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Global Respiratory Devices And Equipment (Diagnostic) Market Comprehensive Study: Forecasted Market Size And Growth Rate
Respiratory Devices And Equipment (Diagnostic) Market
The Business Research Company offers in-depth market insights through Respiratory Devices And Equipment (Diagnostic) Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The respiratory devices and equipment (diagnostic) market size has grown strongly in recent years. It will grow from $7.4 billion in 2023 to $8.02 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to chronic respiratory diseases, aging population, smoking and environmental factors, technological advancements.
The respiratory devices and equipment (diagnostic) market size is expected to see strong growth in the next few years. It will grow to $11.31 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to respiratory infections, telemedicine and remote monitoring, personalized medicine, ai and machine learning. Major trends in the forecast period include pulmonary function testing (pft), home respiratory monitoring, telemedicine integration, smoking cessation aids.
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Market Segmentation:
The main products of the respiratory devices and equipment (diagnostic) market are instruments and devices, assays, and reagents. The respiratory instruments and devices are used to diagnose respiratory disorders. The test type included is traditional diagnostic tests, mechanical tests, imaging tests, and molecular diagnostic tests that are used to diagnose chronic obstructive pulmonary disease, lung cancer, asthma, tuberculosis, and other diseases. These are used in hospital/clinical laboratories, physician offices, reference laboratories, and other end users.
Major Driver - Growing Prevalence Of Respiratory Diseases Boosts Demand For Respiratory Devices And Equipment (Diagnostic) Market
The increasing prevalence of various respiratory diseases contributed to the global respiratory devices and equipment market growth by increasing the use of diagnostic devices and equipment for diagnosis and treatment. Diseases such as chronic obstructive pulmonary disease (COPD) are more prevalent in the geriatric population. COPD is a type of obstructive lung disease that results in long-term breathing problems. For instance, in June 2021, according to the world health organization data, chronic obstructive pulmonary disease (COPD) is the third disease on the list of causing death in the world. There are about 3.23 million deaths that are caused by chronic obstructive pulmonary disease (COPD).. Thus, the increased number of such cases has surged the demand for diagnostic devices and equipment, therefore driving the growth of respiratory devices and equipment (diagnostic) market.
Competitive Landscape:
Major companies operating in the respiratory devices and equipment (diagnostic) market include ResMed Inc., Medtronic plc, Masimo Corporation, Fisher & Paykel Healthcare Limited, Koninklijke Philips N.V., Smiths Medical, GE Healthcare, Chart Industries Inc., Philips Healthcare, Becton Dickinson and Company (BD), Abbott Laboratories, Thermo Fisher Scientific Inc., Teleflex Incorporated, Invacare Corporation, Vyaire Medical Inc., Drägerwerk AG & Co. KGaA, Getinge AB, Dräger Medical GmbH, bioMérieux, Bio-Rad Laboratories Inc - Bio-Rad Laboratories Inc., Cosmed S.r.l., Seegene Inc., SDI Diagnostics, GlaxoSmithKline plc, Hillrom, Hamilton Medical AG, Medline Industries Inc., 3M Company, Air Liquide, Allied Healthcare Products Inc., Armstrong Medical, Bio-Med Devices Inc., Breas Medical AB, CAIRE Inc., DeVilbiss Healthcare, Nihon Kohden Corporation, O2 Concepts LLC
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Top Trend - Innovative Technology-Enabled Respiratory Devices For Immediate Diagnosis
Companies in the market are increasingly investing in portable and wireless diagnostic respiratory devices. The trend is being driven by the ease of handling, cost-effectiveness, advanced features of these devices, and their suitability for use at home care organizations. Innovative technology-enabled portable respiratory devices are being launched into the market, which, unlike traditional devices, can be used for immediate diagnosis of vital signs, for example, the patients' respiratory rate and the pulse rate. For instance, in July 2021, Tidal Medical Technologies received U.S FDA approval for the use of its InSee incentive spirometer accessory for detection of medical condition and symptoms of COVID-19 in hospital settings.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Respiratory Devices And Equipment (Diagnostic) Market Characteristics
3. Respiratory Devices And Equipment (Diagnostic) Market Trends And Strategies
4. Respiratory Devices And Equipment (Diagnostic) Market - Macro Economic Scenario
5. Respiratory Devices And Equipment (Diagnostic) Market Size And Growth
…..
27. Respiratory Devices And Equipment (Diagnostic) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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