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.
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.
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Some of the major players operating in the global respiratory diagnostic and monitoring device market include ResMed Inc, Masimo Corporation, General Electric Company, Hamilton Medical AG, Koninklijke Philips N.V,, and Medtronic plc.
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