Increasing adoption of homecare therapeutic devices has derived the demand for respiratory care medical devices; rising cases of coronavirus has boosted the market growth

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OVERVIEW

Respiratory Care Medical Devices Market was valued at $16.4 billion in 2019 with a CAGR of 12.9% from 2020 to 2026.

Respiratory care medical devices help to diagnose, monitor, and treat patients with breathing problems. The respiratory care devices also analyze blood gas samples, measure lung function, and study sleep patterns. Respiratory care device is used for the treatment of chronic obstructive pulmonary disease (COPD), asthma, sleep apnea, infectious diseases, and other diseases.

Rising incidence of respiratory diseases is driving the demand for the respiratory care medical devices market. For instance, according to the World Health Organization (WHO), respiratory diseases are one of the leading causes of death in the world. More than 65 million people suffer from chronic obstructive pulmonary disease (COPD), and 3 million die from it each year. Worldwide 334 million people are suffering from asthma, affecting 14% of all children. Each year more than 1.6 million people die from Lung cancer. Each year 10 million people develop tuberculosis (TB), and 1.4 million people die from it. About 4 million people die prematurely from the chronic respiratory disease globally. Further, urbanization and growing pollution levels, and increasing prevalence of tobacco Smoking are key driving factors of the market.

Therapeutic Devices (Ventilators, Nebulizers, Inhalers, PAP Devices, and Others), Diagnostic Devices (Spirometers, Polysomnography PSG Device, and Others), Monitoring Devices (Pulse Oximeters, Capnograph, and Others), and Consumables & Accessories (Masks, Disposable Resuscitators, Tracheostomy Tubes, and Others) is the type segment of the market scope. By application, the market is divided into Chronic Obstructive Pulmonary Disease (COPD), Asthma, Sleep Apnea, Infectious Diseases, and Others. By end user, the market is further divided into the Hospital, Ambulatory Care Center, and Homecare Setting. The report covers value of the global market by type, application, and end user.

Based on type, therapeutic devices were dominating the global respiratory care medical devices market in 2019. The ventilators segment is anticipated to witness the highest CAGR amongst therapeutic devices, owing to the rising demand of ventilators in the COVID-19 pandemic, increasing commercialization of innovative ventilators, and collaboration between companies and government to increase the production of ventilators.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global respiratory care medical devices value figures. While North America is further categorized into enhancing the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America was dominating the global respiratory care medical devices market in 2019, due to the rising prevalence of respiratory diseases. According to the Centers for Disease Control and Prevention (CDC), in the United States, more than 26 million people have asthma, of which 7 million patients are children. Moreover, the increasing launch of new products, technological advancement, increasing regulatory approval of respiratory care medical devices.

Major players operating in the respiratory care medical devices industry include Medtronic Plc, Philips, Getinge AB, GE Healthcare, Fisher and Paykel Healthcare Co., Ltd., Resmed, Inc., Masimo Corporation, Hamilton Medical Ag, Smiths Medical, Inc., BD, Teleflex Incorporated, Omron Healthcare, Inc., Dragerwerk AG, Invacare Corporation, and Nihon Kohden Corporation.

The partnership between companies to develop, commercialize and distribute respiratory care medical devices, technological advancement, increasing regulatory approval of respiratory care medical devices, strategic acquisition to expand the respiratory care business, and commercialization of new innovative respiratory care medical devices are some of the strategies adopted by the major companies.