The growth of the Global Respiratory Therapeutic Devices Market is primarily led by the recent surge in the incidence of chronic respiratory diseases such as asthma, COPD, and sleep disorder breathing. As per the estimates of the World Health Organization (WHO), approximately 235 Mn people suffered from asthma in 2017 across the globe. The growing burden of chronic respiratory diseases (CRDs) induces strong demand for respiratory therapeutic devices within the market. Moreover, with the increase in the global aging population, there is a greater need for respiratory therapeutic devices.
The aged populace is more susceptible to suffering from such disorders and can help stimulate market growth. Technological advancements in respiratory therapeutic devices which have resulted in the incorporation of advanced features along with outlay of massive amounts on R&D activities by medical device manufacturers are expected to foster the growth of the market.
High demand for respiratory therapeutic devices in home healthcare setting is a key factor in boosting the growth of the market. Devices such as humidifiers, nebulizers, and oxygen concentrators are massively popular in the management of pulmonary diseases in the home healthcare setting and generate considerable demand within the market. In contrast, the growth of the market might be impeded by lack of awareness regarding respiratory disorders.
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Respiratory Therapeutic Devices Market – Key Players
- Masimo. (U.S.)
- BD. (U.S.)
- Smith’s 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)
Industry Updates:
In February 2019,
Nuvaira, a US-based medical device company raised funds worth USD 79 Mn to develop its lung denervation system for the treatment of COPD (chronic obstructive pulmonary disease) and asthma. The financing is a collaboration by companies such as US Venture Partners, Endeavour Vision, Lightstone Ventures, Richard King Mellon Foundation, and Qiming Venture Partners.
In October 2018,
Convexity Scientific, a medical technology company which designs and develops medical devices, announced an agreement with Capsule, a company rebuilding the pharmacy industry to make Convexity’s Flyp Nebulizer available to healthcare provider in the New York city area. Flyp Nebulizer is a respiratory therapeutic device designed to simplify self-care for patients with COPD and asthma.
Respiratory Therapeutic Devices Market – Segmentation
The Global Respiratory Therapeutic Devices Market has been segmented based on product, technology, application, and end user.
By product, the Global Respiratory Therapeutic Devices Market has been segmented into nebulizers, capnography, humidifiers oxygen concentrators, and others. The nebulizers segment has been further segmented into soft mist inhaler, human-powered nebulizer, and others. The capnography segment has been further segmented into main-stream capnography, side-stream capnography, and others.
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By technology, the Global Respiratory Therapeutic Devices Market has been segmented into electrostatic filtration, HEPA filtration, hollow fiber filtration, microsphere separation, and others.
By application, the Global Respiratory Therapeutic Devices Market has been segmented into asthma, chronic obstructive pulmonary disease (COPD), cystic fibrosis, and others.
By end user, the Respiratory Therapeutic Devices Market has been 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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