Rising Prevalence of Respiratory Diseases Resulting in Growth of Respiratory Care Devices Market

Smoking, tobacco consumption, depletion of ozone layer, and rising level of pollution are some of the prominent causes of respiratory diseases.  Due to rising prevalence of respiratory diseases across the globe, demand for respiratory care devices is also rising subsequently.

Respiratory care devices are used for diagnostics, therapeutics, management, and monitoring of respiratory diseases. The devices are found to be reliable in providing care to patients suffering from chronic and acute respiratory diseases.

Varying application of respiratory care devices are paving way for growth of respiratory devices market.

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Various studies refer to the fact that more than 1 billion people across the globe are suffering from one or the other type of respiratory diseases. Incident of chronic obstructive pulmonary disease (COPD), asthma, and congestive heart failure (CHF) is rising rapidly. The U.S. standalone has more than 80 million of respiratory related cases.

Growing prevalence of such diseases is impelling the requirement of respiratory care devices for monitoring and therapeutics purposes, both at home and healthcare centers.

Registering the rising demand for devices, market players operating in respiratory care devices market are focusing on development of technologically advanced devices. Hence, the market is witnessing huge investment inflow for research and development activities.

Launch of Technologically Advanced Devices Boost Respiratory Care Devices Market

Development and launch of new respiratory products are predicted to revolutionize the global respiratory devices market in coming years.

Further, several companies are also undertaking various strategies to raise awareness about respiratory care devices. Some of the strategies are collaboration, mergers and acquisitions, extension of distribution channels, and partnership with healthcare organization. In addition, these strategies market players to mark their presence in regional and international level.

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Subsequently, the global respiratory care devices market will widen.

However, dearth of knowledge to operate new devices may slow down the adoption rate, consecutively restrain the market growth for a period of time.

Respiratory Care Devices Market to Increase Demand with Surge in Tobacco Smoking and Rise of Preterm Births

The global respiratory care devices market is predicted to attract a whole lot of demand with the increase in the incidence of respiratory diseases such as pneumonia, tuberculosis, chronic obstructive pulmonary disease (COPD), and asthma. A report by Transparency Market Research (TMR) provides a detailed account of how the market could take advantage of certain factors promising growth in the near future. It bears the title “Respiratory Care Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.” The market could be segregated according to three categories, viz. end user, indication, and device.

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Increase in preterm births, surge in tobacco smoking, rising pollution levels, and aggressive increase in urbanization could be other factors helping the world respiratory care devices market to see growth during the completion of the forecast tenure. The growth of the market could also be boosted on the back of specialty clinics and private hospitals increasing the demand for respiratory care devices. Another factor that could contribute to market growth is the elevating demand for advanced technologies. Consumers with a rise in their disposable income may want to go for modern respiratory care devices.

However, the demand for respiratory care devices is anticipated to be hampered due to their expensive cost and the large size of undertreated and underdiagnosed patients with respiratory disorders. Nevertheless, there could be opportunities available in the market helping players to increase their growth in the coming years.

In terms of end user, the world respiratory care devices market could be classified into home care, ambulatory care, and specialty clinics and hospitals. Among these possible segments, specialty clinics and hospitals are foreseen to secure a stronger share of the market. The reason for their dominance could be investments made by hospitals in premium priced respiratory care devices and the modernization of hospital infrastructure. On the basis of indication, there could be segments such as infectious lung diseases, sleep apnea, COPD, and asthma. Owing to the progression of the disease and increase in tobacco smoking, COPD could well be a faster growing segment of the market.

By 2030, COPD is prophesied to take the third place in the list of largest death causes on the global platform. As per the World Health Organization (WHO), millions have succumbed to the disease in the recent past and even more number of people are suffering from it. By type of device, the international respiratory care devices market could be divided into consumables and accessories, monitoring devices, diagnostic devices, and therapeutic devices. Regionally, it could witness the rise of North America as a leading segment because of advanced diagnosis and promising reimbursement policies.

The international respiratory care devices market includes some of the top players such as Hamilton Medical AG, Smiths Medical, Inc., and Philips Respironics.

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Rising Geriatric Population Benefits Respiratory Care Devices Market

San Francisco, California, January 11, 2018: A recent market research report by TMR Research covers a detailed overview of the global market for respiratory care devices. The comprehensive report is titled “Global Respiratory Care Devices Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025.” The report uncovers the various factors that could prove to be highly beneficial for the overall development of the market and its segments in the next few years. The report also presents a detailed account of the present growth dynamics of the market and projects its growth prospects over the period between 2017 and 2025.

The report states that the market will embark upon a healthy growth path over the said period. Factors expected to work in favor of the market include the vast rise in rate of incidence of a variety of respiratory conditions such as tuberculosis, asthma, and chronic obstructive pulmonary diseases (COPD), rising geriatric population, and increased expenditure on healthcare. The rise in the global geriatric population will benefit the market as geriatrics are more prone to respiratory disorders. Moreover, the vast rise in the addiction to smoking and tobacco and burgeoning pollution levels are also driving the market.

However, certain factors such as the lack of necessary healthcare infrastructure, and non-encouraging reimbursement policies could restrain the overall market to a certain extent. Moreover, the availability of low-cost products, which are produced by regional players, across cost-sensitive regional markets are intensifying cost wars. This could adversely affect the overall revenue opportunity for international players.

Geographically, the markets for respiratory care devices in North America and Europe are expected to collectively account for a significant share in the in the global market over the report’s forecast period. These well-developed markets with witness promising growth opportunities in the next few years owing to the widening patient base spanning a number of respiratory conditions, a vast rise in drinking and smoking habits, and highly developed healthcare infrastructures that allow for the easy uptake of advanced respiratory devices.

Furthermore, the rising population of geriatrics in these regions and increased government funding in the healthcare industry are also expected to foster the growth prospects of the respiratory care devices market in North America and Europe. The market in Asia Pacific is also expected to expand at a plausible pace over the report’s forecast period. The robust growth prospects of the Asia Pacific market are chiefly attributable to the vast efforts put into the development of the healthcare infrastructure of emerging economies, increased expenditure on healthcare, and the massive rise in demand for advanced technologies. The rising disposable incomes of the population in several emerging economies in the region is also translating into the increased uptake of cutting-edge respiratory care devices.

The report also comprises a comprehensive account of the competitive dynamics of the global respiratory care devices market. Covering the business profiles several leading companies in the market, a thorough assessment of recent developments, and details regarding the most popular growth strategies adopted by leading players to strengthen their positions in the market, the report makes for a compelling guide for readers who have their interests vested in the market.

Some of the leading vendors in the market Medtronic Plc., Philips Healthcare, CareFusion Corporation, Drägerwerk AG & Co. KGaA, Becton, Dickinson and Company, Fisher and Paykel Healthcare Limited, and Hamilton Medical AG.

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