PUBLISHER: The Business Research Company | PRODUCT CODE: 1387985
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387985
“Respiratory Devices And Equipment (Diagnostic) Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on respiratory devices and equipment (diagnostic) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for respiratory devices and equipment (diagnostic)? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The respiratory devices and equipment (diagnostic) market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Respiratory devices and equipment, particularly those in the diagnostic category, are instrumental in the diagnosis and assessment of respiratory disorders like asthma, cystic fibrosis, and chronic obstructive pulmonary disease (COPD).
The primary products within the respiratory devices and equipment (diagnostic) market encompass instruments and devices, as well as assays and reagents. These respiratory instruments and devices are critical for the diagnosis of various respiratory disorders. Diagnostic tests are available in various types, including traditional diagnostic tests, mechanical tests, imaging tests, and molecular diagnostic tests, all of which are employed in diagnosing conditions such as chronic obstructive pulmonary disease (COPD), lung cancer, asthma, tuberculosis, and other respiratory diseases. These diagnostic tools are used in a variety of healthcare settings, including hospital and clinical laboratories, physician offices, reference laboratories, and other end-user facilities.
The respiratory devices and equipment (diagnostic) market research report is one of a series of new reports from The Business Research Company that provides respiratory devices and equipment (diagnostic) market statistics, including respiratory devices and equipment (diagnostic) industry global market size, regional shares, competitors with a respiratory devices and equipment (diagnostic) market share, detailed respiratory devices and equipment (diagnostic) market segments, market trends and opportunities, and any further data you may need to thrive in the respiratory devices and equipment (diagnostic) industry. This respiratory devices and equipment (diagnostic) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed during the historical period can be attributed to several factors, including the increasing prevalence of chronic respiratory diseases, a growing aging population, the impact of smoking and environmental factors on respiratory health, and technological advancements in respiratory devices and equipment for diagnostic purposes.
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 anticipated growth in the forecast period can be attributed to various factors, including the rise in respiratory infections, the integration of telemedicine and remote monitoring for respiratory health, the adoption of personalized medicine approaches, and the application of AI and machine learning in respiratory diagnostics and treatment. Prominent trends in this forecast period include the utilization of pulmonary function testing (PFT), the expansion of home respiratory monitoring solutions, the integration of telemedicine for remote consultations, and the availability of smoking cessation aids to support individuals in improving their respiratory health.
The global market for respiratory devices and equipment is witnessing growth driven by the increasing prevalence of various respiratory diseases, leading to a higher demand for diagnostic devices and equipment for diagnosis and treatment. Respiratory ailments, such as chronic obstructive pulmonary disease (COPD), are becoming more common, particularly among the elderly population. COPD is a type of obstructive lung disease that results in long-term breathing difficulties. For example, as of June 2021, data from the World Health Organization indicated that COPD ranks as the third leading cause of death worldwide, responsible for approximately 3.23 million deaths. This surge in such cases has led to an increased need for diagnostic devices and equipment, thus propelling the growth of the respiratory devices and equipment market, particularly in the diagnostic segment.
The aging population is anticipated to be a key driver of growth in the respiratory devices and equipment market, especially in the diagnostic segment. An aging population refers to the demographic shift characterized by a rising proportion of elderly individuals within a society or population. Respiratory diagnostic devices and equipment play a pivotal role in monitoring and managing respiratory health for the aging population, aiding in early detection and intervention for conditions like COPD and sleep apnea. As of July 2022, the United Nations Department of Economic and Social Affairs has projected that the proportion of the world's population aged 65 and older is expected to increase from 10% in 2022 to 16% by 2050. Consequently, the growing aging population acts as a catalyst for the expansion of the respiratory devices and equipment (diagnostic) market.
The stringent regulatory practices are anticipated to have a negative impact on the growth of diagnostic respiratory devices in the coming years. In the United States, respiratory devices are subject to a rigorous approval process, as they fall under Class III devices, which are categorized by the Food and Drug Administration (FDA) as posing significant risks to patients. These devices necessitate clinical evidence to support their intended use before receiving marketing approval. Similarly, in countries such as China, the approval process for medical devices, especially those used for support or sustenance, is stringent and time-consuming. These regulatory hurdles have resulted in delayed market entry for medical devices, thus restraining market growth.
Companies in the industry are increasingly investing in portable and wireless diagnostic respiratory devices. This trend is driven by the ease of use, cost-effectiveness, advanced features of these devices, and their suitability for application in home care organizations. Innovative technology-enabled portable respiratory devices are being introduced to the market, allowing for immediate diagnosis of vital signs, such as the patients' respiratory rate and pulse rate, in contrast to traditional devices. For example, in July 2021, Tidal Medical Technologies gained U.S. FDA approval for the use of its InSee incentive spirometer accessory, which aids in detecting medical conditions and symptoms of COVID-19 in hospital settings.
Major companies operating in the respiratory devices and equipment (diagnostic) market are concentrating on the development of simultaneous monitoring oximeters to gain a competitive advantage. Simultaneous monitoring oximeters serve as vital diagnostic respiratory equipment, enabling real-time tracking of oxygen levels, a critical measure for assessing respiratory health. For instance, in November 2021, Masimo Corporation, a U.S.-based medical technology company, introduced Dual SET Pulse Oximetry for its Roo patient monitoring and connectivity hub. This innovative technology allows healthcare professionals to simultaneously monitor various measurements alongside dual oximetry, offering a more comprehensive perspective on a patient's health status. Initially, this technology is employed in the screening process for critical congenital heart disease (CCHD), streamlining the screening process and enhancing clinical workflows, benefiting both patients and healthcare providers.
In January 2022, ICU Medical Inc., a U.S.-based medical device company, completed the acquisition of Smiths Medical for $2.35 billion. This strategic acquisition included Smiths Medical's syringe and ambulatory infusion devices, vascular access solutions, and vital care products. It was expected to strengthen ICU Medical's infusion therapy product portfolio and extend its offerings into emerging clinical care markets. Smiths Medical is a U.S.-based firm that develops, manufactures, and sells medical products, including diagnostic respiratory devices and equipment.
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., Dragerwerk AG & Co. KGaA, Getinge AB, Drager Medical GmbH, bioMerieux, 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
Asia-Pacific was the largest region in the respiratory devices and equipment (diagnostic) market in 2023. North America was the second largest region in the respiratory devices and equipment (diagnostic) market. The regions covered in the respiratory devices and equipment (diagnostic) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the respiratory devices and equipment (diagnostic) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The respiratory devices and equipment (diagnostic) market consist of sales of spirometer, polysomnographs, and peak flow meters and monitoring devices are pulse oximeters, capnography, and gas analyzers that are used for diagnosis of respiratory diseases. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.