According to a new market report published by Transparency Market Research “Respiratory Monitoring Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015 - 2023”, the global respiratory monitoring devices market was valued at US$1.4 bn in 2014 and is projected to reach US$2.8 bn by 2023 at a CAGR of 8.2% from 2015 to 2023.
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Respiratory disease is a serious public health concern due to rapidly growing number of smokers worldwide. Governments are implementing various health schemes to reduce the death rate caused due to respiratory disease and disorders. Respiratory disease is a medical condition that affects the structure and organs (respiratory system) associated with respiration or breathing. Rise in respiratory diseases such as chronic obstructive pulmonary diseases, asthma, and lung cancer has triggered the growth of the respiratory monitoring devices market. Moreover, there has been a paradigm shift from hospital care to home health care. This is due to high hospital expenditure, decline in medical reimbursement due to cost containment issues, and rise in the geriatric population. These factors have contributed to the growth of the respiratory monitoring devices market.
The pulse oximeters segment dominated the global respiratory monitoring devices market in 2014. Factors such as highly accurate, rapid, and effective results produced by the device fuel the growth of the segment. The pulse oximeters segment is also expected to register the fastest growth during the forecast period due to better diagnostic result in a shorter span of time as compared to other monitoring devices. Based on end-user, the global respiratory monitoring devices market has been segmented into hospitals, laboratories, and home use. The hospitals segment held the largest market share in 2014. It is projected to expand at the highest CAGR during the forecast period due to increasing incidence of chronic respiratory diseases globally. Furthermore, growing number of hospital admissions due to rising respiratory disorders among the global population contributed to the growth of the hospitals end-user segment.
The global respiratory monitoring devices market exhibits intense competition among existing players. The market is fragmented, characterized by the presence of both established as well as emerging companies. Major players operating in the global respiratory monitoring devices market are CareFusion Corporation, Smiths Medical, ResMed, Inc., Masimo Corporation, COSMED, GE Healthcare, MGC Diagnostic Corporation, and ndd Medical Technologies, Inc., among others.
Full Research Report on Global Respiratory Monitoring Devices Market: