Respiratory devices refer to equipment which supplies oxygen gas to people or patients with impaired respiratory functions. The device assists a spontaneous breath with a preset overpressure while keeping the patient's respiratory effort to a minimum.
The global respiratory devices market is anticipated to grow at a CAGR of around 9.2% over the period next 5 years.
The growth of this market is attributed towards major pertaining factors including the growing prevalence of respiratory disorders & inflammatory diseases such as asthma & COPD globally. Furthermore, the rising levels of air pollution worldwide, with the proliferating adoption of Respiratory devices across different regions. In addition to this, the rising awareness about the advantage of novel respiratory devices over conventional products is anticipated to propel the growth of the industry. The surge in the preference and inclination towards the adoption of advanced respiratory devices for the delivery of drugs to increase the efficacy of drug delivery will augment the growth of the market in the coming years.
The growing prevalence of sleep apnea is anticipated to augment the growth of this market. The increased prevalence of this disease is expected to constantly propel the industry during the forecast period. Further, the growing prevalence of hypertension, cardiovascular diseases, and obesity is driving the growth of the market. These factors are expected to drive the growth of the market.
Respiratory therapeutic devices are preferred by physicians and patients for the treatment of respiratory disorders. Furthermore, these devices provide medical intervention in acute as well as chronic patient care. This is anticipated to help the industry gain traction in the coming years.
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RESPIRATORY DEVICES MARKET SEGMENTATION:
- Therapeutic Devices
- Monitoring Devices
- Diagnostic Devices
- Consumables & Accessories
- Chronic Obstructive Pulmonary Disease (COPD)
- Sleep apnea
- Infectious disease
By End User:
- Home Care settings
- Ambulatory Care Centers
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
North America is anticipated to gain dominance in the market. This owes to the presence of a higher geriatric population base. In addition to this, the surge in the prevalence of chronic respiratory diseases will contribute to the market growth. Moreover, the major share of the North American market can be attributed to the accessibility of reimbursement in U.S. healthcare centers accounts. Moreover, the steep rise in healthcare awareness will augment the growth of the industry in the next few years. The improvement in healthcare infrastructure is expected to drive the growth of the market in the coming years. The surge in the number of outpatient surgeries will boost the market growth. In addition to this, the economic growth favored by broadening insurance coverage is expected to aid the market growth. There are various government health plans such as Medicaid and Medicare aided by CMS which will propel the growth of the therapeutic respiratory devices market in North America. These health plans cover respiratory therapy with the help of respiratory devices such as Continuous Positive Airway Pressure devices for the therapeutics of Chronic Obstructive Pulmonary Disease and Obstructive Sleep Apnea (OSA).
The Asia Pacific is anticipated to exhibit the fastest growth in the coming years, due to the factors such as the surge in prevalence of asthma in adults as well as children. This will help in propelling the growth of the market. In addition to this, the increase in technological advancements is anticipated to drive market growth. Moreover, the swelling need for home healthcare institutions is also a high impact will boost the market in this region. Furthermore, increasing disposable incomes and lifestyle-associated changes are also responsible for the important growth rate in this in the next few years. Furthermore, the Asia Pacific region is observed to be the fastest-growing regional market for Respiratory devices. This region is expected to maintain its growth rate in the near future.
FEW KEY PLAYERS IN RESPIRATORY DEVICES MARKET:
- Carefusion Corporation
- GE Healthcare
- Chart industries
- Philips Healthcare
- Compumedics Ltd.
- Smiths Medical
- Covidien PLC
- Fisher and Paykel
- In April 2020, Philips announced its initiative to quickly scale production of its new Philips Respironics E30 ventilator as a readily available ventilation alternative during the COVID-19 crisis in situations where full-featured, critical care ventilators are not available. Philips will begin production immediately, ramping up outputs on an ongoing basis with expectations of producing 15,000 units per week.
- In January 2020, Masimo, a global leader in noninvasive monitoring technologies, and NantHealth, Inc., a next-generation, evidence-based, personalized healthcare company, announced the signing of a definitive agreement under which Masimo will acquire the Connected Care assets from NantHealth, Inc. for a USD 47.25 million upfront cash payment. NantHealth’s Connected Care solutions provide medical device interoperability to hospitals and health systems. The portfolio includes DCX device connectivity (formerly known as DeviceConX), VCX patient vitals software (formerly known as VitalsConX), HBox connectivity hub, and Shuttle interface cable.