The global respiratory monitoring devices market is characterized by the large number of players operating in it. The promising opportunity in the market has attracted a large number of multinational industry leaders as well as region-, product-, and application-specialist companies. As a result, there are a large number of smaller players in the global respiratory monitoring devices market, who are not likely to consolidate to a significant degree in the coming years.
The dynamism of the global respiratory monitoring devices market has resulted in a heavily competitive landscape. The dominant players in the market are Smiths Medical, CareFusion Corporation, ResMed Inc., and Masimo Corporation. Collectively, these four companies account for more than 60% of the global respiratory monitoring devices market and are likely to retain their dominance in the forecast 2015-2023 forecast period.
According to Transparency Market Research (TMR), the global respiratory monitoring devices market is expected to rise to a valuation of close to US$2.8 bn by 2023.
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Availability of Sophisticated Devices Leads to Dominance of Hospitals
The global respiratory monitoring devices market is divided by product type into capnographs, pulse oximeters, spirometers, and peak flow meters. Of these, pulse oximeters are likely to comprise the largest segment of the global respiratory monitoring devices market through the 2015-2023 forecast period. The consistent need for measurement of oxygen sats in hospitals and ambulatory medical centers has driven the share of pulse oximeters in the global respiratory monitoring devices market.
Hospitals are the prime consumers in the respiratory monitoring devices market, due to the high volume of respiratory patients they serve. Hospitals are expected to account for close to two-thirds of the global respiratory monitoring devices market by 2023, with the segment expected to be valued at US$1.89 bn. Laboratories and home users constitute the other leading segments of the global respiratory monitoring devices market. Home users could play an increasingly important role in the global respiratory monitoring devices market in the coming years due to the rising demand for home care of chronic respiratory conditions that don’t require constant monitoring.
Increasing Prevalence of Cardiovascular Conditions Drives Adoption of Respiratory Monitoring Devices
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The rising pollution levels in major urban centers across the world are likely to have a significant impact on the development of the global respiratory monitoring devices market in the coming years. The rising levels of pollutants in the air have led to a rising incidence of respiratory conditions. Cardiovascular conditions such as hypertension and cardiac problems are also becoming increasingly prevalent and can also play a part in the development of conditions that necessitate the use of respiratory monitoring devices.
The steady research and technological improvement in the healthcare sector over the last few decades has led to a steady increase in living standards across the world. This has led to a growing geriatric population, particularly in developed regions such as North America and Europe. “The increased concerns among geriatrics regarding respiratory and cardiovascular conditions are likely to remain an important driver for the global respiratory monitoring devices market in the coming years,” TMR’s lead analyst said. The rising geriatric population pool in emerging regions such as Asia Pacific is thus also likely to benefit the global respiratory monitoring devices market.
On the other hand, players in the respiratory monitoring devices market have been hit by the inability of many patients in developing regions to afford advanced respiratory monitoring devices. However, the improving economic conditions in countries such as India, China, Brazil, the UAE, South Africa, Saudi Arabia, Thailand, Vietnam, Mexico, and Argentina are likely to help the healthcare sector in these regions, thus boosting the global respiratory monitoring devices market.
The information presented in this review is based on a Transparency Market Research report, titled “Respiratory Monitoring Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015 – 2023.”
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