Respiratory Devices Market – Snapshot
Respiratory devices are medical equipment that assist patients with respiration in a critical care situation. Additionally, these devices are used to deliver medicines to treat several respiratory diseases. Furthermore, respiratory devices are used to diagnose respiratory problems. The global respiratory devices market was valued at US$ 17 Bn in 2017 and is projected to expand at a CAGR of 6.5% from 2018 to 2026 to reach US$ 31.0 Bn by 2026. Increase in incidence of COPD and sleep apnea, strategic alliances among key players, and rise in government expenditure are the major factors anticipated to propel the global respiratory devices market during the forecast period. However, high cost of respiratory devices and uncertain and ambiguous regulatory environment hamper the growth of the market.
Legislative amendments for medical devices and technology services by various governments across the world are likely to boost the global respiratory devices market during the forecast period. For instance, amendments in the Health Insurance Act 1973 of Australia for diagnostic imaging provided Medicare funding for diagnostic imaging services. This has had a positive impact since March 2008 in terms of better access to diagnostic imaging for patients across different categories. Additionally, new capital sensitivity provisions are likely to provide rebates on various diagnostic imaging services in the country. The American Asthma Foundation funds highly innovative research through a national grant program that recruits investigators from non-asthma fields. This could create lucrative opportunity for organizations willing to fund research in collaboration with universities or research organizations.
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In terms of product type, the global respiratory devices market has been segmented into therapeutic devices and diagnostic & monitoring devices. The therapeutic devices segment has been classified into drug delivery devices, mechanical ventilators, continuous positive airway pressure, resuscitators, humidifiers, airway clearance devices, oxygen concentrators, consumables & disposables, and others. The diagnostic and monitoring device segment has been categorized into pulse oximeters, capnographs, spirometers, polysomnographs, peak flow meters, gas analyzers, and others. Based on application, the market has been divided into chronic obstructive pulmonary disease, asthma, obstructive sleep apnea, respiratory distress syndrome, cystic fibrosis, and pneumonia. The global respiratory devices market has been analyzed based on increasing cases of respiratory diseases, technology trend, expenditure on emerging technology, and presence of key players. The market size and forecast for each of these segments have been provided for the period from 2016 to 2026, along with respective CAGR for the forecast period from 2018 to 2026, considering 2017 as the base year.
North America captured the largest share of the global respiratory devices market in 2017, owing to increase in the number of people suffering from respiratory diseases, rise in diagnosis and treatment, and presence of key players. Asia Pacific is projected to gain market share during the forecast period. The respiratory devices market in the region is anticipated to expand at the highest CAGR from 2018 to 2026, owing to rise in prevalence of respiratory diseases, increase in geriatric population, and government support for respiratory device manufacturers.
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Key companies operating in the global respiratory devices market and profiled in the report include ResMed, Koninklijke Philips N.V, and Vyaire Medical, Inc. (Becton, Dickinson and Company). These players are adopting organic and in-organic growth strategies to expand product offerings, strengthen geographical reach, increase customer base, and capture higher market share. Other players operating in this market are Smiths Medical (part of Smiths Group plc), Fisher & Paykel Healthcare Limited, Dragerwerk AG & Co. KGaA, GE Healthcare (part of General Electric Company), Getinge AB, Medtronic plc, and Chart Industries, among others.