(PharmaNewsWire.Com, November 01, 2021 ) According to the new market research report, “Respiratory Care Devices Market by Product (Therapeutic (Ventilator, Mask, PAP Device, Inhaler, Nebulizer), Monitoring (Pulse Oximeter, Capnograph), Diagnostic, Consumables), End User (Hospital, Home Care), COVID-19 Impact – Global Forecast to 2026, the respiratory care devices market is expected to reach USD 27.6 billion by 2026 from USD 18.4 billion in 2021, at a CAGR of 8.5% during the forecast period of 2021 to 2026.
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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 tobacco smoking, urbanization and growing levels of pollution, and changing lifestyle. However, factors such as the presence of an unfavorable reimbursement scenario and the availability of low-cost products from local manufacturers are expected to restrain the growth of this market during the forecast period.
The inhalers segment is estimated to grow at the highest CAGR in the respiratory care devices market, during the forecast period.
Based upon product, the respiratory care devices market is segmented into therapeutic devices, monitoring devices, diagnostic devices, and consumables & accessories. In 2020, the therapeutic devices segment accounted for the largest share of the respiratory care devices market. The different types of therapeutic devices covered in this report are humidifiers, nebulizers, oxygen concentrators, positive airway pressure (PAP) devices, reusable resuscitators, ventilators, inhalers, masks, nitric oxide delivery units, and oxygen hoods Inhalers segment is anticipated to witness the highest CAGR amongst therapeutic devices. Inhalers are widely used in the treatment of major respiratory ailments. They are categorized as metered-dose inhalers (MDIs) and dry-powder inhalers (DPIs). The high incidence of asthma is a key factor driving the growth of the global inhalers market in the forecast period.
The COPD segment will continue to dominate the respiratory care devices indication market during the forecast period
Based on indication, COPD held the largest share of the respiratory care devices market in 2019. This was followed by sleep apnea, asthma, and infectious diseases. The large share of COPD segment can be attributed to the increasing prevalence of smoking and environmental factors. This segment is also expected to show the highest growth in the market, followed by asthma. Moreover, the recent outbreak of COVID-19 will also have an impact on COPD patients. While they are not at a higher risk of contracting the disease, it can have severe effects on such patients. Hence, the high prevalence of COPD and the growing number of deaths caused by COPD are expected to drive the demand for respiratory care devices during the forecast period.
Hospitals are the largest end users of respiratory care devices
Based on end user, the respiratory care devices market is segmented into broadly categorized into three major end-user segments—hospitals, home care settings, and ambulatory care centers. In 2019, hospitals accounted for the largest market share. Growing public-private partnerships to improve access to healthcare services along with rapid developments in healthcare infrastructure and improving access to healthcare services are expected to be the key factors driving the growth of the respiratory care devices market for hospitals in emerging economies in the coming years.
Asia Pacific market to witness the highest growth during the forecast period
the respiratory care devices market is divided into five regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. These regions are further analyzed at the country levels. North America held the largest share of the respiratory care devices market in 2019, followed by Europe and the Asia Pacific. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period, due to due to the presence of a large pool of respiratory patients, increasing healthcare expenditure, rapidly developing healthcare infrastructure, rising per capita income, growing middle-class population, and growing prevalence of tobacco smoking in this region. Also, APAC is becoming a medical tourism hub and is considered as one of the fastest-growing markets for medical procedures and devices. Low infrastructure and treatment costs and the availability of highly educated physicians have driven medical tourists to APAC countries, particularly India and China.
Key Market Players
Some of the key players operating in the respiratory care devices market include Philips Healthcare (Netherlands), ResMed Inc. (US), Medtronic plc (Ireland), Masimo Corporation (US) among others.
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