Transparency Market Research has published a new report, titled “Therapeutic Respiratory Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” According to the report, the growing use of therapeutic respiratory devices for improving pulmonary function, mucus removal from bronchi during respiratory therapy, and boosting lung oxygenation is a key factor propelling the growth of the global therapeutic respiratory devices market.
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The increasing prevalence of asthma, chronic obstructive pulmonary diseases, and other respiratory diseases is the primary factor responsible for the increased demand for therapeutic respiratory devices. Increasing incidences of accidents which cause chest and nasal injuries, growing number of people with smoking habits, high pollution levels across the cities in the world, and with it the rising vulnerability to several airborne infections are expected to be other very important factors that are helping the market for therapeutic respiratory devices to grow.
The introduction of home-based lightweight, rechargeable, and portable therapeutics respiratory devices is expected to further the growth of this market as these features are highly preferred as opposed to traditional devices which required specialists for handling and also a large number of hospital visits. These new therapeutic respiratory devices are increasingly being used by patients during post-operative patient care.
The report not only discusses the leading factors driving the growth of the global therapeutic respiratory devices market but also discusses the various challenges which this market face. One of the key factors restricting the growth of this market is the presence of stringent regulatory environment which regulates the approval of medical devices. Another factor which is restricting the growth of this market is the high cost of these devices which is a problem in the underdeveloped nations where many of the people have low disposable incomes. Moreover, a lack of awareness among the people in underdeveloped nations about the availability or benefits of therapeutic respiratory devices will also restrain the market from growing to its fullest potential. Some of the nations also face issues such as lack of well-established reimbursement policies which is also expected to have a negative bearing on the market.
On the basis of geography, it is North America which is leading among other regions such as Asia-Pacific, Europe, and the Rest of the World. The presence of a well-established Healthcare infrastructure, presence of well-established players in the region, increasing investments in research and development towards innovative devices, and higher awareness level among the people regarding treatment available are some of the important factors helping the market in North America to grow. In the years to come, Asia-Pacific is likely to emerge as a lucrative regional market for therapeutic respiratory devices thanks to the growing medical tourism industry, stupendous increase in the patient population, rising pollution levels, and government efforts towards improving the health care infrastructure.
Leading players profile within the report are Covidien plc (Medtronic plc), CareFusion Corporation, Drägerwerk AG, Fisher & Paykel Healthcare, Inogen, GE Healthcare, Smiths Medical, MAQUET Holding B.V. & Co. KG (Getinge Group), Philips Respironics, Nihon Kohden Corporation, Siemens Healthcare, and Teleflex Incorporated.