The growth of the market is attributed to the increasing geriatric population, prevalence of respiratory disease and smoking, pollution level, healthcare expenditure, and rapid urbanization. Respiratory diagnostic and monitoring devices provide monitoring and diagnostic evaluation of cardiopulmonary system disorders and diseases. These devices are used extensively in intensive care units, general and surgical wards, and homes.
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The major end-users in the respiratory diagnostic and monitoring device market are hospital, homecare, and others. Hospitals accounted for the major share of the market during the historical period (2012–2015) due to the large pool of patients, financial capabilities of hospitals to buy high-end instruments, and availability of trained professionals. The homecare category is projected to experience the fastest growth during the forecast period, because healthcare providers and government bodies are focusing on home healthcare as hospitalization increases the healthcare expenditure.
A key factor driving the growth of the respiratory diagnostic and monitoring device market is the high prevalence of respiratory diseases. The diseases affect the tissues, structures, and organs associated with breathing. The major respiratory diseases include pneumonia, influenza, asthma, and tuberculosis. The prevalence of respiratory diseases, such as asthma and allergic disease, is rising rapidly due to the growing number of smokers and increasing air pollution levels. Moreover, the increase in ground-level ozone and fine particle concentration can lead to chronic obstructive respiratory disease and throat irritation, apart from asthma.
Hence, emerging economies are a potential area for the growth of the worldwide healthcare industry. Moreover, the rising prevalence of respiratory diseases, rapid urbanization, and increasing pollution level are driving the growth of the market for respiratory diagnostic and monitoring devices.
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