In-Depth Insights into the Respiratory Devices And Equipment (Diagnostic) Market: Growth, Trends, and Opportunities for 2025-2034
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What Are the Projected Expansion Rates of the Respiratory Devices And Equipment (Diagnostic) Market for the Next Decade?
The market size for diagnostic respiratory devices and equipment has seen robust growth in recent years. The market is projected to increase from $7.81 billion in 2024 to $8.41 billion in 2025, with a compound annual growth rate (CAGR) of 7.6%. The historic growth is due to the prevalence of chronic respiratory diseases, an aging population, smoking and environmental influences, as well as technological advancements.
Predictions indicate a swift expansion in the market size for respiratory devices and equipment (diagnostic) in the coming years. It is anticipated to increase to $12.37 billion by 2029, with a compound annual growth rate (CAGR) of 10.1%. This upcoming growth during the forecast period can be associated with factors such as respiratory infections, telemedicine and remote monitoring, personalized medicine, and AI and machine learning. Key trends anticipated during this forecast period encompass pulmonary function testing (pft), home respiratory monitoring, the integration of telemedicine, as well as smoking cessation supports.
What Key Drivers Are Accelerating the Growth of the Respiratory Devices And Equipment (Diagnostic) Market During the Forecast Period?
Rising numbers of various respiratory illnesses are fuelling the growth of the global respiratory devices and equipment market, as demand for diagnostic tools and treatments increases. Conditions such as chronic obstructive pulmonary disease (COPD), which is especially common among the elderly and results in enduring breathing difficulties, are key contributors. For instance, the Australian Institute of Health and Welfare reported in July 2024, that COPD was responsible for 7,691 deaths in 2022, representing a rate of 29.6 per 100,000 population and accounting for 4.0% of all fatalities. This rise in such cases has consequently escalated the requirement for diagnostic devices and equipment, propelling the respiratory devices and equipment (diagnostic) market’s growth.
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Which Companies Are Redefining the Future of the Respiratory Devices And Equipment (Diagnostic) Market?
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., Drägerwerk AG & Co. KGaA, Getinge AB, Dräger Medical GmbH, bioMérieux, 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
How Are Consumer Trends Shaping the Current and Future Landscape of the Respiratory Devices And Equipment (Diagnostic) Market?
Increasingly, businesses in the market are putting funds into wireless and portable diagnostic respiratory devices. This trend is being propelled by factors such as user-friendliness, affordability, enhanced features of these gadgets, and their applicability in home care settings. State-of-the-art, technology-driven portable respiratory instruments are being introduced to the marketplace, a stark contrast to old fashioned devices, as they can be employed for instant diagnosis of crucial indicators, like the patient’s respiratory and pulse rates. For example, in May 2024, the National Center for Biotechnology Information, a US government agency, reported that this portable, noninvasive apparatus provides immediate readings, which makes it highly critical for people living with persistent respiratory conditions like COPD and asthma. By offering prompt diagnostics at the patient’s site, it optimizes patient outcomes and remarkably boosts the productivity of healthcare mechanisms.
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What Major Market Segments Define the Scope and Growth of the Respiratory Devices And Equipment (Diagnostic) Market?
The respiratory devices and equipment (diagnostic) market covered in this report is segmented –
1) By Product: Instruments And Devices, Assays And Reagents
2) By Test Type: Traditional Diagnostic Tests, Mechanical Tests, Imaging Tests, Molecular Diagnostic Tests
3) By Disease Type: Chronic Obstructive Pulmonary Disease, Lung Cancer, Asthma, Tuberculosis, Other Diseases
4) By End User: Hospital/Clinical Laboratories, Physician Offices, Reference Laboratories, Other End Users
Subsegments:
1) By Instruments And Devices: Spirometers, Pulse Oximeters, Peak Flow Meters, Capnographs, Respiratory Pressure Monitors, Portable Ventilators
2) By Assays And Reagents: Diagnostic Kits, Reagents For Respiratory Infections, Blood Gas Analysis Reagents, PCR Assays For Respiratory Pathogens
What Are the Leading Regions in the Respiratory Devices And Equipment (Diagnostic) Market Expansion?
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
What Are the Core Features That Define the Respiratory Devices And Equipment (Diagnostic) Market?
Respiratory devices and equipment (diagnostic) are used in the diagnosis of respiratory disorders such as asthma, cystic fibrosis, and chronic obstructive pulmonary disease. They are used to measure lung function and oxygen levels, aiding healthcare providers in evaluating and managing respiratory health.
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