Rising prevalence of chronic obstructive pulmonary disease (COPD) and obstructive sleep apnea has been increasing the demand for respiratory devices. Future Market Insights (FMI) in a new study has forecast the Respiratory Devices Market to continue exhibiting high demand through 2031. While 2020 has proven exceptionally crucial to the market, growth will remain positive 2021 onwards, despite declining a little in comparison to remarkable sales recorded in 2020 amid COVID-19 outbreak.
Increasing prevalence of sleep disorders, especially in the U.S. and other European countries, creates lucrative growth opportunities for the sleep testing respiratory devices market. According to the National Healthy Sleep Awareness Project, around 25 million adults in the U.S. were suffering from sleep apnea. Continuous focus on the market introduction of technologically advanced respiratory devices such as nebulizers, pulse oximeters and spirometers is expected to drive the respiratory devices market growth during the forecast period.
Growing preference for smart or wearable respiratory devices over general respiratory devices in developed countries also creates a significant opportunity for global market players operating in the respiratory devices market. Adoption of portable devices for neonatal and adults suffering respiratory diseases is growing respiratory devices demand. For instance, Patients suffering from chronic respiratory diseases require continuous oxygen supply. A portable oxygen concentrator has several other benefits such as lightweight, small shape and easy to carry, which makes it the best choice of device.
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Hospitals are likely to remain chief end users of respiratory devices. They have been relentlessly offering patient care amid COVID-19 outbreak. Even as numbers of COVID-19 patients soared, healthcare centers around the world pushed through challenges to offer required care. Hospitals therefore accounted for a little above 40% of respiratory devices sold in 2020. By 2031, the number of respiratory devices sold in hospitals is expected to rise further.
Key Takeaways of Respiratory Devices Market Study
- Respiratory devices market will exhibit impressive growth through 2031. The market is forecast to exhibit 9.1% CAGR in 2021
- U.S. will remain the most lucrative market, accounting for almost 87% of respiratory devices sold in North America
- UK will exhibit impressive Y-o-Y growth at 10.5% in 2021
- Germany and France will continue exhibiting high demand for respiratory devices
- China and Korea will remain bright spots in East Asia market, however, Japan will remain dominant through the forecast period
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Partnerships to Develop New Products – Imperative Strategy for Market Players
Leading manufacturers of the respiratory inhaler are focusing on strategic partnerships with software and digital companies to serve the selected population. Besides, such collaborations also help manufacturers improve their distribution channels as well as to launch their products. For instance, In June 2020, Medtronic plc entered into a partnership with Foxconn Industrial Internet to begin manufacturing Medtronic’s Puritan Bennett 560 (PB560) ventilators in the United States.
Similarly, Smith’s Medical has signed a distribution partnership with Medline Industries for distribution of the Portex acapella, a vibratory PEP therapy device to focus on the non-acute and home care channels in 2019.
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