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The global Respiratory Care Devices Market is growing pervasively mainly due to the increasing prevalence of various respiratory diseases and disorders including lung diseases, chronic bronchitis, tuberculosis, acute, chronic pulmonary diseases, and asthma among others. Moreover, technological advancements transpired in the field of medical devices are escalating the market on the global platform.Acknowledging the exponential growth, the market perceives currently, Market Research Future (MRFR), in its recently published study report asserts that the global respiratory care devices market size & share expected to grow at a CAGR of 10% throughout the forecast period (2018–2023).
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Major forces driving the global respiratory care devices market are the growing demand for point-of-care diagnostic devices in developing regions, constantly changing lifestyle and environmental changes such as increasing pollution level and smokers. Furthermore, rising geriatric population and the emergence of the advanced products coupled with the robust pipeline of the products provide impetus to the market growth.
On the other hand, factors such as some of the harmful effects of respiratory devices and low awareness in some of the developing regions are expected to affect market growth. Also, the intense competition in the market alongside the cost associated with the device such as considerably higher excise tax on devices is expected to impact the market growth in some countries negatively.
Global Respiratory Care Devices Market Segmentation:
For enhanced understanding, the report has been segmented into seven key dynamics.
By Therapeutic Devices:
Pap Devices, Masks, Ventilators, Nebulizers, Humidifiers, Oxygen Concentrators, Inhalers, Reusable Resuscitators, Nitric Oxide Delivery Units, and Oxygen Hoods among others.
By Monitoring Devices:
Pulse Oximeters, Pulse Oximeter Sensors, Pulse Oximeter Equipment, Capnographs, and Gas Analyzers.
By Diagnostic Devices:
Spirometers, Polysomnography (PSG) Devices, and Peak Flow Meters, among other Diagnostic Devices.
By Accessories & Consumables:
Disposable Masks, Disposable Resuscitators, Tracheostomy Tubes, and Nasal Cannulas among other Consumables & Accessories
By Application:
Chronic Obstructive Pulmonary Disease (COPD), Sleep Apnea, Asthma, and Infectious Diseases, among other diseases.
By End-users:
Hospitals, Clinics, Ambulatory Care, and Home Care among others.
Global Respiratory Care Devices Market Regional Analysis:
North America due to the presence of several notable players is expected to retain its dominance over the global respiratory care devices market. Also, factors such as the increasing governmental support for the research and development, and high per capita healthcare expenditures alongside the increased access to technology, are fostering the growth of the regional market.
Besides, the increasing prevalence of respirational diseases & disorders coupled with the rising demand for treatment measures provides impetus to the respiratory care devices market growth. Moreover, the availability of well-developed technologies alongside the presence of well-established infrastructure that allows early implementation of advanced technology increases the size of the respiratory care devices market to an extent.
The respiratory care devices market in the European region is emerging as a lucrative market, holding the second position, globally. Factors supporting the market growth include the increased funding and the support for R&D activities from the public and private sectors, bringing advancements in the wearable technology. Furthermore, the resurging economy in Europe is playing a vital role in the growth of the market, increasing consumers purchasing power.
Germany with its flourishing medical devices market accounts for the leading market for respiratory care devices in the region, followed by the UK & France, respectively. The UK owing to the strong market growth in the country, led by the high per capita income and robust healthcare penetration stands the second-largest market in the European respiratory care devices market.
Furthermore, the increasing investment in healthcare and the rising number of patients with respirational disorders & diseases, and the burgeoning medical treatment market in the region drive the growth of the respiratory care devices market in Europe.
The Asia Pacific respiratory care devices market, heading with the high uptake of technology, is rapidly emerging as a profitable market, globally. Advancements in technology and medical devices used for respiratory care are some of the key driving forces behind the growth of the market in this region. The market in India, China, and Japan heading with the large technological advancements and the increasing number of healthcare solution providers predominantly contributes to the growth of the regional market.
Also, numerous initiatives taken by the government and NGOs to spread public awareness towards the availability of treatments and to control respiratory diseases are positively impacting the respiratory care devices market growth in the region. Furthermore, the increasing access to optimal treatment facilities, the higher adoption rate of these devices, increase in the per capita healthcare expenses, and rising medical tourism are some of the factors acting as a major tailwind pushing up the growth of the regional market.
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Global Respiratory Care Devices Market Competitive Analysis:
Highly competitive, the respiratory care devices market appears to be fragmented owing to the presence of several large and small-scale players. These players invest substantially in R&D to develop advanced devices. High potential growth opportunities that the market demonstrates are in turn, attracting several new entrants to the market, further intensifying the competition in the already fiercely competitive market.
Well-established players incorporate strategic initiatives such as acquisition, collaboration, expansion, partnership, and product & technology launch in order to gain a competitive advantage in this market and to maintain their market positions.
These players focus on improving their market performance and acquire promising companies in the fast-growing markets, meeting their expansion plans. Such acquisitions of local manufactures by multinational companies define the dynamic structure of the market. Strategic initiatives like product innovations and technologies are creating strong investment opportunities for market players.
Respiratory Care Devices Market Major Players:
Key players leading the global respiratory care devices market include
ResMed, Inc. (US),
Philips Healthcare (Netherlands),
Medtronic plc (Ireland),
Fisher & Paykel Healthcare Corporation Limited (New Zealand),
Masimo Corporation (US),
Becton, Dickinson and Company (US),
Drägerwerk AG & Co.
KGaA (Germany),
Chart Industries, Inc. (US),
Hamilton Medical AG (Switzerland)
Industry News
January 29, 2019 ---- MediPines Corporation (the US), a leading global developer of respiratory measurement and monitoring devices announced receiving the FDA 510(k) market clearance on its new non-invasive medical device - the MediPines Gas Exchange Monitor.
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Website: https://www.marketresearchfuture.com/reports/respiratory-care-devices-market-6517
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