Global Respiratory Monitoring Devices Market Size, Share, Development, Growth and Demand Forecast to 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.
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