Global Respiratory Monitoring Devices Market to Benefit from Increasing Prevalence of Respiratory DiseasesRespiratory disease is a serious public health concern due to rapidly growing number of smokers worldwide. Governments are implementing various health schemes to reduce the death rate caused due to respiratory disease and disorders. Respiratory disease is a medical condition that affects the structure and organs (respiratory system) associated with respiration or breathing.
Rise in respiratory diseases such as chronic obstructive pulmonary diseases, asthma, and lung cancer has triggered the growth of the respiratory monitoring devices market. Moreover, there has been a paradigm shift from hospital care to home health care. This is due to high hospital expenditure, decline in medical reimbursement due to cost containment issues, and rise in the geriatric population. These factors have contributed to the growth of the respiratory monitoring devices market.
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In this blog post, TMR analysts answer three important questions about the global respiratory monitoring devices market:
What are the major factors influencing the respiratory monitoring devices market worldwide?
The global rise in the incidence of respiratory diseases, heavily boosted by the increase in the geriatric population, is the key factor fueling the demand for respiratory monitoring devices across the world. Apart from this, technical advancements are also propelling the worldwide market for respiratory monitoring devices significantly.
On the other hand, the high cost of respiratory devices is impeding their adoption among individuals, thereby limiting the growth of this market considerably. However, the increasing focus of market players on expanding their businesses in emerging countries of Asia Pacific is expected to drive the market in the coming years.
How will Asia Pacific prove to be beneficial for market participants?
The high prevalence of unmet needs in the developing economies of Asia Pacific are likely to present lucrative opportunities to market players looking to venture into this region. The huge base of the population, various government initiatives to increase awareness pertaining to healthcare, and strengthening economies are expected to fuel the demand for respiratory monitoring devices in this region in the near future.
In addition to this, the improvement in healthcare infrastructure and better disease management are projected to increase the adoption of expensive respiratory monitoring devices in hospitals and nursing homes in Asia Pacific, driving the market over the next few years.
Which are the leading companies operational in the global respiratory monitoring devices market?
ResMed, Smiths Medical, Masimo, GE Healthcare, MGC Diagnostic, COSMED, ndd Medical, and CareFusion are the leading participants in the global respiratory monitoring devices market. CareFusion emerged as the market leader in 2014 on account of its widespread presence and extensive product portfolio.
At the American Association for Respiratory Care (AARC) Congress 2015, the company introduced its newest range of respiratory solutions including the CareFusion ventilation system, AirLife® Respiratory Products, Infant Flow SiPAP system, Respiratory Diagnostics Pulmonary Function Testing (PFT) and Exercise, Transport and Emergency Preparedness Ventilators, Respiratory Diagnostics EMR connectivity, Respiratory Diagnostics Sleep, and several other solutions.
CareFusion expects to strengthen its position in developing economies with this portfolio expansion.
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