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The global respiratory diagnostic and monitoring device market generated revenue worth $4,348.1 million in 2015 and is expected to advance at a CAGR of 8.1% during 2016–2022 (forecast period). Increasing prevalence of chronic diseases coupled with growing geriatric population is a major factor driving the growth of the market. Besides, the rising trend of smoking is supporting the market growth.
Respiratory diagnostic and monitoring devices, such as pulse oximeters, spirometers, capnographs, and gas analyzers, are used for the management of diseases that affect the respiratory system. Diseases such as chronic obstructive pulmonary disease (COPD), asthma, chronic bronchitis, pulmonary edema, emphysema, lung cancer, and cystic fibrosis are generally diagnosed through medical tests and a physical examination. Several tests, at times, are conducted to determine the functional status of the lungs and the effects of the disease on the respiratory system.
These devices are used in hospitals, home care settings, and other end-use areas. During the forecast period, the market is expected to witness the fastest growth in the home care category, on account of the surging geriatric population and growing adoption of home-based health solutions.
North America holds the largest share in the respiratory diagnostic and monitoring device market, globally. Increasing prevalence of respiratory diseases, surge in geriatric population, and launch of technologically advanced products are the factors positively impacting the growth of the regional market.
Europe is the second-largest market for respiratory diagnostic and monitoring devices in the world. Factors such as the rising prevalence of respiratory diseases and increasing pollution levels are supporting the growth of the market in the region. Further, during the forecast period, the respiratory diagnostic and monitoring device market is expected to witness the fastest growth in Asia-Pacific (APAC), mainly on account of factors such as improving healthcare infrastructure and increasing lifestyle-related diseases. Besides, developing economies in the region such as China and India are expected to offer immense growth potential to the market players.
However, the growth of the respiratory diagnostic and monitoring device market may get affected due to the high cost of and lack of awareness on these devices.
General Electric Company, Masimo Corporation, Hamilton Medical AG, Koninklijke Philips N.V., and Medtronic plc are some prominent players in the global respiratory diagnostic and monitoring device market.
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