The rise in environmental pollution has increased the prevalence of respiratory disorders among people across the world. Just as the patient pool suffering from asthma, COPD, acute respiratory distress syndrome, or other respiratory diseases is rising, so is the demand for respiratory monitoring devices.
According to a study published by Transparency Market Research (TMR), the overall value of the global respiratory monitoring devices market was US$1.4 bn in 2014. Experts predict the market to expand at a CAGR of 8.20% during the period from 2015 to 2023 and arrive at an estimated value of US$2.80 bn by the end of 2023.
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.
Browse Press Release:
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.