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(Health-NewsWire.Net, June 23, 2021 ) Due to the outbreak of coronavirus globally, there is a sudden rise in the demand for respiratory care devices. Thus, the respiratory care devices market witnessed a CAGR of 261.1% between 2019 and 2020. In 2020, the respiratory care devices market reached USD 58.1 billion.
Major Growth Boosting Factors:
The growth of this market is mainly attributed to the high prevalence of respiratory diseases, rising aging population across the globe, high prevalence of smoking, rising urbanization and pollution levels, increasing incidence of preterm births, and lifestyle changes. However, a lack of awareness leading to a large underdiagnosed and undertreated population and the harmful effects of specific respiratory care devices on neonates have hampered market growth to an extent.
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Increasing prevalence of COPD to drive the demand for respiratory care devices
Based on indication, COPD held the largest share of the respiratory care devices market in 2019. This is followed by sleep apnea, asthma, and infectious diseases. The large share of the COPD disease segment can be attributed to the increasing prevalence of smoking and environmental factors. This segment is also expected to show the highest growth in the market, followed by asthma.
The hospitals segment accounted for the largest market share in 2019
Based on the end-user, the respiratory care devices market is segmented into hospitals, home care settings, and ambulatory care centers. In 2019, hospitals accounted for the largest market share. Their financial capabilities, which allow them to purchase expensive instruments, and the availability of trained professionals to operate these instruments, have ensured the high percentage of hospitals in this market. Home care settings are expected to witness the highest growth during the forecast period, mainly due to the development of compact and lightweight respiratory care devices that are easier to carry and operate.
Asia Pacific market to witness the highest growth during the forecast period
The respiratory market is divided into five regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. These regions are further analyzed at the country levels. North America held the largest share of the respiratory care devices market in 2019, followed by Europe and the Asia Pacific. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period, due to due to the presence of a large pool of respiratory patients, increasing healthcare expenditure, rapidly developing healthcare infrastructure, rising per capita income, growing middle-class population, and growing prevalence of tobacco smoking in this region.
Key Players:
Some of the prominent players operating in this market include Philips Healthcare (Netherlands), ResMed (US), Medtronic (Ireland), Masimo Corporation (US), Fisher & Paykel Healthcare (New Zealand), Drager AG (Germany), Invacare Corporation (US), Nihon Kohden (Japan), Getinge AB (Sweden) and Air Liquide (France).
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