Respiratory Therapeutic Devices Market – Competitive Analysis
A large portion of respiratory therapeutic device market is acquired by Philips Healthcare, Covidien Plc, Smiths Medical, GE Healthcare. Due to increase in the number of small and medium sized industries acquisition and mergers as well as new product development is adopted by many industries. In 2015, Medtronic Inc. has acquired Covidien Plc. Merger of two company not only increase the profit but also decreases the competition.
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April, 2017- Ventec Life Systems Company which is developer of integrated respiratory care solutions had announced clearance from the U.S. Food and Drug Administration (FDA) for VOCSN which is the only portable life support device to combine five respiratory therapies i.e. ventilation, oxygen, cough, Suction, and Nebulization. VOCSN is specially designed to improve care for patients with neuromuscular disease impaired lung function (e.g., COPD, Cystic Fibrosis, Lung Cancers, Emphysema).
Respiratory Therapeutic Devices Market – Key Players
- Masimo. (U.S.)
- BD. (U.S.)
- Smiths Group Plc. (U.S.)
- F. Hoffmann-La Roche Ltd (Europe)
- Bayer AG (Europe)
- Rotech Healthcare Inc. (U.S.)
- Chart Industries (U.S.)
- Acare Technology (Asia Pacific)
Respiratory Therapeutic Devices Market – Highlights
Respiratory Therapeutic Devices are used in the treatment, management, and control of cardiopulmonary diseases such as chronic obstructive pulmonary diseases (COPD), asthma, acute bronchitis, cystic fibrosis, and others. Increasing prevalence of asthma drives the market along with increasing per capita healthcare expenditure. The Global Respiratory Therapeutic Devices Market is expected to grow at an approximate CAGR of 10.8% during the forecast period.
According to the World Health Organization in 2017, approximately 235 million people have asthma. Moreover, it was estimated that in 2015, the diseases killed approximately 383 million patients around the globe. However, the market growth during the forecast period is likely to hamper due to low per capita income in the developing economies and lack of awareness.
The market growth is attributed to increasing number of chronic obstructive pulmonary diseases patients. According to the World Health Organization till 2020 chronic obstructive pulmonary diseases will be the fifth leading cause for death. Moreover, the growth of respiratory therapeutic devices are increase in the number of chronic and acute respiratory disease. Beside this changing lifestyle and increasing pollution are the other factors responsible for causing the various respiratory diseases. Beside this increasing aging population and adoption of different therapeutic devices like oxygen concentrator, PAP devices, nebulizer and many other devices will fuel the therapeutic respiratory devices market. On the other hand, lack of awareness of respiratory conditions are the major restraint for the market.
Respiratory Therapeutic Devices Market – Segmentation
The Global Respiratory Therapeutic Devices Market is segmented on the basis of product, technology, application, and end users.
On the basis of the product, the market is segmented into nebulizers, capnography, humidifiers oxygen concentrators, and others. The nebulizers segment is sub-segmented into soft mist inhaler, human-powered nebulizer, and others. The capnography segment is sub-segmented into main-stream capnography, side-stream capnography, and others.
On the basis of the technology, the market is segmented into electrostatic filtration, HEPA filtration, hollow fiber filtration, microsphere separation, and others. On the basis of the application, the market is segmented into asthma, chronic obstructive pulmonary disease (COPD), cystic fibrosis, and others. On the basis of the end users, the market is segmented into hospitals & clinics, retail pharmacies, home care, and others.
Respiratory Therapeutic Devices Market – Regional Analysis
The Americas dominate the global respiratory therapeutic devices market owing to a huge patient population having cardiopulmonary diseases and well-developed healthcare sector. Moreover, the concentration of the global players like Masimo, BD., Smiths Group plc, besides others along with the increasing healthcare expenditure fuels the regional market growth during the forecast period. In 2015, according to the Centers for Disease Control and Prevention, in the U.S. the total healthcare expenditure accounted for 17.8% of the total gross domestic product (GDP), which accounted for USD 3.2 trillion.
Europe is the second largest respiratory therapeutic devices market owing to a well-developed healthcare infrastructure, government support for research & development, and huge patient population. In 2017, according to a study published in the Asthma Research and Practice Journal, the total estimated cost per year for all the asthmatics per patient is about USD 1,900.
Asia Pacific is the fastest growing market due to the presence of a huge patient population, continuously developing economies like India and China, and the presence of huge opportunities in the market. Moreover, favorable government policies and increasing healthcare expenditure fuel the market within the region.
On the other hand, the Middle East & Africa holds the least share of the global respiratory therapeutic devices market due to the presence of poor economy, especially, within the African region. Majority of the market of this region is held by the Middle East due to the huge healthcare expenditure.
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Some of Major Table of Content for Respiratory Therapeutic Devices Market Research Report – Global Forecast till 2023
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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