Living without oxygen is not possible, but apart from merely having it all around, it is also important to have a good pair of lungs, to be able to take in the gas and convert it to energy. Since life isn’t fair and not everything is good, there are a horde of respiratory diseases which hamper with the functioning of the lungs. Among the most common are chronic obstructive pulmonary disease (COPD) and asthma, with the World Health Organization (WHO) putting their annual incidence at 251 million and 235 million cases, respectively.
Hence, with the increasing hospitalization rate, as a result of the rising prevalence of these and many other breathing-related diseases, the respiratory diagnostic and monitoring device market is growing around the globe. In the present times, the COVID-19 epidemic is the world’s biggest problem, and since it is a respiratory disease, the demand for such devices is rapidly increasing with its growing hold. Since claiming its first victim in December 2019, the epidemic had resulted in 170,473 deaths and 2,482,343 cases till April 21, 2020. This virus has forced almost the entire world into an economic shutdown, and the only thing increasing apart from the case and death count, is the number of healthcare centers.
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On a geographical basis, the largest respiratory diagnostic and monitoring device market is currently North America, as it has a fast growing geriatric population. For instance, compared to 49.2 million in 2016, 98 million people would be in the age group of 65 and above, in the U.S., in 2060, as per government sources. Additionally, the country has been the worst struck by COVID-19, registering the highest worldwide death count of 42,518, as of April 21, 2020. Additionally, a range of new and improved devices are being launched in the continent, which would further help increase their uptake.
Therefore, with the ongoing coronavirus pandemic and increasing geriatric population, the requirement for instruments to measure people’s lung function will continue rising.