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Respiratory Devices And Equipment (Diagnostic) Global Market Report 2021: COVID 19 Growth And Change to 2030

Respiratory Devices And Equipment (Diagnostic) Global Market Report 2021: COVID 19 Growth And Change to 2030

  • May 2021
  • 175 pages
  • ID: 6071090
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the respiratory devices and equipment (diagnostic) market are ResMed. Inc., Medtronic PLC, Massimo Corporation, Fisher & Paykel Healthcare Limited, Koninklijke Philips N.V., Smiths Medical, GE Healthcare, Chart Industries, Philips Healthcare, Becton Dickinson and Company.

The global respiratory devices and equipment (diagnostic) market is expected to grow from $5.804 billion in 2020 to $6.233 billion in 2021 at a compound annual growth rate (CAGR) of 7.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8.583 billion in 2025 at a CAGR of 8%.

The respiratory devices and equipment (diagnostic) market consist of sales of diagnostic respiratory devices and equipment and related services by entities (organizations, sole traders, and partnerships) that manufacture respiratory devices and equipment.Respiratory devices and equipment are used in the diagnosis of respiratory disorders such as asthma, cystic fibrosis, and chronic obstructive pulmonary disease.

Only goods and services traded between entities or sold to end consumers are included.

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 2019, the US Food and Drug Administration approved MediPines Corporation’s non-invasive portable medical device, which provides clinicians with real-time pulmonary parameters and insights to support rapid triage and treatment decisions for respiratory conditions.

The respiratory devices and equipment (diagnostic) market covered in this report is segmented by product into instruments and devices; assays and reagents. It is also segmented by test type into traditional diagnostic tests; mechanical tests; imaging tests; molecular diagnostic tests, by disease type into chronic obstructive pulmonary disease; lung cancer; asthma; tuberculosis; other diseases and by end user: hospital/clinical laboratories; physician offices; reference laboratories; other end users.

In June 2020, AireHealth acquired BreathResearch for an undisclosed amount.The deal comprises the acquisition of IP, research, and patents, which include work on machine learning analytics for respiratory condition tracking.

BreathResearch is a US-based company engaged in converting the airwaves of breathing into sound waves producing new respiratory analytics which improves health, fitness, and performance.

The increasing prevalence of various respiratory diseases contributed to the global respiratory devices and equipment market’s 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.According to the United Nations (UN), the global geriatric population was 962 million in 2017.

Also, the Global Burden of Disease Study reported a prevalence of 251 million cases of COPD globally in 2016. In Canada, 3.8 million people over the age of one are living with asthma and 2.0 million are living with chronic obstructive pulmonary disease (COPD) in 2018, both of which can impact a person’s ability to breathe. Thus, the increased number of such cases has surged the demand for diagnostic devices and equipment, therefore driving the market’s growth.

Stringent regulatory practices are expected to negatively impact the growth of diagnostic respiratory devices in the forecast period.In the USA, respiratory devices undergo a strict approval process as they come under Class III devices (that pose a significant risk to patients) as per the Food and Drug Administration (FDA) classification of medical devices.

These devices require clinical evidence that supports their intended use unlike, Class I and II devices, to receive marketing approval.In countries such as China, the approval process for medical devices, especially for devices used for support or sustenance, is strict and time-consuming.

Such a process has slowed the entry of medical devices into the market, thus restraining the growth.

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