Respiratory care devices used to diagnose acute and chronic diseases such as asthma, bronchitis, and other severe respiratory diseases. Respiratory care devices used for treating conditions such as chronic obstructive pulmonary disease (COPD), also focused on the care of patients with an abnormality in breathing. With technology advancement, the cableless exhalation device has a built-in temperature probe and an electrical connection. Respiratory devices save extra work and reprocessing. Also, this eliminates the cold junction between the heated breathing gas and the ambient temperature and significantly reduces condensation in the breathing circuit.
The global respiratory care devices market expected to propel the market growth at an enormous CAGR in the forecast period from 2020-2027. The growth factors of this market include the high incidence of respiratory diseases, the rapid growth of the aging population, the higher smoking rate, the rising level of urbanization and pollution, the increase in the incidence of preterm births, and changes in people’s lifestyles.
Moreover, emerging aging population and high risk of respiratory diseases, rise in market value for portable devices, and increasing cases of Chronic Obtrusive Pulmonary Disease (COPD) is driving demand for respiratory care devices.
In addition to it, growing demand for enhanced portable devices, increasing demand for multi-mode ventilators, and market participants working on expanding their regional market share. However, the lack of awareness of respiratory diseases has led to the emergence of a large number of underdiagnosed or undertreated patients, and the potential for specific respiratory care equipment to adversely affect newborns, which are the main challenges facing this market.
Furthermore, with rising urbanization, trees have been cut for the development of infrastructure, roads, and buildings, which ultimately increases the pollution level. Therefore, respiratory diseases started rising in number, and various chronic diseases have also fueled the demand for global respiratory care devices. Also, the changing lifestyle of people has affected their lives, and with the emerging geriatric population, respiratory diseases are common among them. Thus, home care therapeutic and point-of-care diagnostics are propelling the demand for global respiratory care devices.
The respiratory diseases majorly occur due to breathing difficulty cause to the person breathing polluted air or dust around them. Moreover, with the rising geriatric population, the chances of having respiratory diseases are very high. Therefore, respiratory care devices are highly in demand in the market.
The advancement of technology in the healthcare sector has improved the health facilities of the people. The portable respiratory devices such as inhalers, nebulizers, and other highly advanced products have allowed the users to cure the diseases at the right time without visiting hospitals. Thus, cost-effectiveness, portability of the devices has propelled the market share of the respiratory care devices in the market.
Based on product, the global respiratory care device market is segmented in the product only, and further classified into Therapeutic, Monitoring, and Consumables & Accessories. Therapeutic equipment accounted for the largest market share in the global respiratory care device market, mainly due to the rising cases of chronic diseases and the increase in the number of older people. Moreover, pulse oximetry devices have dominated the demand of the respiratory care device as it is essential for the diagnosis and treatment of patients with diseases. This kind of measurement method is reliable and straightforward, and it is a non-invasive examination. With the development of technology science, pulse oximetry has become a low-cost, conventional inspection method. With the help of pulse oximetry, the status of a person’s blood oxygen saturation can reflect some situations during physical activity, which is very characteristic and reference significance. It helps doctors understand the physical condition of the subject and the effect of treatment.
Based on the end-users, the global respiratory care device market bifurcated into Hospitals, home care settings. Hospitals have the largest market share in the global respiratory care device market. The main factors driving growth in this area include hospitals having the appropriate funding to purchase advanced and costly equipment, as well as trained professionals to operate the equipment.
Based on geography, the global respiratory care device market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America expected to witness the highest growth during the forecast period. The rise in the elderly population, the emergence of the sound healthcare industry, the availability of life science and medical research funding, the growing demand for immediate diagnostic testing, and increased government healthcare spending have contributed to the growth of mature markets in North America. Moreover, the Asia Pacific region led the second highest market share owing to the number of older people in Asia-Pacific has risen, per capita income has increased, major market participants have increased investment in the healthcare industry. Also, increased demand for cutting-edge technology, low labor costs, a favorable regulatory environment, and the expansion of private hospitals in rural areas will drive growth in the respiratory care device market in the Asia Pacific.
Companies such as Koninklijke Philips N.V., Hamilton Medical AG, Fisher & Paykel Healthcare Limited, ResMed, Inc., Invacare Corporation, Chart Industries Inc., Dräger Safety AG & Co. KGaA, Becton, Dickinson and Company, Masimo Corporation, and Medtronic plc. The other players operating in the industry include 3B Medical, Inc., Medline Industries Inc., Acare Technology Co., Ltd., Allied Healthcare Inc., Hill-Rom Holdings Inc., and Rotech Healthcare Inc.