Global Respiratory Monitoring Market - Segmented by Application, Mode of NDDS, Geography - Growth, Trends, and Forecasts (2022 - 2030)
The respiratory monitoring market is expected to witness a CAGR of 9.5%, during the forecast period. North America has been accounted for the largest share in the global market in 2017 and it is expected to grow at the considerable rate in the upcoming future.
Rising Prevalence of Respiratory Diseases
The respiratory diseases, such as asthma, lung cancer, COPDs, are increasing at an alarming rate in both the developed and developing countries, which is driving the respiratory monitoring market globally. Based on the data from Centers for Disease Control and Prevention (CDC), around 25 million Americans have been found affected by asthma, in that 7.6 percent are adults and 8.4 percent are children. In 2015, 47.5 percent of children, aged 18 and younger, who had asthma reported having one or more asthma attacks in the past year. Due to this, continuously increasing respiratory diseases is creating a demand for the early diagnosis of these diseases, which results in more usage of the respiratory devices. Hence, due to the rising prevalence of the respiratory diseases the market is likely to grow.
The other factors include the rapid growth in geriatric population, urbanization, and growing pollution levels, high prevalence of tobacco smoking and development of advanced technologies.
High Price of the Monitoring Devices
The average cost of the respiratory medical devices is generally between USD 2000- 5000. Due to the high cost, the low-income countries cannot afford these respiratory equipment’s. Hence, the cost of acquiring the respiratory medical devices is very high, considering the fact that a single device is not sufficient per hospital. The maintenance costs and service contracts are also very high for these devices. Therefore, due to this increasing price the mass adoption is being restricted, which is likely to impede the growth of this market. The other factor also includes the reimbursement concerns.
North America Dominates the Market
North America dominates the global respiratory monitoring market due to the high medical reimburstments facilities, and the increasing technological advancements. Asia Pacific is also, projected to have the fastest growth owing to the rapidly increasing aging population, rise in the consumer awareness and the growing of the medical tourism in the developing nations, such as China and India in this region.
Key Developments in the Market
• April 2017 - ResMed launched AirMini, the world's smallest CPAP machine for the treatment of sleep apnea
Major Players- COVIDIEN, GE HEALTHCARE, PHILIPS HEALTHCARE, SIEMENS HEALTHCARE, RESMED, MERCK & CO. INC., DRAEGERWERK, CALONDO PHARMACEUTICALS INC. AND QUARK PHARMACEUTICALS INC., amongst others.
Reasons to Purchase this Report
• Current and future respiratory monitoring market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identifying the latest developments, market shares, and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs
Rising Prevalence of Respiratory Diseases
The respiratory diseases, such as asthma, lung cancer, COPDs, are increasing at an alarming rate in both the developed and developing countries, which is driving the respiratory monitoring market globally. Based on the data from Centers for Disease Control and Prevention (CDC), around 25 million Americans have been found affected by asthma, in that 7.6 percent are adults and 8.4 percent are children. In 2015, 47.5 percent of children, aged 18 and younger, who had asthma reported having one or more asthma attacks in the past year. Due to this, continuously increasing respiratory diseases is creating a demand for the early diagnosis of these diseases, which results in more usage of the respiratory devices. Hence, due to the rising prevalence of the respiratory diseases the market is likely to grow.
The other factors include the rapid growth in geriatric population, urbanization, and growing pollution levels, high prevalence of tobacco smoking and development of advanced technologies.
High Price of the Monitoring Devices
The average cost of the respiratory medical devices is generally between USD 2000- 5000. Due to the high cost, the low-income countries cannot afford these respiratory equipment’s. Hence, the cost of acquiring the respiratory medical devices is very high, considering the fact that a single device is not sufficient per hospital. The maintenance costs and service contracts are also very high for these devices. Therefore, due to this increasing price the mass adoption is being restricted, which is likely to impede the growth of this market. The other factor also includes the reimbursement concerns.
North America Dominates the Market
North America dominates the global respiratory monitoring market due to the high medical reimburstments facilities, and the increasing technological advancements. Asia Pacific is also, projected to have the fastest growth owing to the rapidly increasing aging population, rise in the consumer awareness and the growing of the medical tourism in the developing nations, such as China and India in this region.
Key Developments in the Market
• April 2017 - ResMed launched AirMini, the world's smallest CPAP machine for the treatment of sleep apnea
Major Players- COVIDIEN, GE HEALTHCARE, PHILIPS HEALTHCARE, SIEMENS HEALTHCARE, RESMED, MERCK & CO. INC., DRAEGERWERK, CALONDO PHARMACEUTICALS INC. AND QUARK PHARMACEUTICALS INC., amongst others.
Reasons to Purchase this Report
• Current and future respiratory monitoring market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identifying the latest developments, market shares, and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs
Frequently Asked Questions
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