The global respiratory care device market was valued at $15,009.6 million in 2015, and it is expected to grow at a CAGR of 9.5% during 2016 - 2022.
New York, NY -- (SBWIRE) -- 12/19/2016 -- The growth of the global market is largely driven by rapid urbanization and increasing level of air pollution across the globe and increasing prevalence of respiratory diseases. Some of the other factors driving the growth of the global market include growing geriatric population, changing lifestyle, increasing healthcare expenditure, and high prevalence of tobacco smoking. Increasing demand of point-of-care diagnosis, growing demand for home care therapeutic devices and high growth in developing countries in respiratory care device are expected to create ample opportunities for the manufacturers of respiratory care device. However, lack of awareness, reimbursement concerns and harmful effect of respiratory care device on neonatal are hampering the growth of the global respiratory care device market.
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Respiratory system delivers oxygen to the body and removes carbon dioxide, regulates temperature, and eliminates toxic waste. Chronic obstructive pulmonary disease (COPD), lung cancer, asthma, infections such as tuberculosis, pneumonia, and influenza are some of the major lung diseases. Respiratory care is focused on prevention, diagnosis, assessment, treatment, management, control, and care. These devices help to improve pulmonary function and improve lung oxygenation.
North America accounted for the largest share in the global market in 2015, owing to the growing geriatric population, increasing healthcare expenditure, and increasing prevalence of respiratory diseases in the region. The U.S. contributed largest revenue to the North American as well as global respiratory device market. The increasing prevalence of respiratory disease, growing geriatric population and high prevalence of tobacco smoking are the key driving factor of the U.S. respiratory care device.
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Among the different end users, the largest revenue was generated from the sales of respiratory care device in hospitals in 2015. The global respiratory care device market for home care is expected to grow at a CAGR of 10.0% during 2016 – 2022.
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Some of the major players operating in the global respiratory care device market include ResMed, Inc, General Electric Company, Hamilton Medical AG, Koninklijke Philips N.V, Masimo Corporation, and Medtronic plc.
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