Respiratory disease monitoring devices diagnose acute or chronic respiratory disorders by determining the respiratory capabilities of the lungs. A number of respiratory tests are designed to observe the efficiency of the lungs in exchanging respiratory gases and identify obstructions in the respiratory tract.
The growing prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD) and asthma, rise in geriatric population, and technological advancements have boosted the growth of the global respiratory monitoring devices market. However, the high cost and low adoption rate of respiratory devices might play adversely impact the growth of the market in the near future. The overall market has a huge potential to grow with increasing awareness about respiratory diseases across emerging economies.
Pulse Oximeter to Dominate Global Respiratory Monitoring Devices during 2015-2023
According to product type, the global respiratory monitoring devices market has been categorized into pulse oximeter, spirometer, capnograps, and peak flow meter. Pulse oximeter emerged as the leading product segment in the market in 2014 and held 32.5% of the market. Pulse oximeter is extensively used across physician offices and clinical laboratories to provide effective and accurate diagnostic results. During the period from 2015 to 2023, this product segment is anticipated to register the fastest growth since it displays accurate results in less time.
On the basis of end user, the global respiratory monitoring devices market has been segmented into laboratories, hospitals, and home use. In 2014, the hospitals segment accounted for 64% of the market due to increase in admission of patients suffering from chronic respiratory diseases such as cystic fibrosis, COPD, and asthma. In the coming years, this end-use segment is anticipated to expand at the fastest CAGR. Respiratory monitoring devices are being increasingly used across hospitals for lung function tests. Continuous rise in the number of patients suffering from chronic respiratory disorders is expected to fuel the demand for respiratory monitoring devices across hospitals.
Asia Pacific to Emerge as Fastest Growing Region in Global Respiratory Monitoring Devices Market
The global respiratory devices market has been segmented into five key regions: Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. In 2014, North America was the leading region in the market and accounted for a share of 36.3% in the overall market. The rapid growth of the market in North America can be attributed to the presence of robust healthcare infrastructure and the growing prevalence of life-threatening respiratory diseases. The increasing awareness about respiratory monitoring and technological advancements have further fuelled the growth of the market in the region.
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However, during the period between 2015 and 2023, Asia Pacific is anticipated to register the highest growth rate in the market due to various initiatives taken by governments, large population base, and positive economic growth. Better disease management and improving consumer awareness about respiratory diseases is expected to drive the Asia Pacific respiratory monitoring devices market.
Key Players in Global Respiratory Monitoring Devices Market
Some of the key players in the global respiratory monitoring devices market are Masimo Corporation, COSMED, CareFusion Corporation, Medtronic plc, GE Healthcare, ndd Medical Technologies Inc., MGC Diagnostics Corporation, Philips Healthcare, Smiths Medical, and Nihon Kohden Corporation. In 2014, CareFusion Corporation dominated the overall market.