Global Respiratory Care Device Market to Reach US$ 49.13 billion by 2031; Rising Technological Advancements to Trigger Demand: Growth Plus Reports
Pune, June 20, 2022 (GLOBE NEWSWIRE) — As per a recent study published by Growth Plus Reports the demand for the global respiratory care device market is expected to clock US$ ~49.13 billion by 2031. Factors such as the rising prevalence of chronic respiratory diseases and the launch of advanced respiratory are playing a key role in driving the market growth.
Technological advancements have ushered in new ways for how healthcare can be delivered by creating ease for both patients and healthcare professionals. Integration of advanced products is a boon for boosting the respiratory care device market.
Many healthcare companies have been dedicated to developing and launching new products that will help in the easier and faster diagnosis of the disease. There are several digital devices launched by companies that help in monitoring and increasing adherence of patients to treatments and in turn improving the patient outcome.
Companies such as ResMed are focused on building intelligent therapy solutions that are enabled by data analytics, AI, ML, and sensor technologies, which will help in improving patient care. For instance, in 2020, ResMed launched Mobi – a portable oxygen concentrator. Mobi offers an optimal balance of oxygen delivery, weight, and battery life such that people with COPD or other chronic diseases can take oxygen therapy wherever they go.
The launch of such advanced products is helping transform respiratory care delivery.
The global respiratory care devices market has been analyzed from four perspectives: Product, Application, End Users, and Region.
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Excerpts from ‘By Product Segmentation’
Based on the product, the respiratory care device market has been segmented into:-
- Therapeutic devices
- Diagnostic devices
- Monitoring Devices
- Consumables & Accessories.
The therapeutic device segment is further sub-segmented into ventilators (ICU ventilators and portable ventilators), positive airway pressure (PAP) devices (automatic positive airway pressure (APAP) device, bilevel positive airway pressure (BiPAP) device, and continuous positive airway pressure (CPAP) device), oxygen concentrators, nebulizers, humidifiers, reusable resuscitators, inhalers, and oxygen hoods.
The therapeutic device segment held the largest market share in 2020.
The rising prevalence rate and mortality associated with severe respiratory conditions have led to growth in demand for devices such as PAP, ventilators, nebulizers, and oxygen concentrators. This is driving the growth of the therapeutic device segment.
Excerpts from ‘By Region Segmentation’
Regionally, Asia-Pacific is anticipated to grow at a higher CAGR during the forecast period.
Factors attributing to the growth of this segment include increasing healthcare expenditure, rising medical tourism, and increasing private-public funding.
Moreover, new product launches have played a key role in driving the respiratory care device market in the region.
For instance, in Aug 2020, Honeywell International Inc. established N95 mask production in India. The company planned production of up to 2 million disposable face masks monthly at its Fulgaon manufacturing facility in Pune, India. Similarly, in Nov 2019, Lupin launched ‘Adhero’ a first-of-its-kind smart device launched in India to track the usage pattern of the metered-dose inhaler (MDI) by patients. This device is a reusable device with built-in sensors to track daily usage and consumption pattern.
Excerpts from ‘Competitive Landscape’
The prominent players operating in the global respiratory care device market include: –
- Koninklijke Philips N.V
- General Electric Company
- Air Liquide Medical Systems
- Drägerwerk AG & Co. KGaA
- Getinge AB
- Fisher & Paykel Healthcare Limited
- Hamilton Medical
- Among others
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Table of Content
1.1. Market Ecosystem
1.2. Geographic Scope
1.3. Timeline Under Consideration
1.3.1. Historical Years – 2018 & 2019
1.3.2. Base Year – 2020
1.3.3. Forecasted Years – 2021 to 2031
1.4. Currency Used in the Report
2. RESEARCH METHODOLOGY
2.1. Research Approach
2.2. Data Collection Methodology
2.3. Data Sources
2.3.1. Secondary Sources
2.3.2. Primary Sources
2.4. Market Estimation Approach
2.4.1. Bottom Up
2.4.2. Top Down
2.5. Market Forecasting Model
2.6. Limitations and Assumptions
3. PREMIUM INSIGHTS
3.1. Current Market Trend (COVID-19 Perspective)
4. MARKET DYNAMICS
5. GLOBAL RESPIRATORY CARE DEVICE MARKET – ANALYSIS & FORECAST, BY PRODUCT
5.1. Therapeutic Devices
126.96.36.199. ICU Ventilators
188.8.131.52. Portable Ventilators
5.1.2. Positive Airway Pressure (PAP) Devices
184.108.40.206. Automatic Positive Airway Pressure (APAP) Device
220.127.116.11. Bilevel Positive Airway Pressure (BiPAP) Device
18.104.22.168. Continuous Positive Airway Pressure (CPAP) Device
5.1.3. Oxygen Concentrators
5.1.6. Reusable Resuscitators
5.1.8. Oxygen Hoods
VALUE PROPOSITIONS RELATED TO THE REPORT:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- ‘Business Profile’ of Key Players
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