(PharmaNewsWire.Com, August 07, 2019 ) The major factor driving the growth of the respiratory care devices market is the high prevalence of respiratory diseases as a result of the rapid growth in the global geriatric population, high prevalence of smoking, rising urbanization and growing levels of pollution, and lifestyle changes.
The respiratory care devices market is fragmented in nature, with the top five players accounting for around half of the total market in 2018. There are other smaller and medium-sized players as well, operating at both global and regional levels.
The leading market players are based across developed countries such as the US, the Netherlands, New Zealand, and Ireland; however, in the past few years, smaller players have emerged, especially in the Asia Pacific market, competing with global players on the basis of price. Lucrative growth opportunities in the Asia Pacific market are increasing competition among market players. Companies are also focusing on R&D to add innovative technologies and products to their portfolios, which, in turn, helps them to strengthen their presence in respective markets.
Philips Healthcare (Netherlands) is a leading provider of medical tools for different healthcare specialties and the largest division of Koninklijke Philips N.V. (Royal Philips). Philips Respironics, a subsidiary of Philips Healthcare, primarily focuses on providing respiratory care devices. Philips Healthcare has a significant global footprint owing to its strong sales and distribution network. It significantly invests in R&D activities to add innovative technologies and products to its portfolio, which, in turn, helps it to strengthen its presence in the market.
Medtronic plc. (Ireland) is one of the leading medical technology companies engaged in the manufacturing of a range of respiratory care devices and therapies. The company has a wide product portfolio of medical devices in different product categories, which provides it with a diversified revenue stream. A diversified revenue stream offsets the companys exposure to risks associated with a particular business in the medical devices market. Medtronic is strategically concentrating on acquiring key players in the medical products industry and related markets in order to garner a major share of the respiratory care devices market.
ResMed Inc. (US) provides a broad portfolio of respiratory care products and has a wide geographic presence across North America, the Asia Pacific, and Europe. ResMed is well-positioned in the respiratory care devices market and focuses on developing new and innovative products. In accordance with this, over the last five years, the company developed and launched several respiratory care products, such as AirFit P30i and CPAP devices. These products further expanded and complemented the company’s respiratory care product portfolio and strengthened its share in the respiratory care devices market. The company is also engaged in enhancing its geographical presence in high growth regions by acquiring regional companies.
Some of the other leading players competing in this market are Philips Healthcare (Netherlands), ResMed Inc. (US), Medtronic plc (Ireland), Masimo Corporation (US), Fisher & Paykel Healthcare Corporation Limited (New Zealand), Chart Industries (US), Drager AG (Germany), Invacare Corporation (US), Getinge AB (Sweden), Air Liquide (France), Hamilton Medical AG (Switzerland), Vyaire Medical (US), GE Healthcare (US), Nonin Medical Inc. (US), Apex Medical Corp. (Taiwan), Smiths Group (UK), Omron Healthcare Inc. (US), Allied Healthcare Products, Inc. (US), Teleflex Incorporated (US), and DeVilbiss Healthcare LLC (US).
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