Respiratory Care Device Market Demand and Trends Outlook

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Increasing Prevalence of Respiratory Diseases
Fueling Respiratory Diagnostic and Monitoring
Device Demand
2
The growing prevalence of respiratory illnesses
is driving the demand for respiratory diagnostic
and monitoring devices. According to the World
Health Organization (WHO), respiratory diseases
are the leading causes of disability and death
all over the world. Furthermore, the organization
reported that around 65 million people are
diagnosed with chronic obstructive pulmonary
disease (COPD) and 3 million deaths are recorded
because of the disease every year, which makes it
the third major cause of death across the world.
The organization also found that nearly 334
million people live with asthma, which is the
most common chronic illness among children. Lung
cancer, pneumonia, and tuberculosis are the other
major respiratory illnesses recorded all over the
world every year. Chronic respiratory illnesses
claim 4 million lives across the globe. Thus, the
growing incidence of these diseases is fueling
the demand for respiratory diagnostic and
monitoring devices, thereby driving the global
respiratory diagnostic and monitoring device
market.
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3
According to the estimates of the market research
company, PS Intelligence, the revenue of the
market surged to 4,348.1 million in 2015 and the
industry is expected to progress at a CAGR of
8.1 from 2016 to 2022. The other major factor
propelling the respiratory diagnostic and
monitoring device market is the mushrooming
population of geriatric people all over the
world. According to the World Population Ageing
2020 report published by the United Nations
Department of Economic and Social Affairs
(UNDESA), the population of people aged 65 years
or above will rise from 727 million in 2020 to
more than 1.5 billion by 2050. These devices
are extensively used in home-care settings and
hospitals. In the coming years, the use of these
devices in home-care settings is predicted to
soar, owing to the ballooning geriatric
population and surging requirement for home-based
healthcare solutions. Geographically, the sales
of these devices were found to be the highest in
North America in the past, primarily because of
the high incidence of respiratory diseases and
the presence of a large geriatric population.
Among North American countries, the demand for
these devices was higher in the U.S. in the years
gone by.
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Europe is currently the worlds second largest
respiratory diagnostic and monitoring device
market. This is ascribed to factors, such as the
growing incidence of respiratory diseases and
escalating pollution levels in the region.
Furthermore, in the forthcoming years, the demand
for these devices will rise rapidly in the
Asia-Pacific (APAC) region, primarily because of
factors, such as growing occurrence rate of
lifestyle-related diseases and improving
healthcare infrastructure in the region.
Moreover, the developing countries of the region
are providing lucrative growth opportunities to
market players. Hence, it can be said without
hesitation that the sales of respiratory
diagnostic and monitoring devices will surge
sharply in the coming years, mainly because of
the growing incidence of respiratory diseases,
soaring population of geriatric people, advent of
technologically advanced diagnostic systems, and
burgeoning need for diagnostic devices that can
be used at home. Browse report with detailed
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Diagnostic and Monitoring Device Market Revenue
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espiratory-care-devices-market
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