Global Respiratory Devices Market: Regional Snapshot
North America undoubtedly emerges as the leading market in terms of size in the global respiratory devices market, estimated to account for a market value share in excess of 40% by the end of 2017. Revenue from the North America respiratory devices market is anticipated to reach a market valuation of more than US$ 13 Bn by the end of 2027, up from approximately US$ 6 Bn in 2017. This represents a healthy CAGR of 8.8% recorded during the forecast period 2017 – 2027. North America is also the most attractive regional market in the global respiratory devices market, projecting a market attractiveness index of 2.7 over the period of assessment.
Western Europe (estimated to account for close to 20% market share by 2017 end) and APEJ (estimated to account for close to 16% market share by 2017 end) come close but Future Market Insights’ research indicates that even the combined revenue share of these two markets will not usurp the throne from North America, the undisputed leader in the global respiratory devices market. However, the APEJ respiratory devices market is anticipated to register the highest CAGR of 10.2% in the global respiratory devices market, followed by Western Europe at 9.7%. The respiratory devices markets in Latin America, Eastern Europe, Japan, and Middle East & Africa are likely to hold meagre value shares in the global respiratory devices market in both the years 2017 and 2027; however in terms of CAGR these four regions are likely to witness more than 8% growth during the 10 year period 2017 – 2027.
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Global Respiratory Devices Market: Trends
According to Future Market Insights analysis, the global respiratory devices market is estimated to grow from about US$ 13 Bn in 2016 to about US$ 34 Bn by the end of 2027, registering a CAGR of 9.2% over the forecast period. Factors such as an increasing ageing population, increasing healthcare expenditure, steady growth in per capita income, favourable reimbursement coverage, and various awareness programmes pertaining to Chronic Obstructive Pulmonary Disease (COPD) are responsible for the growth of the global respiratory devices market. The global market for respiratory devices is also witnessing some key trends that are likely to impact the market in the coming years. Some of these trends are highlighted below.
- Technology is expanding by leaps and bounds in the healthcare industry and leading players in the global respiratory devices market are looking to provide novel and advanced lab testing and portable wearable medical devices to facilitate ease of use and enhance patient care. Wearable medical devices are also anticipated to play a huge role in the diagnosis and monitoring of sleep disorders, diabetes, heart disorders, etc. Also, portable oxygen concentrators are being adopted as the best devices by choice owing to features such as small shape and easy portability.
- Stationary oxygen concentrators adopting pulse flow technology and rechargeable batteries are the future of the respiratory devices ecosystem and are being widely adopted by healthcare practitioners and patients alike.
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- Key global market players such as Precision Medical, Invacare Corporation, and Inogen Inc. are making strategic investments and increasing their penetration into the Chinese market with their high quality oxygen concentrators to beat the local manufacturers offering low quality devices.
- Middle East is another emerging market being eyed upon by global market players, owing to the overall economic development in the region coupled with the government’s initiative in improving healthcare facilities in the underdeveloped countries of the Middle East.