Respiratory Care Devices Market Growth, Trends And Global Opportunities 2023 To 2029 | Philips Healthcare, Resmed Inc., Medtronic Plc.
Exactitude Consultancy Insights has recently added a research report on global Respiratory Care Devices market to their database, offering a comprehensive overview of the Respiratory Care Devices industry. The report offers details about current and emerging market trends to help users and stakeholders gain precise market insights. It reports detailed information about market size, market share, drivers, restraints, growth opportunities and challenges. The report is generated with extensive primary and secondary research, later evaluated by experts and professionals in the market.
Global demand for Respiratory Care Devices market is expected to grow at a CAGR of 8.5% from 2023 to 2028. The global market for Respiratory Care Devices is currently valued at US$ 23.7 billion and is expected to reach US$ 32.5 Billion by the end of 2028.
COVID 19 Impacts:
The COVID-19 pandemic has drastically changed the dynamics of the global market in terms of production, supply chains, and financial markets. The report offers complete analysis of the global market pre and post COVID outbreak considering political, social, economic and technological parameters.
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Market Overview:
The Respiratory care devices refer to the medical equipment used for the diagnosis, treatment, assessment and care of patients suffering from pulmonary diseases. Nebulizers, inhalers, positive airway pressure (PAP) devices, spirometers, humidifiers, etc., are some of the most commonly used respiratory care devices. These devices primarily perform diagnostic, therapeutic and monitoring functions. They aid in ensuring a smooth respiration process by providing an adequate amount of oxygen to the lungs and preventing any blockage in the process.
The increasing prevalence of respiratory diseases, such as chronic obstructive pulmonary disease (COPD), asthma and tuberculosis, represent as the key factors driving the growth of the market. Sedentary lifestyles and stressful routines, in confluence with the growing number of smokers and rate of alcohol consumption, have resulted in rising incidences of lung cancer and other severe respiratory conditions. Also, the increasing number of premature births, along with the growing geriatric population are also impacting the demand for respiratory care devices. Both premature newborns and elderly tend to have weak immune systems and require various breathing support devices for facilitating artificial breathing and preventing respiratory disorders, including newborn respiratory distress syndrome (RDS). Other factors, such as the increasing healthcare expenditure and the development of miniature devices are projected to drive the market further. Significant efforts by both the government and non-governmental organizations (NGO) to make quality healthcare facilities accessible to all, along with developing new and improving the existing healthcare infrastructure are also creating a positive outlook for the market.
Competitive Landscape:
The research report sheds light on competitive landscape of the global market with details of every market player and its activities such as license agreement, global standing, economic activity and plans, and revenue generation among others. The global market is highly fragmented and consists of key players operating at regional and global level. These key players are adopting various strategies such as joint ventures, collaborations, R&D investments, and mergers and acquisitions to gain robust footing in the market.
Market Dynamics:
The report looks at historical evidence as well as current technology for accessing primary driving forces that can impact global Respiratory Care Devices market growth. It inspects a variety of market prospects such as benefits, product pricing, supply, demand, and growth rate. In addition, the study provides a variety of financial aspects such as shares, expenses, profits, and sales in order to help users with detailed market understanding.
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Respiratory Care Devices Market Segment by Key Players-> Philips Healthcare, Resmed Inc., Medtronic Plc., Masimo Corporation, Fisher & Paykel Healthcare, Drager AG, Invacare Corporation, Nihon Kohden, Getinge AB, Air Liquide, and others.
Respiratory Care Devices Market Dynamics:
Drivers: Outbreak of infectious diseases affecting the respiratory system
Infectious respiratory diseases directly drive demand for respiratory care. COVID-19 is the most recent and significant of these diseases; the pandemic has resulted in a surge in demand for personal protection equipment and ventilators, among others. The demand for ventilators has also grown due to the COVID-19 outbreak, resulting in governmental and industrial support for driving the pace of manufacturing. This is indicative of the emphasis on respiratory care in the background of an outbreak; the market is expected to show a healthy growth rate, as a result.
Restrains: Unfavorable reimbursement scenario
Many patients rely on reimbursements to receive treatment. The diagnostic industry as a whole and respiratory care diagnostics, in particular, is presently facing the challenge of lack of reimbursements for various diagnostic tests. Reimbursement policies are dispersed in Europe and are available only for PAP devices and oral appliances in select countries (devices that are not covered by insurance have a low market share in the region). Also, the majority of countries in the Asian and RoW regions have negligible reimbursement coverage for respiratory care devices.
Opportunities: Growing demand for home care therapeutic devices
The rapid growth in the global geriatric population, rising incidence of chronic diseases (including COPD and asthma), and the cost advantages of home care devices and services (compared to hospital visits) are the key factors driving the growth of the home healthcare market. The high growth potential in emerging markets, healthcare decentralization, and the evolution of miniaturized devices are some of the major factors that are expected to provide significant growth opportunities to players operating in the respiratory home healthcare market. Owing to the rising healthcare costs, a large number of patients suffering from chronic respiratory diseases prefer to undergo treatments in home care settings. This trend is expected to increase the demand for products such as nebulizers, ventilators, and CPAP devices, as they are used by patients to treat, diagnose, and monitor a variety of respiratory diseases in home care settings.
Challenges: Low awareness and large underdiagnosed and undertreated population
In spite of the high prevalence of major respiratory diseases such as asthma and COPD remain highly underdiagnosed and undertreated. This is particularly evident in developing economies due to the low awareness about these diseases and the unavailability of adequate resources to diagnose these diseases. According to the WHO, more than 90% of COPD deaths and 80% of asthma deaths occur in low- and middle-income countries. COPD develops slowly, and it is usually diagnosed in people aged over 40 years, which makes it difficult to control in the later stages of life. It is estimated that around 70% of COPD patients are underdiagnosed owing to the lack of awareness about the disease. Similar to COPD, asthma is also a highly underdiagnosed and undertreated disease (in around 50% asthmatics).
Global Market Segmentation:
The global market is segmented on the basis of type, application:
Respiratory Care Devices Market by Product, 2019-2028, (In USD Million)
Therapeutic Respiratory Care Devices Strips
Respiratory Care Monitoring Devices
Diagnostics Respiratory Care Devices
Consumables and Accessories
Respiratory Care Devices Market by Disease Indication, 2019-2028, (In USD Million)
COPD
Sleep Apnea
Asthma
Infectious Diseases
Others
Market Segment By Region
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Taiwan
- Indonesia
- Malaysia
- Philippines
- Vietnam
- Latin America
- Mexico
- Brazil
- Argentina
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
Market Opportunities:
- Increased incidence of respiratory disorders as a result of rapid development in the worldwide elderly population.
- High prevalence of cigarette smoking.
- Urbanisation and rising levels of pollution.
- Changing lifestyle.
- In addition, the rise in the need for home care therapeutic devices is further estimated to provide potential opportunities for the growth of the respiratory care devices market in the coming years.
Silent Features of the report:
- Detailed analysis of the global Respiratory Care Devices market in terms of drivers, restraints, growth opportunities, challenges and risks
- Latest development and trends of the global market
- Historical, current and forecast market size, share
- Competitive landscape and strategic alliances of key companies
- Impact of COVID-19 on the Respiratory Care Devices industry
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