According to the current analysis of Reports and Data, the global Respiratory Care Devices Market valued at USD 18.41 Billion in 2019 and is expected to reach USD 37.04 billion by the year 2027, at a CAGR of 9.0%. Respiratory care devices are increasingly used in the treatment, monitoring, and diagnosis of respiratory disorders. These devices are given to the patients to improve the treatment process.
The rise in lifestyle habits like 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, product launches are further promoting market growth. The prevalence of air pollution, climate changes, dust, are also fueling the market growth. The rising prevalence of Respiratory diseases is snowballing all over the world. 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 chronic obstructive pulmonary disease (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.
Additionally, with proper preventive and improving the quality of air, most respiratory diseases are preventable. Common sources of unhealthy air are tobacco smoke, indoor and outdoor air pollution, and air containing microbes, toxic particles, fumes, or allergens are contributing factors to the rising demand of the respiratory care devices market. According to the WHO, At least 2 billion people are exposed to indoor toxic smoke, 1 billion inhale outdoor pollutant air, and 1 billion are exposed to tobacco smoke. The rising geriatric population is a major cause of driving the market in countries like China and India. According to the World Health Organization (WHO), more than 2 billion population will be aged 60 and older by 2050. The increasing patient pool and adoption of an unhealthy lifestyle, including smoking and consumption of alcohol in the developed economy, is likely to boost the market in the near future. However, the lack of awareness among the public about devices, some of the harmful effects of respiratory devices on neonates, and inefficient reimbursement are the factors hindering the market growth.
Further key findings from the report suggest:
- In the year 2018, Convexity Scientificlaunched its Flyp nebulizer for COPD and asthma patients it is a held handheld, the pocket-sized device was approved by the FDA in the year 2017. Convexity’s nebulizer comprises an internal vibrating disk that produces an inhaled aerosol mist to deliver medication deep into patients’ lungs.
- CAIRE, in the year 2019, launched FreeStyle, it is a portable oxygen concentrator. It is being designed to deliver oxygen bolus as the user’s respiratory rate. FreeStyle Comfort is designed to be comfortable for wear due to its unique ergonomic design. It has also met FAA guidelines for use on commercial air flights and also offers wireless connectivity.
- Masimo, in the year 2017, received an FDA 510(k) clearance for Rad-97 pulse co-oximeter and had launched it in the US. Rad-97 consists of a multi-touch display, a small footprint, and easy configuration; it also comprises of WiFi and supported Bluetooth wireless connections to related compatible devices like thermometers, glucometers, and weight scales.
- Medtronic in the year 2019, announced the complete acquisition with Klue. Klue’s technology is expected include the Medtronic Personalized Closed Loop (PCL) insulin pump system. Klue’s has a unique early meal detection technology that can help in transforming diabetes care; this is expected to be a huge opportunity for Medtronic in diabetes care.
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The rise in the incidence of respiratory disorders, adaptation to new technological advances, new product launches, and strategic collaboration, rise in the patient pool are key factors contributing to the high CAGR of the Respiratory Care Devices market during the forecast period – Our Expert Opinion
Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
Philips Healthcare (Netherlands), ResMed Inc. (US), Medtronic plc (Ireland), Masimo Corporation (US), Fisher & Paykel Healthcare Corporation Limited (New Zealand), Chart Industries (US), Drager AG (Germany), Invacare Corporation (US), Getinge AB (Sweden), Air Liquide (France), Hamilton Medical AG (Switzerland), Vyaire Medical (US), GE Healthcare (US), Nonin Medical Inc. (US), Apex Medical Corp. (Taiwan), Smiths Group (UK), Omron Healthcare Inc. (US), Allied Healthcare Products, Inc. (US), Teleflex Incorporated (US), DeVilbiss Healthcare LLC (US), Convexity Scientific (US), CAIRE (US), Oventus Medical’s (Australia)
Respiratory Care Devices Market Segmentation:
Products Outlook (Revenue in Million USD; 2017–2027)
- Therapeutic Devices
- Monitoring Devices
- Diagnostic Devices
- Consumables and Accessories
Indications Outlook (Revenue in Million USD; 2017–2027)
- Chronic Obstructive Pulmonary Disease (COPD)
- Asthma
- Sleep Apnea
- Infectious Disease
- Lung Cancer
- Tuberculosis
- Idiopathic Pulmonary Fibrosis
End Use Outlook (Revenue in Million USD; 2017–2027)
- Hospitals
- Home Care Settings
- Ambulatory Care Centers
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Respiratory Care Devices market over the forecast period?
- What are the major factors driving the growth of the Global Respiratory Care Devices Market?
- What are the key challenges impacting the global Respiratory Care Devices market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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