Respiratory Care Devices Market worth $31.8 billion by 2024

PUNE, India, 2020-Mar-31 — /EPR Network/ —

This market is projected to reach USD 31.8 billion by 2024 from USD 20.6 billion in 2019, at a CAGR of 9.1%. The emergence of home healthcare has opened new growth avenues for the respiratory care devices market. Convenience and comfort in a home care environment, coupled with cost advantages, are the major factors driving the growth of the home healthcare market for respiratory care devices.

The major factor driving the growth of the respiratory care devices market is the high prevalence of respiratory diseases as a result of the rapid growth in the global geriatric population, high prevalence of tobacco smoking, urbanization and growing levels of pollution, and changing lifestyles. However, factors such as the presence of an unfavorable reimbursement scenario and the availability of low-cost products from local manufacturers are expected to restrain the growth of this market during the forecast period.

By product, the therapeutic respiratory care devices segment is expected to account for the largest share of the respiratory care devices market in 2019

The therapeutic respiratory care devices accounted for the largest share of the respiratory care devices market in 2018. The increasing prevalence of chronic respiratory diseases and the growing geriatric population are driving the growth of this market. Growth in the geriatric population is expected to drive the demand for therapeutic devices such as nebulizers, oxygen concentrators, humidifiers, and PAP devices. The pulse oximeters segment accounted for the largest share of monitoring respiratory care devices market in 2018. Pulse oximetry is also widely used in hospital settings globally and is now an essential part of operating rooms, post-anesthesia care units, and critical intensive and intermediate care units. The development of innovative products, such as fingertip pulse oximeters & Bluetooth-enabled pulse oximeters and their growing uptake are the key factors driving the growth of the pulse oximeters market.

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By indication, the chronic obstructive pulmonary disease segment is estimated to account for the largest share of this market in 2019

Based on indication, the respiratory care devices market is segmented into chronic obstructive pulmonary disease (COPD), asthma, sleep apnea, infectious diseases, and other indications (lung cancer, pulmonary fibrosis, pulmonary embolism, respiratory syncytial virus (RSV), cystic fibrosis, and allergies). The high prevalence of COPD and the growing number of deaths caused by COPD are expected to drive the demand for respiratory care devices during the forecast period. The sleep apnea segment is expected to grow at a considerable rate during the forecast period. The continuously growing sleep apnea patient base is a pivotal factor that is driving the global sleep apnea devices market. Around 80% to 85% of the suspected population with sleep apnea still remains undiagnosed. With increasing awareness regarding the ill effects of untreated sleep apnea, the global sleep apnea patient pool is likely to grow in the coming years.

The market in the Asia Pacific region is expected to be the fastest growing in 2019

While the respiratory care devices market in the APAC is relatively smaller than developed markets across North America and Europe, it is expected to grow at the highest rate. This can be attributed to the presence of high-growth markets such as Japan, China, India, South Korea, Taiwan, Australia, and Singapore. In these countries, the rising geriatric population, growing per capita income, increasing investments in the healthcare industry by key market players, rising demand for cutting-edge technologies, and the expansion of private-sector hospitals to rural areas are major factors driving the growth of the respiratory care devices market. Low labor costs and the favorable regulatory environment in the region will also contribute.

The key players in the global respiratory care devices market are Philips Healthcare (Netherlands), ResMed Inc. (US), Medtronic plc (Ireland), Masimo Corporation (US), Fisher & Paykel Healthcare Corporation Limited (New Zealand), Chart Industries (US), Drager AG (Germany), Invacare Corporation (US), Getinge AB (Sweden), Air Liquide (France), Hamilton Medical AG (Switzerland), Vyaire Medical (US), GE Healthcare (US), Nonin Medical Inc. (US), Apex Medical Corp. (Taiwan), Smiths Group (UK), Omron Healthcare Inc. (US), Allied Healthcare Products, Inc. (US), Teleflex Incorporated (US), and DeVilbiss Healthcare LLC (US).

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