Respiratory Care Device Market

Report Overview

The global respiratory care devices market was pegged at US$ 17.6 billion in 2020 and is expected to witness a CAGR of 9.8% during the forecast period.

Market Fundamentals

Respiratory diseases affect the lungs and other parts of the respiratory system. These types of diseases are caused by infection, air pollution, smoking tobacco, and asbestos. Respiratory diseases include chronic obstructive pulmonary disease (COPD), asthma, pulmonary fibrosis, emphysema, pneumonia, and lung cancer.

Respiratory disease causes an immense health burden. It is estimated that 65 million people suffer from chronic obstructive pulmonary disease (COPD) and 3 million dies from it each year, making it the third leading cause of death worldwide. Predominant symptoms of respiratory diseases include cough, chest pain, shortness of breath, and hemoptysis (blood in the sputum). A major cause of respiratory diseases globally is smoking.

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Market Dynamics

The global respiratory care device market is mainly driven by the increasing prevalence of respiratory diseases such as COPD, asthma, and pneumonia, among others. Changing lifestyle patterns and rising levels of the population are positively contributing to the rising prevalence of respiratory diseases. Moreover, new product launches by players in the market are also playing a key role in driving the respiratory care device market growth.  However, an unfavorable reimbursement scenario is likely to hinder the market growth to a certain extent.

 Market Ecosystem

The global respiratory care devices market has been analyzed from four perspectives: Product, Application, End Users, and Region.

Respiratory Care Device Market by Product

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Based on products, the respiratory care device market has been segmented into therapeutic devices, diagnostic devices, monitoring devices, and consumables & accessories. The therapeutic device segment is further sub-segmented into ventilators (ICU ventilators and portable ventilators), positive airway pressure (PAP) devices (automatic positive airway pressure (APAP) device, bi-level positive airway pressure (BiPAP) device, and continuous positive airway pressure (CPAP) device), oxygen concentrators, nebulizers, humidifiers, reusable resuscitators, inhalers, and oxygen hoods. The diagnostic device segment is categorized into polysomnography (PSG) devices, spirometers, peak flow meters, and other diagnostic devices. The monitoring devices segment is further bifurcated into capnographs, pulse oximeters, and gas analyzers. The consumables & accessories segment is divided into disposable resuscitators, breathing circuits, masks (N95 respirators, reusable masks, and disposable masks), tracheostomy tubes, nasal cannulas, and other consumables & accessories. The therapeutic device segment held the largest market share in 2020. Factors such as the increasing prevalence of respiratory diseases that have led to rising demand for devices such as PAP devices, ventilators, nebulizers, and oxygen concentrators are propelling the growth of this segment.

Respiratory Care Device Market by Application

Based on application, the market has been segmented into chronic obstructive pulmonary disease (COPD), asthma, sleep apnea, emphysema, infectious diseases, and other applications. The chronic obstructive pulmonary disease segment is anticipated to hold the largest market share in 2020, owing to the increasing prevalence and deaths associated with COPD.

Respiratory Care Device Market by End User

The market has been segmented into hospitals, home care settings, and ambulatory care centers based on end-user. The home care setting is anticipated to grow at the highest CAGR during the forecast period. Factors such as increasing patient preference to be treated at home owing to the rising need for cost-effective healthcare delivery and new product launches by players in the market for home care are anticipated to fuel the growth of this segment.

Respiratory Care Device Market by Region

Based on the region, the global respiratory care device market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest market share in the global respiratory care device market. The increasing prevalence of respiratory diseases is one of the major factors propelling this region's respiratory care device market. For instance, according to the National Health Interview Survey (NHIS), 2018, in the U.S., there were 9.0 million people diagnosed with chronic bronchitis, and a total of 19.2 million adults aged 18 and more had asthma. Moreover, the presence of highly developed infrastructure, the presence of prominent players, and the launch of technologically advanced products by players in this region are boosting the market growth in this region.

Competitive Landscape

Some of the prominent players operating in the global respiratory care device market include:-

• Koninklijke Philips N.V
• ResMed
• Masimo
• Medtronic
• General Electric Company
• Air Liquide Medical Systems
• Drägerwerk AG & Co. KGaA
• Getinge AB
• Fisher & Paykel Healthcare Limited
• Hamilton Medical
• Medline Industries, Inc., among others

Strategic Developments

• In June 2020, Fitbit launched 'Fitbit Flow' a low-cost emergency ventilator specifically designed for the COVID-19 pandemic. Fitbit Flow received Emergency Use Authorization from the FDA for use during the COVID-19 pandemic
• In April 2019, InnAccel Technologies Pvt Ltd. launched SAANS an infrastructure-independent, portable, neonatal CPAP system. This CPAP system provides breathing support to critically ill neonates with Respiratory Distress Syndrome (RDS) in resource-poor settings and during transportation

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