Respiratory Care Devices Market Highlights
Respiratory care devices are used for treating, controlling, evaluating, managing, and diagnosing patients with an anomaly in the cardiopulmonary system. The respiratory disease is any of the diseases and disorders of the airways and the lungs that affect human breathing. Diseases of the respiratory system may disturb any of the structures and organs that have to do with breathing, which includes nasal cavities, the throat, the larynx, the trachea, the tissues of the lungs, and the respiratory muscles of the chest cage.
The growing respiratory diseases are largely due to increasing patient population suffering from chronic diseases, which include chronic obstructive pulmonary disease (COPD), cystic fibrosis, pneumonia, and asthma. The initial detection of these diseases aids in providing better treatments. Thus, the demand for respiratory care devices market is increasing greatly in the global market. Additionally, the growing elderly population vulnerable to respiratory problems would boost the demand for the respiratory care devices market.
The Respiratory Care Devices Market is anticipated to reach USD 19.84 Billion by 2030 at 8.60% CAGR during the forecast period 2022-2030.
The lack of awareness about respiratory problems, intense competition, and the cost associated with the device and the respiratory surgery hamper the growth of the market.
Segmentation
The global respiratory care devices market has been segmented based on therapeutic devices, monitoring devices, diagnostic devices, accessories and consumables, application, and end-users. Based on therapeutic devices, the market has been classified as pap devices, masks, ventilators, nebulizers, humidifiers, oxygen concentrators, inhalers, reusable resuscitators, nitric oxide delivery units, and oxygen hoods. Based on monitoring devices, the market has been classified as pulse oximeters, pulse oximeter sensors, pulse oximeter equipment, capnographs, and gas Analyzers. Since diagnostic devices, the market has been classified as spirometers, polysomnography (PSG) devices, peak flow meters, and other diagnostic devices. Based on accessories and consumables, the market has been classified as disposable masks, disposable resuscitators, tracheostomy tubes, nasal cannulas, and other consumables and accessories. Based on application, the market has been classified as chronic obstructive pulmonary disease (COPD), sleep apnea, asthma, infectious diseases, and other diseases. Based on end-users, the market has been classified as hospitals, clinics, ambulatory care, home care, and others.
Regional Analysis
The Americas is projected to lead the respiratory devices market during the forecast period. Increasing healthcare awareness, advancement in technology, and medical tourism are some other factors that boost the growth of the market. According to the statistics of Life and Breath, on an average 72 Canadians were diagnosed with lung cancer daily and 56 Canadians died from lung cancer daily in 2014.
The European market is expected to hold the second largest market share. According to the statistics of the British Lung Foundation in the year 2014, around 10,000 people in the UK are newly diagnosed with a respiratory disease every week. According to the statistics of the British Lung Foundation, lung diseases are accountable for more than 7,00,000 hospital admissions and over 6 million inpatient bed-days in the UK each year.
Asia-Pacific is projected to be the fastest growing region for the global respiratory care devices market in 2018. The market is expected to witness growth owing to the rising patient population, changing lifestyle, and growing elderly population. This is expected to provide favourable backgrounds for the market to grow. According to the Asia-Pacific Lung Cancer Conference (APLCC), 90% of the lung cancer cases are due to the rise in the consumption of tobacco.
The Middle East and Africa accounts for the least share due to stringent government policies and low per capita income.
Respiratory Care Devices Market Players
The global respiratory care devices market report players are Philips Healthcare (The Netherlands), ResMed, Inc. (US), Medtronic plc (Ireland), Masimo Corporation (US), and Fisher & Paykel Healthcare Corporation Limited (New Zealand), Becton, Dickinson and Company (US), Chart Industries, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), and Hamilton Medical AG (Switzerland).
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