As Stated by BlueWeave Consulting the Respiratory Care Devices Market reached to US$ 18,714 million in 2018, anticipated to propel to US$27,063 million by 2025 with a significant CAGR of over 8% in the forecast period of 2019-2025.
Rising urbanization, changing lifestyle, and food habits coupled with an increasing number of geriatric population is the key factor anticipated to propel the growth of the global respiratory care device market. The rising prevalence rate of the geriatric population expected to rise the demand of homecare –setting facility in the market and the changing food habits such as the preference of junk food over healthy food leads to a number of chronic and other therapeutic disorders and expected to contribute in the global market during the forecast period of 2019-2025.
Consumable & accessories are also contributing to the market growth with the rising availability of reimbursement coverage for PAP device coupled with an increasing population of geriatric and chronic diseases. Monitoring devices expected to share the market share majorly followed by other segment populations’ upcoming years with the commendable growth rate.
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Some of the major industry players are Philips Healthcare, Resmed, Inc., Medtronic PLC, Masimo Corporation, Fisher and Paykel Healthcare Co., Ltd., Getinge AB, Air Liquide, Drägerwerk AG & Co. KGaA, Hamilton Medical AG, Invacare Corporation and Other Prominent Player.
Deforestation, CO2 emission, etc. are the key factors responsible for environmental pollution, which is directly linked to rising the demand of smart pulse oximeters in the respiratory care device market for the estimation of SaO2 using an algorithm and displaying the readout. Rising disposable income coupled with smoking habits responsible for deformities in the chest wall and thoracic spine, impair the functioning of the respiratory system and lead to complications in breathing developing the demand of respiratory care device in-home care setting and expected to follow the same trend in the upcoming years. The rising burden of COPD and asthma patient base, rising government initiatives, healthcare expenditure, and preference shift toward the adoption of respiratory care devices in the region.
Technological advancement in the healthcare sector, coupled with increasing healthcare expenditure anticipated to dominate the global market in the upcoming years. Factors such as rising urbanization, the prevalence rate of respiratory diseases, and an increasing number of aged population coupled with a high patient base of chronic disorders are contributing to increasing demand for respiratory care devices in the global market during the forecast period of 2019-2025. The significant share is shared by the hospital segment amidst facility segment due to increasing healthcare expenditure by government authorities to purchase devices high in value coupled with trained professional staff for device operation. The market is anticipated to dominate by homecare setting, followed by hospitals to eliminate the hospital visit to save patient time and money. The rising affordability and convenience are the key factor expected to propel the growth during the forecast period of 2019-2025.
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Based on Region analysis, North America is expected to hold the largest share in the respiratory care devices the market due to the rising burden of COPD and asthma patient base, rising government initiatives, healthcare expenditure, and preference shift toward adoption of respiratory care devices in the region. Followed by North America, Europe is expected to share major market share contributions with factors such as initiatives for strengthening healthcare infrastructure, increasing tobacco consumption, etc. Emerging countries such as China, India with high accessibility of health services, policy and reforms, patient population base and medical tourism will favor the adoption of respiratory care devices in the forecasted period of 2019-2025.
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