Respiratory Monitoring Devices Market Size to Expand Significantly by the End of 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.

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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.

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This release was published on openPR.