The global respiratory care device market accounted for USD 14.9 billion in 2019. It is projected to grow at a CAGR of 10.5% during the forecast period.
COVID-19 has impacted all the business across the globe. Corona virus outbreak caused sudden increase in respiratory care device market. After the outbreak, many countries built large hospitals within days to accommodate more number of patients. The production of critical care devices has been increased across the globe to meet the requirements. Due to corona virus many healthcare and non healthcare has joined forces to manufacture and supply respiratory devices.
For more details, visit: Global Respiratory Care Device Market By Type(Therapeutic Device, Monitoring Device, others), By Indication (Sleep Apnea, Asthama, Others), By End User (Hospitals, Home Care, Others), By Region–Forecast & Opportunities to 2026
The outbreak of corona virus has lead to sudden rise in demand of respiratory systems worldwide. This has made many non healthcare industries to manufactures respiratory care devices in order to meet the growing requirement of ventilators and personal protection equipments during COVID-19 period. In the COVID-19 period the market has shown a huge rise in the respiratory care device market.
Based on the type respiratory care device market is segmented into therapeutic device, monitoring device and consumables and accessories. All these segments are further sub segmented. The therapeutic device accounted for the maximum market share in 2019. The therapeutic segment is sub segmented into PAP devices, nebulizers, inhalers, ventilators, humidifiers, oxygen concentrators, monitoring devices, diagnostic devices, consumable & accessories and others. Out of this all the inhaler segment is expected growth at highest CAGR during the forecast period in therapeutic devices as they are widely used for the major respiratory ailments treatment.
Based on the indication respiratory care device market is segmented into chronic obstructive pulmonary devices (COPD), sleep apnea, asthama, infectious disease and other indications. The COPD segment accounted for maximum market share in 2019.
Based on the End-User respiratory care device market is segmented into hospital, ambulatory care centers and home care settings. The hospitals segment is estimated to register growth at highest CAGR during the forecast period. The rapid development in healthcare infrastructure and technological advancement in the hospitals is driving the market towards growth during the forecast period.
North America region has accounted for maximum market share in year 2019 in respiratory care device market. Asia-Pacific region is projected to grow at highest CAGR during the forecast period. The growth in Asia-Pacific region can be attributed by the increasing respiratory disease in the region. The population of this region is very large and the respiratory disease among the population is increasing a lot. This rise in pollution level and growing smoking habit among people is causing respiratory disease. Thus drives the market in respiratory care device during forecast period.
The key market players in respiratory care device market are Philips N.V., Fisher & Paykel Healthcare Ltd., Hamilton Medical AG, ResMed Inc., Invacare Corp., Drager Safety AG & Co., KGaA, Chart Industries Inc, Dickinson & Company, Masimo Corp., Medtronic PLC, 3B Medical Inc., Medline Industries Inc., Acare Technology Co., Allied Healthcare Inc., and Hill-Rom Holdings Inc.
- What are the expected industry trends over the next three to five years?
- Which of the respiratory care device type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?