Market Scenario
The global Respiratory Care Devices Market 2020, according to MRFR, is slated to register significant growth at 10.1% CAGR during the assessment period (2018–2023).
Market Highlights
The increase in the industry is attributed to the rising frequencies of asthma, and chronic pulmonary disorders, among others. As they have evolved from stationary to portable, these machines can be used in hospitals and in-house treatment environments.
Factors such as the mounting prevalence of respiratory diseases, rising geriatric population, urbanization and its negative consequences, and environmental and behavioral improvements are driving business growth. Growing demand for point-of - care diagnostic devices in developed regions is projected to create new opportunities for players respiratory care devices market.
On the other hand, the lack of understanding of respiratory issues, strong competition, and the expense of the system and respiratory surgery impede business development. In fact, a lack of understanding, leading to a significant under-diagnosed and under-treated population coupled with the adverse effects of some respiratory treatment products on neonates have hindered the market expansion to a certain extent.
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Competitive Dashboard
Some of the major players in the global respiratory care devices market are Drägerwerk AG Co. KGaA (Germany), ResMed, Inc. (US), Philips Healthcare (Netherlands), Fisher Paykel Healthcare Corporation Limited (New Zealand), Dickinson and Company (US), Medtronic plc (Ireland), Masimo Corporation (US), and Becton, Chart Industries, Inc. (US), and Hamilton Medical AG (Switzerland).
Segmental Analysis
The global respiratory care devices market has been analyzed on the basis of accessories and consumables, diagnostic devices, therapeutic devices, application, monitoring devices, and end-use industries.
Based on therapeutic devices, the market has been divided as nitric oxide delivery units, oxygen concentrators, pap devices, masks, ventilators, reusable resuscitators, nebulizers, humidifiers, inhalers, and oxygen hoods.
Based on monitoring devices, the market has been segmented as pulse oximeters, pulse oximeter equipment, capnographs, pulse oximeter sensors, and gas analyzers.
The diagnostic devices segment of the market comprises peak flow meters, polysomnography (PSG) devices, spirometers, and other diagnostic devices.
The accessories and consumables segment of the market includes disposable resuscitators, disposable masks, nasal cannulas, tracheostomy tubes, and other consumables and accessories.
The application-based segmention of the market consists of infectious diseases, sleep apnea, asthma, chronic obstructive pulmonary disease (COPD), and other diseases.
The end-users-based segmentation of the market comprises hospitals, ambulatory care, clinics, home care, and others.
Regional Overview
On the demand for respiratory care products, North America is projected to account for the highest market share due to the early introduction of new medical equipment, increasing recognition, improved healthcare industry growth and attractive pay for certain surgical procedures.
The second highest market share is expected to be retained by the European industry. The growth of the market in this area can be due to the growing incidence of diabetic patients, an rising increase of surgeries and the growing demand for advanced care procedures.
Due to the most prevalent causes of respiratory disease and mortality including cigarette smoking, illnesses, and air pollution, the Asia-Pacific market is projected to be the fastest growing segment in the short term. Factors including access to appropriate care centers, improved penetration rates, increased disposable income and increasing medical tourism help fuel the fastest growing region. The government and NGOs are taking various steps to disseminate public information and environmental protection over the prevention and treatment of respiratory diseases.
The Middle East and African economies are projected to account for the smallest share of the overall demand for respiratory devices due to underdeveloped healthcare system, lack of technological expertise and inadequate medical facilities.
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