Respiratory Care Devices Market Overview
The global market for respiratory devices is at a rise due increase in respiratory diseases like asthma, tuberculosis (TB) and bronchitis. During the projected period, respiratory care device market is estimated to attain nearly 10% annual growth on global charts. Other factors like environmental changes, increase in old age groups are smoking are also seen as the primary factors helping the market to attain a more definite place at world level. These devices are used at the care centres and in-home levels, giving a robust stand to market.
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Technological advancements like finger pulse oximeters and Bluetooth enabled pulse oximeters have increased the ease of testing, also contributing to significant acceptance and increase in market share. Increasing geriatric and premature birth numbers have uplifted the demands for nebulizers, humidifiers, PAP equipment and oxygen concentrators and is contributing at higher grounds to the growth of this market. Government and non-profit organizations are making significant efforts to make these available for all at priority basis, adding to another positive for the market.
Market pose a threat from local vendors as they are providing a nearly identical set of devices and technologies at much lower prices and have an already established marketing and distribution network. It becomes necessary for companies for marketing themselves from the ground to top levels to get successful business and overcome the friction provided by the local and Respiratory Care Devices Market majors. Companies should identify regions with higher air pollution index and the occurrence of respiratory diseases to gain pace in a smaller window of time.
Market Segments of Respiratory Care Devices
There are six segments to this market:
Therapeutic devices: Ventilators, humidifiers, inhalers, positive airway pressure (PAP), nebulizers and other devices fall in this category.
Monitoring devices: Pulse oximeters, capnography, gas analyzers and other devices.
Diagnostic devices: Various types of diagnostic tools are spirometers, polysomnography devices, peak flow meters, etc.
Accessories and consumables: Items like masks, nasal cannulas, breathing circuits, disposable resuscitators and tracheostomy tubes falls under this category.
Usability: Such devices are helpful to use in problems like asthma, chronic obstructive pulmonary diseases, infectious diseases, lungs cancer and others
End-Users: Hospitals, clinics, mobile care centres, home care are some of the major fields for the same.
Respiratory Care Devices Market Regional Overview
The global market for respiratory care devices is categorized into four sectors. America, Europe, Asia Pacific and The Middle East & Africa and are leading the market in the same mentioned order.
The American market is the largest in current observation due to higher levels of awareness among masses, efforts to adopt new technologies, adoption of latest technologies and higher investment in similar programs. The European region is not very far behind, as the demand for better healthcare measures, an increase in the number of related patients and emphasis on research and development is gaining pace. Asia pacific stands third in this race but will come out to be the fastest-growing market due to higher air pollution indexes leading to increase in cases of respiratory illness, infrastructural & technological development in healthcare sector and awareness. The Middle East and African region is slowest amongst them due to lagging medical facilities, knowledge and struggling economic advancements.
Respiratory Care Devices Market Studied by Top Key Players
Some of the key players in the global respiratory care devices market are Philips Healthcare (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).
Recent Industry News
Identification of regions with increased pollution and chronic diseases will help the market to spread itself in terms of market share and individual profit attainment. The Asia Pacific will be the perfect outback for global respiratory care devices as the levels of pollution, and patient counts are at record high levels.
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