Respiratory Devices Market Estimated to Record Highest CAGR by 2026

Respiratory Devices Market: Overview

As per a report published by the National Institutes of Health (NIH), approximately 12 million adult population is diagnosed with Chronic Obstructive Pulmonary Disease (COPD) annually in the U.S. Further, 120, 000 people die of the cause. As per a statistics provided by Global Asthma Network (GAN), approximately 334 million are, reportedly, suffering from COPD across the globe. In addition, as per data given by the WHO, 3 million people die due to COPD around the world.

Every report by prominent health organization is signaling towards growing incidence of Chronic Obstructive Pulmonary Disease across the world and its adverse impact on health of the people. Some of the significant cases of COPD include respiratory allergies, asthma, occupational lung diseases, and pulmonary hypertension. Prevalence of such diseases is witnessed in middle- and low-income countries.

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Dramatic rise in respiratory diseases and subsequent increase in patient pool due to COPD are major factors accelerating uptake of respiratory therapy and respiratory therapy devices. Use of respiratory devices minimizes the risk of heart failure, enhance breathing patterns, and improves mental stamina.

These factors, altogether, are contributing to expansion of the respiratory devices market.

As per a report published by Transparency Market Research, the respiratory devices market is anticipated to growth at a moderate CAGR of 6.5% between 2018 and 2026 (forecast period). In the year 2017, the respiratory devices market stood at a value of US $ 17 billion. If the market scales at predicted CAGR, then the market size is projected to grow equivalent to US$ 31.0 Bn by the end of 2026.

Rising prevalence of sleep apnea and COPD, healthy competition among key player, investment from various stakeholders are major driving factors likely to fuel the global respiratory device and uncertain regulations by government bodies may interfere with the market growth during the forecast period.

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Market Players Focusing to Diversify Product Portfolio in order to Gain Wide Customer Traction

Rising awareness regarding application of respiratory devices and associated benefits is expected to boost the market in coming years. Adoption of on-demand and continuous Portable Oxygen Concentrator (POC) in a wide range of applications including emergency medicine is emerging as a fresh growth prospect for expansion of the global respiratory devices market.

Registering the application areas, players operating in the global market are consistently working to bring innovation in the product, providing efficient solution and on subsequently reducing the price of units.

Some of the prominent key players operating in the oxygen therapy devices market are ResMed, Koninklijke Philips N.V, and Vyaire Medical, Inc. (Becton, Dickinson and Company), Smiths Medical (part of Smiths Group plc), Fisher & Paykel Healthcare Limited, Dragerwerk AG & Co. KGaA, GE Healthcare (part of General Electric Company), Getinge AB, Medtronic plc, and Chart Industries, among others