Europe Respiratory Monitoring Market - Segmented by Type of Device, Geography - Growth, Trends, and Forecast (2018 - 2023)
The Europe Respiratory Monitoring Market is expected to witness a CAGR of 9.4% during the forecast period, 2018-2023. Europe is a steady market for respiratory monitoring devices and this trend is expected to continue for a few more upcoming years.
High Prevalence of COPD
Chronic obstructive pulmonary disease (COPD) is a life-threatening lung disease that interferes with the normal breathing. According to the World Health Organization (WHO) European Region, around 66 million people live with COPD, and every hour it is estimated to kill over 250 people worldwide. In Europe 4-10% of adults have COPD and now it is becoming the third leading cause of death worldwide. The high prevalence of COPD is increasing across Europe and globally which affects men and women almost equally, due to the high tobacco usage in high-income countries. Hence, as the number of the COPD cases is increasing the market for respiratory monitoring is also increasing.
The other factors includes rise in number of smokers, urbanization, and growing pollution levels, increase in the demand for respiratory devices in private hospitals and clinics, and development of advanced technologies.
High Costs Associated With the Purchase and Operations
The Asthma treatment has seen many improvements in the last many years but still many of the countries in Europe are not experiencing its benefits. As one of the studies of Asthma Society of Ireland states that, many of the Irish people are suffering with asthma and asthma medication is being high in Ireland. On average a person spends between Euros 100 and Euros 144 a month on asthma, which is a huge financial drain on their income. Hence, the high costs of medicines and doctor visits are acting as a barrier for the effective asthma management. A survey in Europe also states highlighted the scale of the problem with 40% of respondents saying that they don’t take their medication as prescribed because of the high cost being involved. Therefore, due to this high cost the market is getting restrained.
Other factors, such as reimbursement concerns are also hindering the growth of Europe respiratory monitoring market.
UK Dominates the Market
On the basis of geography, the European patient monitoring market is segmented into UK, Spain, Italy, Germany, and France. UK holds the position of the largest market, which is being followed by Germany.
Key Developments in the Market