The Global Respiratory Therapeutic Devices Market is predicted to scale to new heights and expand at a CAGR of 10.8% over the forecast period of 2017-2023, asserts Market Research Future (MRFR) in an in-depth study.
The growth of the Global Respiratory Therapeutic Devices Market Share 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.
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. 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.
· ACare Technology
· Drägerwerk AG
· Rotech Healthcare Inc
· Chart Industries
· GE Healthcare
· Koninklijke Philips N.V
· Bayer AG
· Smiths Group Plc
· Fisher & Paykel Healthcare
· F. Hoffmann-La Roche Ltd
· 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.
· 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.
The Americas is the largest market for respiratory therapeutic devices. The growing burden of respiratory diseases in the region generates huge demand for respiratory therapeutic devices. The existence of key players in the region also acts in favor of the global respiratory devices market. Availability of funds for R&D and increasing geriatric population are other factors substantiating the growth of the market. The Americas respiratory therapeutic devices market is expected to capture a CAGR of 9% over the forecast period.
Europe is the second largest market for respiratory therapeutic devices spurred by government support for R&D, huge patient pool, and the presence of robust healthcare infrastructure.
APAC is poised to showcase the most rapid growth over the forecast period. The widespread prevalence of respiratory disorders in the region and expanding healthcare expenditure in the developing economies such as India and China can be credited for the growth of the APAC market. Largely undiagnosed respiratory diseases in the region create favorable growth opportunities for market growth.
The MEA market is expected to exhibit sluggish growth over the forecast period. Low healthcare penetration in the Africa regions limits market growth. Majority of the market share is held by the Middle East due to high healthcare expenditure in the region.