The global Respiratory Device Market is estimated to grow $33.6 billion in 2027 from $22.7 billion in 2020, growing at a CAGR of 5.7% during the forecast period (2021-2027). This growth is attributed to the predominance of chronic respiratory diseases, changing lifestyle activities among people and innovations, and the development of new products. Asthma is one of the major non-communicable diseases globally. At the time of the asthma attack, the lining of the bronchial tubes swells which results in narrowing of airways and reduced the flow of air through the lungs. As per WHO, about 235 million people have asthma globally. It is the most common disease among children; however, a significant number of mortalities are observed in the elderly population. It is highly prevalent in high-income countries, however, developing economies have witnessed a large number of mortalities. Due to the developed healthcare system in developed economies, it is early diagnosed and treated, whereas, due to lack of healthcare infrastructure in low-income countries, a major portion of people with asthma remain undiagnosed and untreated. There is a continuously high prevalence of chronic respiratory diseases due to which the demand for respiratory therapeutics, diagnostic, and monitoring devices has been increasing across the globe.
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Growing Demand for Respiratory Device Market
Significant growth in the healthcare facilities related to respiratory diseases has been observed in emerging economies, such as China, India, and Brazil. Several factors such as increasing air pollution, increasing disposable income & expenditure on healthcare and rising medical tourism are attracting market players. Specifically, the Asia-Pacific region is considered to be the most emerging market due to the significant growth of the healthcare system in Asia-Pacific countries, such as India, China, and South Korea. Asia-Pacific region is forecast to witness immense growth due to significant investment by government and major market players, favorable government policies, and a high patient base. Asia-Pacific region covers more than 60% of the global population, has a high prevalence of respiratory diseases, such as asthma and COPD. These factors are expected to drive the growth of the market in the near future.
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Scope of the Global Respiratory Device Market
Market Coverage
- The market number available – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered- By Product, By End-User
- Regions Covered- North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and Rest of World
- Competitive Landscape- BMC Medical Co., Ltd., Cipla Inc., Hamilton Medical AG, Koninklijke Philips N.V., Medtronic PLC
Recent Strategic Initiatives in the Global Respiratory Device Market
- In May 2018, the company acquired NightBalance for expanding its sleep & respiratory care portfolio. The acquisition enables Philips Healthcare to expand its position in the home care market. In May 2017, Philips acquired the US-based RespirTech which provides solutions for chronic respiratory conditions such as pulmonary disease and cystic fibrosis. The acquisition enables the company to expand respiratory care, especially COPD patients with bronchiectasis.
- In 2018 the company has entered into a partnership with MannKind to market and distribute Afrezza, the only USFDA approved inhaled insulin available for patients suffering from diabetes. In Feb 2018, the company and Roche Pharma India has entered into a partnership for healthcare improvement and increasing access to life-changing medicines in India. In Aug 2015 the company extend its product line by introducing new respiratory inhaler Synchrobreathe (SB).
Global Respiratory Device Market -Segmentation
By Product
- Respiratory Therapeutic Devices
- Respiratory Positive Airway Pressure Devices
- Respiratory Mask
- Respiratory Ventilators
- Respiratory Oxygen Concentrators
- Respiratory Inhalers
- Respiratory Resuscitators
- Respiratory Nebulizers
- Respiratory Humidifiers
- Respiratory Nitric Oxide Delivery Units
- Respiratory Oxygen Hoods
- Respiratory Diagnostic and Monitoring Devices
- Respiratory Pulse Oximeters
- Respiratory Capnography
- Respiratory Gas Analyzers
- Respiratory Spirometers
- Respiratory Polysomnography (PSG) Devices
- Respiratory Peak Flow Meters
- Respiratory Consumables and Accessories
- Respiratory Tracheostomy Tubes
- Respiratory Nasal Cannulas
- Respiratory Disposable Mask
- Respiratory Disposable Resuscitators
- Respiratory Other Consumables and Accessories
By End-User
- Hospitals
- Home Care
- Other End-Users
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
