The respiratory diagnostic and monitoring device market is set to cross $7.5 billion by 2022, growing at a CAGR of 8.1% between 2016-2022.
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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In terms of type, the respiratory diagnostic and monitoring device market includes pulse oximeter, spirometer, gas analyzer, capnographs and others. In 2015, the pulse oximeter was the largest segment of the respiratory diagnostic and monitoring device industry and is expected to grow at the fastest rate during the forecast period.
In terms of end-user, the respiratory diagnostic and monitoring device market is classified into hospital, home care and others. In 2015, the hospital was the largest segment of the global respiratory diagnostic and monitoring device industry, and home care is expected to witness fastest growth during the forecast period.
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Asia-Pacific would be the fastest growing region in the respiratory diagnostic and monitoring device market during 2016 – 2022. The Asia-Pacific market is expected to grow at a CAGR of 8.9% between 2016-2022. The major reasons for the fastest growth of the market in the region are improving healthcare infrastructure, increasing prevalence of respiratory diseases, and increasing geriatric population. The Japanese market for respiratory diagnostic and monitoring device is expected to grow at a CAGR of 8.6% during the forecast period, to reach $689.9 million by 2022.
Tobacco use is one of the leading reasons of mortality in the world. It is responsible for raising the risk of chronic diseases such as cardiovascular diseases, cancer and lung diseases. As per WHO, smoking is estimated to cause about 71% of lung cancer, 42% of chronic respiratory diseases and nearly 10% of cardiovascular diseases. Almost 80% of smokers worldwide live in low and middle-income countries, leading to increased number of tobacco-related illnesses and deaths. In addition, according to CDC, cigarette smoking kills more than 480,000 Americans each year.
Globally, the rate of tobacco use and tobacco-attributed mortality is higher in men than in women. Passive smoking is also one of the causes of respiratory track disturbance. According to WHO, approximately 6 million people die from tobacco use each year, both from direct tobacco use and second-hand smoke. Moreover, annual tobacco-related deaths are expected to increase to 7.5 million by 2020.
In order to treat various diseases attributed to increased usage of tobacco, an increase in the usage of respiratory diagnostic and monitoring devices is expected which in turn is expected to drive the growth of the respiratory diagnostic and monitoring device market.
Some of the major players operating in the respiratory diagnostic and monitoring device market include Masimo Corporation, General Electric Company, Hamilton Medical AG, Koninklijke Philips N.V., and Medtronic plc.
GLOBAL RESPIRATORY DIAGNOSTIC AND MONITORING MARKET SEGMENTATION
By Product Type
- Pulse oximeter
- Spirometer
- Capnograph
- Gas analyzer
- Others
By End User
- Hospital
- Home care
- Others
GEOGRAPHICAL SEGMENTATION
By Region
- North America
o U.S.
o Canada
o Rest of North America
- Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Rest of Europe
- Asia-Pacific
o Japan
o China
o India
o Rest of Asia-Pacific
- Rest of the World (RoW)
