Global Respiratory Care Devices Market: Snapshot
The global respiratory care devices market has been gaining traction in the last few years. A significant rise in the geriatric population is one of the major factors estimated to encourage the growth of the overall market in the next few years. The growing prevalence of respiratory diseases and the growing incidence of preterm births are further predicted to accelerate the overall growth of the market in the coming years. In addition to this, the changing lifestyle of consumers and the rising prevalence of tobacco smoking are further estimated to accelerate the growth of the market in the coming years.
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Furthermore, the high rate of urbanization and the rising pollution levels are likely to generate promising growth opportunities for the market players in the next few years. On the flip side, the rising concerns related to the reimbursement and the availability of low-cost products from the local manufacturers are some of the key factors that are likely to restrict the growth of the global respiratory care devices market in the next few years. In addition to this, the harmful effects of several devices on neonates and the lack of awareness and the large undertreated and underdiagnosed population are some of the other factors that are predicted to restrict the growth of the overall market in the near future.
The rising demand for home care therapeutics devices and the high growth in several emerging nations across Latin America and Asia Pacific are predicted to enhance the growth of the global market in the coming years. Furthermore, a substantial rise in the demand for multimodal ventilators and the growing demand for enhanced portable devices are estimated to generate promising growth opportunities for the market players in the next few years. Thanks to these factors, several new players are estimated to enter the global respiratory care devices market in the coming years.
Global Respiratory Care Devices Market: Overview
Respiratory care devices are medical devices focusing on the diagnostics, treatment, control, and management of patients suffering from disorder in cardiopulmonary system. These devices are known to be reliable in providing enhanced care to patients suffering from acute and chronic respiratory abnormalities. They are primarily used as therapeutic devices, diagnostic devices, monitoring devices, and consumables and accessories. Their demand is high among end users such as hospitals, ambulatory care, and home care.
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Global Respiratory Care Devices Market: Key Trends
The increasing prevalence of chronic obstructive pulmonary diseases (COPD) and other respiratory diseases such as asthma and tuberculosis is the primary factor augmenting the global respiratory care devices. The growing global population of aged people is creating a staggering demand for respiratory care devices owing to the fact that they are more susceptible to respiratory disorders. Moreover, skyrocketing pollution levels and rising incidence of tobacco smoking are working in favor of the market.
However, the lack of reimbursement policies is limiting the widespread adoption of respiratory care devices. The low-cost products offered by local manufacturers are creating pricing pressure on international players. As a result, large manufacturers are selling their products at competitive pricing, which in turn is adversely affecting the overall revenue generation of the market
Global Respiratory Care Devices Market: Market Potential
Various studies indicate that over 1 billion people across the world suffer from respiratory challenges such as CHF (congestive heart failure), COPD (chronic obstructive pulmonary disease), and asthma, with about 80 million cases in the U.S. alone. The high prevalence is creating a pressing need for reliable breathing monitoring, training, and therapeutic devices for these patients in the hospitals and at home. This is prompting players to develop technologically advanced devices that can be cost-effective and improve patient outcomes across the continuum of care at home and hospitals. For instance, in November 2016, ADM Tronics Unlimited Inc. entered into a strategic agreement with QOL Devices Inc., regarding new respiratory training and therapy platform trademarked “Alvio™” by QOL. Alvio is based on cloud technology and will be designed for use in non-regulated respiratory training applications and medical respiratory indications. Therefore, the birthing of advanced products in the near future is likely to revolutionize the global respiratory devices market.
Global Respiratory Care Devices Market: Geographical Segmentation
North America and Europe will account for a substantial cumulative share in the market throughout the review period. The presence of highly developed healthcare infrastructure and high technical acumen among end users to operate technologically advanced respiratory devices are contributing to the growth of the market in the regions. The widening base of patients suffering from respiratory diseases due to the increasing adoption of smoking and drinking habits is also fuelling the growth of these regions.
Moreover, the growing geriatric population and rising funding by governments in the healthcare sectors are supplementing the growth of Europe and North America. On the other hand, Asia Pacific is expected to rise at a tremendous CAGR during the same period. The robust growth of the healthcare sector along with increasing expenditure on healthcare is one of the primary factors propelling the growth of the region. The rising per capita income and burgeoning demand for cutting-edge technologies are translating into the greater uptake of respiratory care devices in the region.
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Global Respiratory Care Devices Market: Competitive Landscape
The majority of players in the global respiratory care devices market are focusing towards expanding their shares through product launches and technological advancements. The trend is likely to render the market a highly competitive arena in the near future. Some of the prominent companies operating in the market are Philips Healthcare, Medtronic Plc., Fisher and Paykel Healthcare Limited, Drägerwerk AG & Co. KGaA, CareFusion Corporation, Becton, Dickinson and Company, and Hamilton Medical AG.
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