Global Respiratory Monitoring Devices Market Overview
The worldwide increase in the number of surgical processes with growing number of respiratory disorders due to diseases such as asthma, lung cancer, bronchitis, pneumothorax, pulmonary edema, sarcoidosis and others are estimated to expand the market for respiratory monitoring devices over the forecast period i.e. 2019-2027. High prevalence of pneumonia in children under the age of 5 due to viruses, bacteria, or fungi has caused 920 136 children deaths in 2015 as per WHO, which is another factor for the high demand for these devices in the pediatric group. Rising respiratory tract infection owing to increasing pollution levels around the globe is expected to serve as a leading factor behind the growth of the respiratory monitoring devices market.
Market Size & Forecast
The respiratory monitoring devices market is anticipated to record a significant CAGR of 9.3% over the forecast period. Currently, the market is observing vibrant growth owing to increasing incidences of lung cancer along with changing environmental conditions with high pollutant levels. Many multi-national companies are concentrating towards new product advancements in these devices. Further, the increasing allergen level in indoor environment as well as increasing population suffering due to passive smoking, the market is expected to display a budding growth in upcoming years. Additionally, increasing urbanization with growing research and development activities associated with respiratory monitoring devices is predicted to hone the market growth across the globe.On the basis of regional platform, the global respiratory monitoring devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is estimated to induce a promising growth of the respiratory monitoring devices on the back of abnormal rise in incidences of lung cancer in women across the region as per the observation of the World Health Organization. Besides, the high prevalence of asthmatic patients numbering around 25 million as per the reports of CDC in 2015, the market is expected to propel during the next eight years. Further, Asia Pacific is anticipated to display a vibrant growth over the forecast period on account of growing incidences of lung cancer across China and Australia in both men and women along with high air pollution rate across China and Japan.CLICK TO DOWNLOAD SAMPLE
The Europe market of respiratory monitoring devices is estimated to showcase a positive growth over the forecast period on the back of high prevalence of geriatric population across the countries such as Germany, Italy and others along with growing cases of lung cancer across the Northern and Southern European regions as per WHO statistics.
Growth Drivers & Challenges
On the back of Increasing Incidences of Lung Cancer
The World Health Organization in its recent reports stated that lung, female breast and colorectum cancer are ranked as first, fifth and second major causes for one third of the cancer mortality burden respectively around the globe. The recent statistics released by the WHO states that lung cancer was responsible for 1.8 million deaths in the year 2018 contributing the highest number of deaths of all the cancers backing 18.4% of total cancer deaths. This rise in the number of lung cancers around the globe is estimated to grow which is further expected to result in an increased demand for these devices, supporting the overall market considerably over the forecast period.
Increasing Prevalence of Respiratory Diseases
Growing population suffering from respiratory diseases such as asthma, COPD and others at an alarming rate due to the high prevalence of smoking population along with increasing air pollution across the globe is anticipated to drive the market over the forecast period. On account of increasing harmful outdoor allergens and chemical irritants, the number of people suffering from asthma have been increasing. According to WHO, the estimated number of deaths caused due to asthma in the year 2015 were 383,000. This alarming number is attributed to impact the respiratory monitoring devices market steadily over the forecast period. WHO also reported a very high prevalent population suffering from asthma in the year 2017 numbering at 235 million.
Moreover, rising geriatric population and growing personal disposable income leading to higher healthcare expenditure is anticipated to contribute significantly in the growth of the respiratory monitoring devices market during the forecast period.
Association of High Cost Constraints
However, high cost constraints associated with computerized respiratory monitoring systems and related reimbursement concerns are expected to play as the major factors behind limiting the growth of the global respiratory monitoring market over the forecast period. The high cost constraints are estimated to specially impact the under developed and developing regions across the globe.
Our-in depth analysis of the global respiratory monitoring devices market includes the following segments:
By Device Type
Global Respiratory Monitoring Devices Market is further classified on the basis of region as follows:
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