New York, May 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Respiratory Devices And Equipment (Diagnostic) Global Market Report 2022" - www.reportlinker.com/p06277193/?utm_source=GNW
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 market is expected to grow to $9.35 billion in 2026 at a compound annual growth rate (CAGR) of 7.8%.
The respiratory devices and equipment (diagnostic) market consists 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.
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.
Asia Pacific was the largest region in the respiratory devices and equipment (diagnostic) market in 2021.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 this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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) in 2019. . 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 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.
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.
Read the full report: www.reportlinker.com/p06277193/?utm_source=GNW
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