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How the Respiratory Diagnostic and Monitoring Device Market Has Witnessed Substantial Growth in Coming Years?
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One of the key factors behind the respiratory diagnostic and monitoring device market growth is the booming population of the elderly, as they are highly prone to chronic diseases on account of their weak immune system and biological processes. According to the World Population Ageing 2020 report, the share of individuals aged 65 years and above will surge from 9.3% in 2020 to 16.0% in 2050. More specifically, the population of this age pool is estimated to reach around 1.5 billion by 2050.
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Globally, North America held the largest share in the respiratory diagnostic and monitoring device market in 2015, and it is expected to continue its dominance in the forecast years. This can be credited to the growing incidence of chronic respiratory diseases, surging elderly population, and spurring healthcare spending in the region. Moreover, the presence of key players and launch of technologically advanced products also support the market growth in the region. The North American market is currently dominated by the U.S.
Thus, the surging incidence of chronic respiratory diseases and burgeoning geriatric population are expected to augment the demand for respiratory diagnostic and monitoring devices in the coming years.
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