Respiratory Devices And Equipment (Diagnostic) Global Market Report 2023

NEW YORK, Feb. 20, 2023 /PRNewswire/ -- 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, and Becton Dickinson and Company.

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The global respiratory devices and equipment (diagnostic) market is expected to grow from $6.36 billion in 2021 to $6.93 billion in 2022 at a compound annual growth rate (CAGR) of 9.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The respiratory devices and equipment (diagnostic) market is expected to grow to $9.35 billion in 2026 at a CAGR of 7.8%.

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.

Respiratory devices and equipment (diagnostic) are used in the diagnosis of respiratory disorders such as asthma, cystic fibrosis, and chronic obstructive pulmonary disease.

Asia Pacific was the largest region in the respiratory devices and equipment (diagnostic) market in 2022.North America was the second largest region in the respiratory devices and equipment (diagnostic) market.

Eastern Europe was the smallest 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, and Africa.

The main products of the respiratory devices and equipment (diagnostic) market are instruments and devices, assays, and reagents.The respiratory instruments and devices are used to diagnose respiratory disorders.

The test type included is traditional diagnostic tests, mechanical tests, imaging tests, and molecular diagnostic tests that are used to diagnose chronic obstructive pulmonary disease, lung cancer, asthma, tuberculosis, and other diseases. These are used in hospital/clinical laboratories, physician offices, reference laboratories, and other end users.

The increasing prevalence of various respiratory diseases contributed to the global respiratory devices and equipment market 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.For instance, in June 2021, according to the world health organization data, chronic obstructive pulmonary disease (COPD) is the third disease on the list of causing death in the world.

There are about 3.23 million deaths that are caused by chronic obstructive pulmonary disease (COPD) . . 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.

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 July 2021, Tidal Medical Technologies received U.S FDA approval for the use of its InSee incentive spirometer accessory for detection of medical condition and symptoms of COVID-19 in hospital settings.

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 improve health, fitness, and performance.

The countries covered in the respiratory devices and equipment (diagnostic) market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The respiratory devices and equipment (diagnostic) market research report is one of a series of new reports 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.

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