DUBLIN--(BUSINESS WIRE)--The "Respiratory Care Devices Market by Product (Therapeutic (Ventilator, Mask, PAP Device, Inhaler, Nebulizer), Monitoring (Pulse Oximeter, Capnograph), Diagnostic, Consumables), End User (Hospital, Home Care), Indication - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Respiratory Care Devices Market is Projected to Reach USD 31.8 Billion by 2024 from USD 20.6 Billion in 2019, at a CAGR of 9.1%.
High prevalence of respiratory diseases as a result of the rapid growth in the global geriatric population is expected to drive the growth of the respiratory care devices market
The rapid growth in the global geriatric population, rising incidence of chronic diseases (including COPD and asthma), and the cost advantages of home care devices and services (as compared to hospital visits) are the key factors driving the growth of the home healthcare market.
The high growth potential in emerging markets, healthcare decentralization, and evolution of miniaturized devices are some of the major factors that are expected to provide significant growth opportunities to players operating in the respiratory home healthcare market. However, the low awareness and large underdiagnosed and undertreated population of respiratory care devices is a challenge faced by key players in the market.
The hospital segment is to dominate the respiratory care devices market in 2019.
Based on end-user, the respiratory care devices market is segmented into hospitals, home care settings, and ambulatory care centers. Hospitals formed the largest end-user segment in the global respiratory care market in 2018. This can be attributed to the financial capabilities of hospitals to purchase expensive equipment and the availability of trained professionals in hospitals to operate respiratory care devices.
Additionally, growing public-private partnerships to improve access to healthcare services, rapid developments in healthcare infrastructure, and improving access to healthcare services are expected to be the key factors driving the growth of the respiratory care devices market for hospitals in emerging economies.
Rising prevalence of asthma to drive the inhalers market (a part of the therapeutic respiratory care devices market) during the forecast period.
The inhalers segment is expected to grow at the highest CAGR during the forecast period. The rising prevalence of asthma will drive the demand for respiratory care devices such as nebulizers, peak flow meter, inhalers, capnographs, gas analyzers, and spirometers during the forecast period. The high incidence of asthma is a key factor driving the growth of the global inhalers market in the forecast period. Moreover, the PAP devices segment of the therapeutic respiratory care devices market is expected to dominate the market through the forecast period.
North America accounted for the largest share of the market in 2019, whereas the Asia Pacific was the fastest-growing market.
The respiratory care devices market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America accounted for the largest share of the respiratory care devices market, followed by Europe. North America's large share in the market is primarily attributed to the rising prevalence of respiratory disorders in the region (due to the rapid growth in the geriatric population and the high prevalence of tobacco smoking) and the presence of a large number of respiratory care device manufacturers.
On the other hand, the market in the Asia Pacific region is expected to grow at the highest CAGR due to the presence of a large pool of respiratory patients, increasing healthcare expenditure, rapidly developing healthcare infrastructure, rising per capita income, growing middle-class population, and growing prevalence of tobacco smoking in this region.
The prominent players in the global respiratory care devices market are Philips Healthcare (Netherlands), ResMed Inc. (US), Medtronic plc (Ireland), Masimo Corporation (US), Fisher and Paykel Healthcare Limited (New Zealand), Chart Industries, Inc. (US), Drgerwerk AG & Co. KGaA (Germany), and Hamilton Medical AG (Switzerland), among others.
- Rising Prevalence of Respiratory Diseases
- Rapid Growth in the Global Geriatric Population
- Urbanization and Growing Pollution Levels
- High Prevalence of Tobacco Smoking
- Changing Lifestyles
- Increasing Incidence Rate of Preterm Births
- Unfavorable Reimbursement Scenario
- Availability of Low-Cost Products From Local Manufacturers
- Growing Demand for Home Care Therapeutic Devices
- High Growth in Developing Countries Across APAC and Latin America
- Point-Of-Care Diagnostics - an Upcoming Opportunity
- Low Awareness and Large Underdiagnosed and Undertreated Population
Harmful Effects of Certain Devices on Neonates
- Rising Demand for Enhanced Portable & Compact Devices
- Focus of Market Players on Expanding Their Geographical Presence
- Growing Demand for Multimodal Ventilation
- Rising Adoption of Noninvasive Ventilation
- Technology Trends
- E-Nose Technology
- Wireless Gas Sensor Technology
For more information about this report visit https://www.researchandmarkets.com/r/fh10iq