South America Respiratory Monitoring Market - Segmented by Type of Device, Geography - Growth, Trends, and Forecast (2018 - 2023)
The South America Respiratory Monitoring Market is expected to witness a CAGR of 10.5%, during the forecast period, 2018-2023. The South America market is rising at a significant rate because of the rising disposable incomes.
Rise in the number of chronic obstructive pulmonary disease patients, asthma, TB, etc
The respiratory diseases such as the respiratory infections, 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. The Global Burden of Disease Study reports states, around 251 million cases have been found affected with COPD globally in 2016. COPD is also likely to increase in coming years due to higher smoking prevalence and aging populations in many areas of the South America. In Latin America, COPD deaths have increased by 65.0% and the morbidity and mortality rates for COPD and lung cancer are growing at a rapid pace. Also, approximately 40 million patients have been affected by the Asthma. Thus, the increasing incidence of respiratory diseases has augmented the demand for the early diagnosis, which will impact positively on sales of the respiratory devices.
The other factors include rise in number of smokers, increased disposable income, improvement in healthcare infrastructure and increasing health awareness and development of advanced technologies.
High Costs Associated With the Devices
Due to the high cost, many of the low-income countries cannot afford the respiratory equipment and devices. The cost of acquiring the respiratory medical devices is high, considering the fact that a single device is not sufficient per hospital. Hence, many of the hospitals and low-income countries are unable to buy 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.
South America to offer Promising Growth Opportunities
South America market region includes countries, such as Brazil, Argentina, and remaining countries of South America. Brazil accounts for the major part of the Respiratory Devices market in this region followed by Argentina. Brazil has the largest market in South America due to the high prevalence of smoking and the increasing pollution levels in that region.
Key Developments in the Market