Respiratory diseases are among the most common ailments affecting millions of people worldwide. They occur in almost every society irrespective of its industrial development and can affect all age-groups of the population. The overall prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD), pneumonia, cystic fibrosis, asthma, and other lung diseases has dramatically increased in the last few years due to risk factors such as:
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The penetration of lung diseases is however not limited to industrialized countries alone, developing nations witnessing rapid urbanization are also reporting an increasing incidence of lung disorders. Air pollution caused by motor vehicles has been indicated as a prime factor responsible for the spread of chronic respiratory ailments. While genetic factors could be a reason for triggering respiratory diseases, poor air quality and some key air pollutants have played the primary role in propagating these ailments across urbanized areas, thus necessitating the use of advanced respiratory monitoring devices for accurate diagnosis.
According to a report added to Market Research Reports Search Engine, the global respiratory monitoring devices market is expected to reach US$2.8 bn by 2023, from a valuation of US$1.4 bn in 2014. If the figures hold true, the global respiratory monitoring devices market will report a positive CAGR of 8.2% between 2015 and 2023.
Demand for Respiratory Disease Monitoring Devices Highest from Hospitals
The growing prevalence of respiratory diseases has emerged as a serious health concern due to the increasing number of smokers globally. To counter this endemic, governments are implementing various health schemes aimed at reducing the mortality rate associated with respiratory diseases or disorders.
The rise in respiratory ailments such as asthma, chronic obstructive pulmonary diseases, and lung cancer has boosted the global respiratory monitoring devices market significantly. The paradigm shift from hospital care to home healthcare due to the rising cost of hospitalization, declining medical reimbursement, and the increasing geriatric population have also been fuelling demand from the respiratory monitoring devices market. Owing to these factors, the respiratory monitoring devices market is expected to report a positive growth trajectory in the forthcoming years.
The demand for respiratory monitoring devices mainly arises from end users including laboratories, home healthcare, and hospital. Of these, hospitals held the dominant share of 64.0% in the market in 2014. The increasing incidence of COPD, cystic fibrosis, and asthma has been driving the hospitals segment. The segment is also expected to expand at the highest CAGR in the forthcoming years.
North America Dominates Global Respiratory Monitoring Devices Market
Regionally, North America dominated the global respiratory monitoring devices market in 2014, accounting for a share of 36.3% in the market. The region is witnessing an increasing prevalence of life-threatening respiratory diseases and boasts developed healthcare infrastructure, which provides lucrative opportunities to the market. However, in the next few years, Asia Pacific is expected to exhibit the highest growth rate.
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Market to Gain Impetus from Launch of New Technologies
With the launch of novel products, the global respiratory monitoring devices market sees attractive prospects for future growth. Recently, a Minnesota-based enterprise, called 3M Drug Delivery Systems, unveiled the “3M™ Intelligent Control Inhaler”. This device has a futuristic design to ensure better adherence and competence in administering medication in the form of an aerosol spray to patients suffering from COPD or asthma. While this device is still under development, it is expected to provide numerous benefits over standard inhalers.