The Global Respiratory Therapeutic Devices Market is predicted to scale to new heights and expand at a CAGR of 10.8% over the forecast period of 2017-2023, asserts Market Research Future (MRFR) in an in-depth study.
The growth of the Global Respiratory Therapeutic Devices Market is primarily led by the recent surge in the incidence of chronic respiratory diseases such as asthma, COPD, and sleep disorder breathing. As per the estimates of the World Health Organization (WHO), approximately 235 Mn people suffered from asthma in 2017 across the globe. The growing burden of chronic respiratory diseases (CRDs) induces strong demand for respiratory therapeutic devices within the market. Moreover, with the increase in the global aging population, there is a greater need for respiratory therapeutic devices.
The aged populace is more susceptible to suffering from such disorders and can help stimulate market growth. Technological advancements in respiratory therapeutic devices which have resulted in the incorporation of advanced features along with outlay of massive amounts on R&D activities by medical device manufacturers are expected to foster the growth of the market. High demand for respiratory therapeutic devices in home healthcare setting is a key factor in boosting the growth of the market. Devices such as humidifiers, nebulizers, and oxygen concentrators are massively popular in the management of pulmonary diseases in the home healthcare setting and generate considerable demand within the market. In contrast, the growth of the market might be impeded by lack of awareness regarding respiratory disorders.
Respiratory Therapeutic Devices Market – Competitive Landscape
ACare Technology (Taiwan), Drägerwerk AG (U.S.), Rotech Healthcare Inc. (U.S.), Chart Industries (U.S.), GE Healthcare (U.K), Koninklijke Philips N.V (the Netherlands), Bayer AG (Germany), Smiths Group Plc. (U.S.), Fisher & Paykel Healthcare (New Zealand), F. Hoffmann-La Roche Ltd (Switzerland), BD. (U.S.), Inogen (U.S.), and Masimo. (U.S.) are the notable players in the global respiratory therapeutic devices market.
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- In February 2019, Nuvaira, a US-based medical device company raised funds worth USD 79 Mn to develop its lung denervation system for the treatment of COPD ( chronic obstructive pulmonary disease) and asthma. The financing is a collaboration by companies such as US Venture Partners, Endeavour Vision, Lightstone Ventures, Richard King Mellon Foundation, and Qiming Venture Partners.
- In October 2018, Convexity Scientific, a medical technology company which designs and develops medical devices, announced an agreement with Capsule, a company rebuilding the pharmacy industry to make Convexity’s Flyp Nebulizer available to healthcare provider in the New York city Flyp Nebulizer is a respiratory therapeutic device designed to simplify self-care for patients with COPD and asthma.
Respiratory Therapeutic Devices Market – Segmentation
The Global Respiratory Therapeutic Devices Market has been segmented based on product, technology, application, and end user.
By product, the global respiratory therapeutic devices market has been segmented into nebulizers, capnography, humidifiers oxygen concentrators, and others. The nebulizers segment has been further segmented into soft mist inhaler, human-powered nebulizer, and others. The capnography segment has been further segmented into main-stream capnography, side-stream capnography, and others.
By technology, the global respiratory therapeutic devices market has been segmented into electrostatic filtration, HEPA filtration, hollow fiber filtration, microsphere separation, and others.
By application, the global respiratory therapeutic devices market has been segmented into asthma, chronic obstructive pulmonary disease (COPD), cystic fibrosis, and others.
By end user, the respiratory therapeutic devices market has been segmented into hospitals & clinics, retail pharmacies, home care, and others.
Respiratory Therapeutic Devices Market – Regional Analysis
By region, the Global Respiratory Therapeutic Devices Market has been segmented into the Americas, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas is the largest market for respiratory therapeutic devices. The growing burden of respiratory diseases in the region generates huge demand for respiratory therapeutic devices. The existence of key players in the region also acts in favor of the global respiratory devices market. Availability of funds for R&D and increasing geriatric population are other factors substantiating the growth of the market. The Americas respiratory therapeutic devices market is expected to capture a CAGR of 9% over the forecast period.
Europe is the second largest market for respiratory therapeutic devices spurred by government support for R&D, huge patient pool, and the presence of robust healthcare infrastructure.
APAC is poised to showcase the most rapid growth over the forecast period. The widespread prevalence of respiratory disorders in the region and expanding healthcare expenditure in the developing economies such as India and China can be credited for the growth of the APAC market. Largely undiagnosed respiratory diseases in the region create favorable growth opportunities for market growth.
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The MEA market is expected to exhibit sluggish growth over the forecast period. Low healthcare penetration in the Africa regions limits market growth. Majority of the market share is held by the Middle East due to high healthcare expenditure in the region.
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