The global COPD and asthma diagnostic and monitoring devices market size was accounted for $4,953.60 million in 2019, and is expected to reach $8,202.62 million by 2027, registering a CAGR of 6.3% from 2020 to 2027.
The market for COPD and asthma diagnostic and monitoring devices is experiencing exponential growth due to the COVID-19 pandemic. The COVID-19 is essentially a respiratory ailment has boosted the use of COPD and asthma diagnostic and monitoring devices to monitor the physiological functions of lungs during COVID-19 treatment. This is anticipated to increase the demand of product and drives the market growth in the near future.
The COPD and asthma diagnostic and monitoring devices are used for assessment, diagnosis, and care of patients suffering from lung diseases such as COPD & asthma. As the functioning of lungs deteriorate with growing age, the respiratory system undergoes various physiological, functional, and immunological changes. Rise in incidences of chronic pulmonary diseases and asthma drives the growth of the market. Furthermore, these devices can be used in hospitals and in-home care settings as they have developed from stationary to portable ones.
COPD and Asthma Diagnostic and Monitoring Devices Market Size & Market Analysis
The COPD and asthma diagnostic and monitoring devices market is positively impacted as the spread of Coronavirus (COVID-19) persists throughout the global community. The key market players are supporting the health systems and healthcare professionals actively. For instance, Phillips is providing solutions including invasive and non-invasive ventilation ranging from mid- to high-acuity, patient monitoring, medical consumable, and others. Furthermore, the market for COPD and asthma diagnostic and monitoring devices is experiencing exponential growth due to the COVID-19 pandemic. The fact that COVID-19 is essentially a respiratory ailment has boosted the use of COPD and asthma diagnostic and monitoring devices to monitor the physiological functions of lungs during COVID-19 treatment. This is anticipated to increase the demand of product and drives the COPD and asthma diagnostic and monitoring devices market growth in the near future.
Moreover, air pollution, climate changes, and allergies are further driving the market growth. The development of technologically advanced devices, regulatory approvals, and product launches drives the market growth. However, high costs of the device and stringent regulatory procedures impede the market growth. Moreover, increase in initiatives taken by authorities and governments to improve healthcare systems and spread awareness regarding benefits of COPD and asthma diagnostic and monitoring devices are also expected to drive the growth of the global COPD and asthma diagnostic and monitoring devices market.
Rise in lifestyle habits such as smoking, consumption of alcohol, and an increase in the geriatric population is a significant factor boosting the market. Technological advances for new devices, regulatory approvals, and product launches are further promoting the market growth. The prevalence of air pollution, climate changes, and dust is also fueling the market growth. Moreover, rise in prevalence of respiratory diseases is increasing globally. In 2017, according to the WHO, respiratory diseases were considered to be the leading causes of death and disability in the world. Nearly 65 million people suffer from COPD, and 3 million are expected to die from it each year, making it the third leading cause of death across the world. Moreover, approximately 334 million people suffer from asthma, the most common chronic disease of childhood, affecting 14% of all children globally. On the contrary, surge in number of regulations promote use of COPD and asthma diagnostic and monitoring devices and increase in funds for research in developing countries are expected to offer lucrative opportunities for the market in the future.
Copd And Asthma Diagnostic And Monitoring Devices Market Segmentation
The global COPD and asthma devices market is segmented on the basis of product, indication, end user, and region. Based on the product, the market is segmented into diagnostic devices, monitoring devices, and consumables and accessories. Furthermore, the diagnostic devices segment includes spirometers electrocardiogram, FeNo test analyzer, peak flow meter, arterial blood gas analyzer (ABG), polysomnography devices, and others. The monitoring devices segment includes pulse oximeters, capnograph, asthma monitors, portable table top pulse oximeter, wearable devices, Fourier transform infrared spectroscopy (FTIR), others. The consumables and accessories segment includes masks, spirometry accessories, polysomnography accessories, peak flow meter accessories, pulse oximeter sensors, capnography accessories, gas analyzer accessories, and others. Based on indication, the market is divided into asthma and COPD. Based on end user, it is segregated into hospitals & clinics, home care settings, and others. On the basis of region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
On the basis of product type, the diagnostic devices segment is expected to maintain its dominant position throughout the forecast period. This is attributed to increase in investment by the giant players and increase in research related funding made it convenient to use them, which further made them portable and automatic. All these factors are expected to propel growth of the COPD and asthma diagnostic and monitoring devices market during the forecast period. In addition, by indication, the asthma segment dominated the market in 2019, owing to rise in prevalence of asthma patients across the globe.
By end user, the hospitals & clinics segment is expected to grow at the highest CAGR during the forecast period. This is attributed to rise in number of patients diagnosed with respiratory diseases, increase in government initiatives, and technological upgradation in COPD & asthma devices.
- Key Market Segments By Product
- Diagnostic Devices
- FeNo Test Analyzer
- Peak Flow Meter
- Monitoring Devices
- Pulse Oximeters
- Asthma Monitors
- Portable Table Top Pulse Oximeter
- Wearable devices
- Fourier Transform Infrared Spectroscopy (FTIR)
- Consumables and Accessories
- Spirometry Accessories
- Polysomnography Accessories
- Peak Flow Meter Accessories
- Pulse oximeter sensors
- Capnography Accessories
- Gas Analyzer Accessories
- Diagnostic Devices
COPD and Asthma Diagnostic and Monitoring Devices Market Size & Market AnalysisSource : https://www.alliedmarketresearch.com/copd-and-asthma-diagnostic-and-monitoring-devices-market-A10567