Huge Growth Expected in Respiratory Diagnostic and Monitoring Device Market in Future

[Pramod Kumar]

The surging prevalence of chronic diseases, such as chronic obstructive pulmonary disease (COPD), asthma, and lung cancer, rising technological advancements, escalating cigarette consumption, soaring air pollution levels, and increasing geriatric population are expected to drive the respiratory diagnostic and monitoring device market at a CAGR of 8.1% during the forecast period (2016–2022). According to P&S Intelligence, the market generated revenue of $4,348.1 million in 2015. According to the World Health Organization (WHO), asthma affected around 262 million people in 2019 and accounted for 461,000 deaths worldwide.

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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.

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.