The global respiratory diagnostic and monitoring device market is expected to progress at a CAGR of 8.1% during the forecast period. Some of the key factors driving the market growth are the surging geriatric population coupled with the high prevalence of chronic diseases; technological advancements; increasing cigarette consumption; and rising levels of air pollution across the globe. Besides, improving healthcare in developing countries is expected to create ample growth opportunities for the market players during the forecast period.
Among various end-user categories, home care is expected to witness the fastest growth in the respiratory diagnostic and monitoring device market, registering a CAGR of 9.1% during the forecast period. Based on product type, the market is categorized into pulse oximeter, spirometer, capnograph, gas analyzer, and others.
Respiratory 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. Various types of tests are performed to determine the functional status of the lungs and the effects of the disease on the respiratory system.
North America to Lead Respiratory Diagnostic and Monitoring Device Market
Globally, North America generated the highest revenue in the respiratory diagnostic and monitoring device market in 2015. The U.S. holds the largest share in the North American market. High prevalence of chronic diseases, increasing healthcare expenditure, and presence of key players are the major factors driving the growth of the market in the country. Moreover, it is further expected that the U.S. will continue leading the North American respiratory diagnostic and monitoring device market in the near future.
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Some of the major players operating in the global respiratory diagnostic and monitoring device market are Masimo Corporation, General Electric Company, Hamilton Medical AG, Koninklijke Philips N.V., and Medtronic plc.
RESPIRATORY DIAGNOSTIC AND MONITORING DEVICE MARKET SEGMENTATION
Market Segmentation by Product Type
Market Segmentation by End User
Market Segmentation by Geography