The Respiratory Care Devices market to grow at a CAGR of 8.8% during the forecast period 2017–2023 to aggregate $27.55 billion by 2023
The factors such as rising prevalence of respiratory diseases, huge demand for enhanced portable devices, increasing geriatric population, and high prevalence of tobacco smoking are expected to drive the market growth during the forecast period.
Infoholic Research LLP, a global market research and consulting company, has published a study titled “Global Respiratory Care Devices Market – Drivers, Opportunities, Trends, and Forecasts: 2017–2023” (May 2017).
According to Infoholic Research, increasing incidence of preterm births, urbanization, growing pollution levels, and changing lifestyle are aiding the growth of the market. A huge pool of undiagnosed sleep apnea patients, increasing COPD, and growing demand for home care therapeutic devices will provide the growth opportunity for the respiratory care devices market in the coming years. Despite multiple recent launches, a significant unmet need still exists in the global respiratory care market, which represents another significant driving factor for the growth of the market. The anticipated launch of technologically advanced portable devices with smart technology to provide real-time monitoring is also expected to drive the market growth. The “Global Respiratory Care Devices” market is expected to grow at a CAGR of 8.8% during the forecast period 2017–2023 to touch an aggregate of $27.55 billion by 2023.
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The Global Respiratory Care Devices market is analyzed based on three segments – product types, end-users, and regions. The regions covered in the report are the Americas, EMEA, Asia Pacific, and Rest of the World (ROW). In the Americas region, the US and Canada are set to be the leading countries. The EMEA is set to be the second leading region and held more than 29.8% of the market share in 2016. In Asia Pacific, India, Japan, and China are the most attractive countries for the players and holds huge business opportunities. The ROW is set to be an emerging market in the next 5–6 years.
The product types covered in the report are diagnostic devices, therapeutic devices, monitoring devices, consumables, and accessories. Therapeutic devices segment is expected to gain more market share by 2023. The lack of awareness of various respiratory diseases such as sleep apnea and COPD represents the major challenge for the growth of respiratory care devices market. Many advanced technology therapeutic and monitoring products are being developed, which are expected to drive the therapeutic devices market. Currently, the therapeutic respiratory care devices are holding 65% share of the total market and are expected to be on a positive year-on-year growth rate.
“Respiratory diseases are one of the world’s biggest health concerns, causing around one-sixth of all deaths globally and are increasing the demand for better diagnosis, treatment, and care. The reimbursement cuts in various regions and excise tax on devices are making respiratory therapy expensive for patients, especially in the developing countries.” – Rikitha K Murthy, Research Analyst (Research – Healthcare) at Infoholic Research
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Further, the report also aims to cover the below points:
- Provides an in-depth analysis of the key business opportunities in countries and verticals
- Provides the complete details about the various types of respiratory care devices overview
- Provides the complete details of trending respiratory care devices
- Provides the complete details about the analysis of top 8 players
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies