Diseases

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.

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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.

Global Respiratory Monitoring Devices Market to Benefit from Increasing Prevalence of Respiratory Diseases

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.”

Respiratory Measurement Devices Market to Make Great Impact In Near Future by 2023

While a handful players have taken up a majority share in the global distribution of respiratory monitoring devices, the remainder of the market is marked by a very large number of small players.

Of the key multinationals dominating the distribution of respiratory monitoring devices in 2014, CareFusion Corporation, Smiths Medical, and ResMed, Inc., had garnered a total share of 54.2% in terms of value.

As described in a research report released by Transparency Market Research, the fragmented nature of the global respiratory monitoring devices market allows for a very high intensity of rivalry. This market is exceptionally dynamic as it is primarily controlled the rapid rate of technological development in the devices.

The market for respiratory monitoring devices in major economic regions is more or less saturated due to the strong presence of multiple prominent players. As a result, the threat of new entrants is expected to remain moderate to low.

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.

Hospitals not only form the leading end-user segment of respiratory monitoring devices, but are also projected to be the leading segment in terms of growth rate. Hospitals are expected to generate a revenue of US$1.89 bn for respiratory monitoring devices by 2023. This segment is projected at a CAGR of 8.3% from 2015 to 2023.

APAC Demand for Respiratory Monitoring Devices Soars

The healthcare and medical devices industries of Asia Pacific are currently experiencing a very high rate of development. The booming economy of countries such as China and India, the growing government support towards healthcare development, the high density of population in these countries, and the growing trend of medical tourism are all responsible for bringing out the greater demand for respiratory monitoring devices.

By the end of 2023, North America, the currently leading region in respiratory monitoring devices consumption, is expected to reach US$266.0 mn. Within 2015 to 2023, Asia Pacific will be showing a CAGR of 8.5% in respiratory monitoring devices.

Asthma, COPD Cases on the Rise Globally

“The primary cause for a heavier demand of respiratory monitoring devices is the growing requirement for keeping a large volume of these devices in the market. Most medical devices are produced on a basis of need and there is certainly a much greater need for respiratory monitoring devices than before. Public health related bodies such as the CDC, the American Academy of Allergy, Asthma, and Immunology, and the American Lung Association are all shedding light on the growing prevalence of patients with respiratory problems. This is true especially for COPD and asthma,” states a TMR analyst.

Two factors responsible for this are the growing number of geriatrics in the world along with the growing incorporation of negative lifestyle habits such as smoking.

The rate of technological advancement in respiratory monitoring devices is very high, thereby allowing players to keep a dynamic output. A large proportion of respiratory monitoring devices manufacturers is also supported by relevant governments, thereby allowing them to approach research and developed more efficiently.

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High Costs Deter Large Patient Base from Using Respiratory Monitoring Devices

The cost of advanced spirometry devices is very high in comparison to peak flow meters and pulse oximeters. This disparity in costs is enough to deter a majority of patients to stick to the latter devices rather than go for advanced ones. Additionally, the installation of advanced respiratory monitoring devices requires skilled professionals, the lack of whom is further adding to the strain of providing them.

“There is currently a large untapped market for respiratory monitoring devices in the developing economies. Globally prominent players can take more notice of regions such as Asia Pacific and Latin America to make the most of their increasing demand,” adds the analyst.

The information presented in this review is based on a Transparency Market Research report, titled, “Respiratory Monitoring Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015 - 2023.”

Key Takeaways:

Hospitals expected to generate US$1.80 bn for respiratory monitoring devices by 2023.

Pulse oximeter expected to remain most popular respiratory monitoring device, generating US$937 mn by 2023.

North America expected to retain leading consumption of respiratory monitoring devices till 2023, to generate US$266 mn in this market by 2023.

Respiratory Measurement Devices Market to Make Great Impact In Near Future by 2023

Respiratory diseases are increasing in the world and have a significant impact on public health. For instance, airway diseases, which include chronic obstructive pulmonary disease (COPD) and asthma, affect up to 15% of the adult population in the U.S. ever year leading to a total of more than 1,100,000 hospitalizations, 15,000,000 lost work days, and 120,000 deaths. This translates into an estimated cost burden of US$23 billion to public funds in the U.S. every year.

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Poor Air Quality due to Urbanization, Industrialization Leading to Respiratory Disorders

A respiratory disease is a medical condition that impacts the normal functioning of breathing or respiration due to several reasons. In present times, the deterioration in air quality due to increasing pollution levels, rapid industrialization, and deforestation are some of the factors that are leading to an increasing prevalence of respiratory diseases such as COPD and asthma. An increasing number of smokers worldwide has also been a reason for the increasing prevalence of respiratory diseases that are posing a public health concern. These factors have drawn the attention of governments to implement health programs to reduce the morbidity and mortality associated with respiratory diseases. This, in turn, has triggered the use of global respiratory monitoring devices market.

With a paradigm shift from hospital care to home care for chronic diseases, the demand for respiratory monitoring devices is receiving a boost. High hospital expenditures, declining medical reimbursement benefits due to cost containments, and a rising geriatric population that is prone to lung diseases are reasons for the increasing use of respiratory monitoring devices in home settings. These factors are collectively driving the global respiratory monitoring devices market.

Pulse Oximeters Dominate Product Segment of Market

The respiratory monitoring devices market is segmented on the basis of product, end user, and geography. By product, pulse oximeters led the global market in 2014; pulse oximeters are highly accurate, and offer fast and effective results in the least turnaround time. Pulse oximeters are expected to register the fastest growth in the coming years as they offer better diagnostic results in a shorter time as compared to other monitoring devices.

By end user, laboratories, hospitals, and home use are the segments of this market. Of all, it is the hospitals segment that held the largest share in 2014; the segment is expected to display the highest growth rate in the coming years. Furthermore, the increasing number of hospitalizations due to increasing respiratory conditions globally will benefit the hospital end-user segment of this market.

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Geographically, the global market for respiratory monitoring devices is divided into the regional markets of North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. In 2014, North America stood as the leading regional market; the region held a share of 36.3% globally in the same year. In this region, consistent technological developments resulting in the launch of newer medical devices, among which respiratory devices hold significance, are reasons for the region’s dominance in this market.

Competition-wise, CareFusion Corporation led the global market for respiratory monitoring devices in 2014. A large product portfolio and widespread geographical presence are reasons for the company’s dominance. Other key players in this market are Smiths Medica, Masimo Corporation, GE Healthcare, ndd Medical Technologies Inc., ResMed Inc., COSMED, and MGC Diagnostic Corporation.