Respiratory Analysers Market Estimated to Record Highest CAGR by 2026
Respiratory Analysers Market: Drivers
At present, North America is the leading global respiratory analyser market. As per the WHO, chronic obstructive pulmonary disease (COPD) is expected to be the 3rd leading cause of global deaths. According to the National Sleep Foundation, 40 million Americans suffered from insomnia or some other form of chronic sleep disorders. There are many cases of both COPD and Asthma reported there. While North America leads these statistics, Europe is second in terms of the people complaining of respiratory ailments. The key respiratory analyser market to focus on for long-term growth would be the APAC region. It is undergoing rapid modernization, with little to no concern for environmental or biological factors, thus giving rise to health issues for its citizens. Increasing focus on medical programs and awareness, both from the government and the private sector all point to a bright future for this market. Hospitals form the largest end users of respiratory analysers and they are also expected to record the highest growth rate.
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Respiratory Analysers Market: Restraints
Any equipment which serves a specialised function tends to be expensive and this holds true for the Respiratory Analysers Market as well. The high cost is such a detriment that customers hesitate purchasing modern equipment and prefer using the old, archaic ones. Even lack of awareness in underdiagnosed, undertreated poorer countries can be a major impediment to growth. Along with this, the installation and usage of such advanced respiratory analysers requires highly skilled professionals, who are in short supply in these nations. Another issue is the saturation in developed countries due to the oligopolistic market situation. Hence, there are moderate to high barriers for entry for new players seeking to enter this market, thereby limiting competition and customer choice.
Respiratory Analysers Market: Key Regions
The Respiratory Analysers Market can be divided into five key regions viz. North America, Europe, Asia Pacific, Latin America and the Middle East and North Africa. (MENA) North America is the largest market at present and is expected to remain so for the near future. The fastest growing market for this is unquestionably the Asia- Pacific region. China and India are the fastest growing major economies in the world. Their large populations, increasing government attention towards healthcare, booming medical tourism in them and Southeast Asian nations like Thailand will ensure continued demand for products sold in the respiratory analyser market. Key players would also be advised to look at Latin America to provide ample growth opportunities in the years to come.
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Respiratory Analysers Market: Key Market Players
The main manufacturers in the Respiratory analyser market include globally renowned companies like Smiths Medical (U.K), Philips Healthcare (Netherlands), ResMed, Inc. (U.S.), Covidien plc (Ireland), Masimo Corporation (U.S.), Fisher and Paykel Healthcare Limited (New Zealand), and CareFusion Corporation (U.S.).
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