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The market is driven by factors such as high prevalence of respiratory disease, growing geriatric population, high prevalence of smoking, rapid urbanization and increasing pollution level, and increasing healthcare expenditure.
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Global Respiratory Diagnostic and Monitoring Device Market (Size of $4,348.1 Million in 2015) to Witness 8.1% CAGR During 2016 – 2022
The global respiratory diagnostic and monitoring device market was valued at $4,348.1 million in 2015, and it is expected to grow at a CAGR of 8.1% during 2016 - 2022. The growth of the global market is largely driven by growing geriatric population and technological advancement of respiratory monitoring devices. Some of the other factors driving the growth of the global market include increasing prevalence of respiratory diseases, rapid urbanization, increasing level of pollution, increasing healthcare expenditure, and high prevalence of tobacco smoking. High growth in developing countries is expected to create ample opportunity for the manufacturers of respiratory diagnostic and monitoring devices.
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Respiratory diseases affect human respiration and some of the major diseases include asthma, chronic obstructive pulmonary disease, chronic bronchitis, pulmonary edema, lung cancer, emphysema and cystic fibrosis. A number of tests are available to determine the functional status of lung and the effects of disease on pulmonary function. Spirometer, pulse oximeter, capnograph, and gas analyzer are some of the devices used for the diagnosis and monitoring of respiratory diseases.
North America accounted for the largest share in the global market in 2015, owing to the growing geriatric population, and increasing prevalence of respiratory diseases in the region. The U.S. contributed largest revenue to the North American as well as global respiratory diagnostic and monitoring device market. The country is expected to remain the largest market for respiratory diagnostic and monitoring device globally. The increasing prevalence of respiratory disease, increasing healthcare expenditure, and technological advancement of respiratory monitoring devices are the key driving factor of the U.S. respiratory diagnostic and monitoring device market.
The information and data in the publication “Global Respiratory Diagnostic and Monitoring Device Market Size, Share, Development, Growth and Demand Forecast to 2022”, represents the research and analysis of data from various primary and secondary sources. An amalgamation of bottom-up and top-down has been used to calculate the market size. P&S Market Research analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
Among the different end users, hospitals were the largest end user of respiratory diagnostic and monitoring device; whereas, market is expected to witness the fastest growth in home care segment, which is expected to grow at a CAGR of 9.1% during 2016 – 2022.
Some of the major players operating in the global respiratory diagnostic and monitoring device market include Masimo Corporation, General Electric Company, Hamilton Medical AG, Koninklijke Philips N.V,, and Medtronic plc.
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