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

According to a new market report published by Transparency Market Research “Respiratory Monitoring Devices Market - 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 projected to reach US$2.8 bn by 2023 at a CAGR of 8.2% from 2015 to 2023.

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Respiratory disease monitoring devices diagnose chronic or acute respiratory disorders. The diagnosis of respiratory function is done either by understanding the anatomy of respiratory organs, or by determining the respiratory capabilities of the lungs. A majority of respiratory tests are designed either to identify obstructions in the respiratory tract, or to observe the efficiency of the lungs in exchanging respiratory gases. Equipment used to detect pulmonary abnormalities hold immense potential due to increasing prevalence of various respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), cystic fibrosis, and pneumonia.

The pulse oximeter segment dominated the global respiratory monitoring devices market, accounting for a share of 32.5% in 2014 as these devices are mostly utilized in physician offices and clinical laboratories to provide more accurate and effective diagnostic results. The pulse oximeter segment is also expected to register the fastest growth during the forecast period due to accurate display of results in a shorter span of time.

Respiratory monitoring devices are used by various end-users including hospitals, laboratories, and home use. The hospitals end-user segment held the largest market share of 64.0% in 2014 owing to increasing incidence as well as admission of a number of chronic respiratory disease cases including COPD, asthma, and cystic fibrosis. The segment is also projected to expand at the fastest CAGR during the forecast period. The major factor driving the hospitals end-user segment is that most of the respiratory monitoring devices for lung function tests are available in hospitals. Furthermore, continuous rise in the incidence of respiratory disorders is also expected to boost the growth of the hospitals segment during the forecast period from 2015 to 2023.

Geographically, North America dominated the global respiratory monitoring devices market in 2014, accounting for a share of 36.3% due to factors such as increasing prevalence of life-threatening respiratory diseases and better health care infrastructure. Furthermore, technological developments in the field of medical devices and increasing awareness among the population regarding respiratory monitoring are boosting the growth of the respiratory monitoring devices market in North America. However, Asia Pacific is projected to witness the highest growth rate during the forecast period. The rationale behind such high growth is the large population base, initiatives taken by the government to promote health care, and robust economic growth. Moreover, improving consumer awareness regarding heath issues and better disease management are anticipated to drive the respiratory monitoring devices market in the next few years.

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CareFusion Corporation dominated the global respiratory monitoring devices market in 2014. Major factors attributed to its dominance are broad product portfolio and widespread market presence. Other players in the global respiratory monitoring devices market include Smiths Medical, ResMed, Inc., Masimo Corporation, COSMED, GE Healthcare, MGC Diagnostic Corporation, and ndd Medical Technologies, Inc.

The global respiratory monitoring devices market has been segmented as given below:

Global Respiratory Monitoring Devices Market, by Product
•Spirometers
•Peak Flow Meters
•Pulse Oximeters
•Capnographs

Global Respiratory Monitoring Devices Market, by End-user
•Hospitals
•Laboratories
•Home Use

Global Respiratory Monitoring Devices Market, by Geography
•North America
oU.S.
oCanada
•Europe
oGermany
oEurope
oRest of Europe
•Asia Pacific
oJapan
oAustralia
oRest of Asia Pacific
•Latin America
oBrazil
oMexico
oRest of Latin America
•Middle East & Africa
oSaudi Arabia
oSouth Africa
•Rest of Middle East & Africa

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This release was published on openPR.