DUBLIN--(BUSINESS WIRE)--The "Respiratory Care Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product,Indication, and End User" report has been added to ResearchAndMarkets.com's offering.
The respiratory care devices market is expected to grow from US$ 18,114.31 million in 2021 to US$ 32,761.82 million by 2028; it is expected to grow at a CAGR of 8.9% from 2021 to 2028.
The report highlights trends prevailing in the market and factors driving the respiratory care devices market. The respiratory care devices market growth is attributed to the increasing prevalence of infectious respiratory diseases, rapidly increasing cases of asthma and COPD, rising number of product launches and approvals, and growing R&D investment for respiratory care devices. However, cutthroat competition among market players and unfavorable reimbursement scenarios are hampering market growth.
Respiratory care devices include devices intended to assist patients during respiratory disease management. The most commonly used respiratory care devices are oxygen concentrators, ventilators, nebulizers, inhalers, positive airway pressure (PAP) devices, spirometers, etc. These devices mainly perform therapeutic, diagnostic, and monitoring functions.
Rapidly Increasing Cases of Asthma and COPD: Respiratory Care Devices Market Growth
Chronic respiratory diseases (CRDs) affect the airways and other structures of the lungs. The most common CRDs are chronic obstructive pulmonary diseases (COPD), asthma, occupational lung diseases, and pulmonary hypertension. Asthma and COPD symptoms and causes are equivalent to the signs of the COVID-19, which indicates the respiratory devices used in their treatment are quite common.
According to the paper published by the Journal of Allergy and Clinical Immunology, in 2020, patients with COPD and asthma increased adherence to inhalers medications during the Covid-19 pandemic. Moreover, in 2020, the number of inhalers prescribed by general practitioners in England increased by 63% between February 2020 and March 2020, as stated by the National Health Service (NHS).
Further, some parts of the world, such as the UK and the US, experienced shortages of inhalers because of their use during the COVID-19. Thus, COVID-19 has propelled the growth and opportunities for the manufacturers of COPD and Asthma devices.
Among all CRDs, Asthma is one of the most common and popular non-communicable diseases which affect all ages. The prevalence of asthma is increasing at an alarming rate due to a rise in allergic reactions toward pollen, dust, and other allergens, increasing environmental pollution. The main symptoms of asthma include cough, wheeze, shortness of breath, and chest tightness.
Key Market Dynamics
Market Drivers
- Increasing Prevalence of Infectious Respiratory Diseases
- Rapidly Increasing Cases of Asthma and COPD
- Rising Number of Products Launches and Approvals
- Growing R&D Investment for Respiratory Care Devices
Market Restraints
- Cutthroat Competition among Market Players
- Unfavorable Reimbursement Scenario
Market Opportunities
- Growing Demand for Home Care Therapeutic Devices
- Technological Advancement in Respiratory Care Devices
Future Trends
- Growing Adoption of Mobile/Digital Respiratory Care Devices
- Paradigm Shift Towards Value-Based Technology Solutions
Companies Mentioned
- Koninklijke Philips N.V.
- ResMed Inc
- Medtronic
- Masimo
- THERMO FISHER SCIENTIFIC INC.
- Dragerwerk AG & Co. KGaA
- Invacare Corporation
- Getinge AB.
- Nihon Kohden Corporation
- Air Liquide
- Teleflex Incorporated
For more information about this report visit https://www.researchandmarkets.com/r/hlyknq
