Respiratory Therapeutic Devices Market Research Report, By Product (Nebulizers, Humidifiers) By Technology (Electrostatic Filtration, HEPA) By Application (Asthma, COPD, Cystic Fibrosis) By End Users (Hospitals, Home Care) - Global Forecast till 2023
Pune, India -- (SBWIRE) -- 02/15/2018 -- The Global Respiratory Therapeutic Devices Market is expected to grow at an approximate CAGR of 10.8% during the forecast period.
Respiratory Therapeutic Devices are the medicinal gear, which is utilized as a part of the treatment, administration, and control of various cardiopulmonary maladies. These gadgets are widely utilized as a part of the treatment of degenerative lung infections, for example, interminable obstructive aspiratory illnesses (COPD), asthma, intense bronchitis, cystic fibrosis, and others. Expanding pervasiveness of asthma drives the market alongside expanding per capita medicinal services consumption.
According to the World Health Organization in 2017, approximately 235 million people suffer from asthma. Moreover, it was estimated that in 2015, the disease killed approximately 383 million patients around the globe. Moreover, the growing geriatric population and increasing adoption of different therapeutic devices like oxygen concentrator, nebulizer and others are projected to fuel the therapeutic respiratory devices market. However, lack of awareness about respiratory conditions and low per capita income in developing countries may hinder the market growth.
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Masimo. (U.S.), BD. (U.S.), Smiths Group Plc. (U.S.), F. Hoffmann-La Roche Ltd (Europe), Bayer AG (Europe), Rotech Healthcare Inc. (U.S.), Chart Industries (U.S.), Acare Technology (Asia Pacific), and others.
The Americas dominate the global respiratory therapeutic devices market owing to a huge patient population having cardiopulmonary diseases and well-developed healthcare sector. Moreover, the concentration of the global players like Masimo., BD., Smiths Group plc., besides others along with the increasing healthcare expenditure fuels the regional market growth during the forecast period. In 2015, according to the Centers for Disease Control and Prevention, in the U.S. the total healthcare expenditure accounted for 17.8% of the total gross domestic product (GDP), which accounted for USD 3.2 trillion.
Europe is the second largest respiratory therapeutic devices market owing to a well-developed healthcare infrastructure, government support for research & development, and huge patient population. In 2017, according to a study published in the Asthma Research and Practice Journal, the total estimated cost per year for all the asthmatics per patient is about USD 1,900.
Asia Pacific is the fastest growing market due to the presence of a huge patient population, continuously developing economies like India and China, and the presence of huge opportunities in the market. Moreover, favorable government policies and increasing healthcare expenditure fuel the market within the region.
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On the other hand, the Middle East & Africa holds the least share of the global respiratory therapeutic devices market due to the presence of poor economy, especially, within the African region. Majority of the market of this region is held by the Middle East due to the huge healthcare expenditure.
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