The report on the global respiratory care devices market, published by Allied Market Research, outlines that the market garnered $12,890 million in 2015, and is expected to reach $21,300 million by 2022, growing at a CAGR of 7.4% from 2016 to 2022.
Portland, OR -- (SBWIRE) -- 08/30/2017 -- The therapeutic segment contributed the highest share in the global market, constituting for more than half of the total market share in 2015.
Respiratory care is a healthcare specialty, focused on improvement of cardiopulmonary functions and promotion of health & wellness. These devices are segmented into diagnostic & monitoring devices, therapeutic, and consumables & accessories. These devices deal with medical conditions including chronic obstructive pulmonary disease (COPD), asthma, and other acute & chronic respiratory diseases. Respiratory care devices find its application in hospitals and homecare settings. The market respiratory care devices have undergone a paradigm shift from stationary to portable devices. Rise in adoption of portable devices is a major trend in the industry.
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The global respiratory care devices market is driven by factors such as rise in prevalence of respiratory diseases, growth in geriatric population, rise in pollution level, rapid urbanization, and increase in tobacco consumption across the world. Moreover, supportive government policies has fueled the market growth. Furthermore, burgeoning demand for therapeutic devices in homecare settings and rise in healthcare spending would provide growth opportunity for market players. However, large number of undiagnosed population and risks associated with few therapeutic devices for neonates limit the growth of the market.
The inhalers segment contributed for the major share in the respiratory care therapeutic devices market, and would continue its dominance during the forecast period. This segment is estimated to grow at a CAGR of 7.1% during 2016-2022, owing to high prevalence of respiratory diseases such as asthma and COPD among all age groups.
According to Deepa Tatkare, Senior Research Analyst, Healthcare at Allied Market Research, the use of respiratory care devices is estimated to rise in the near future, owing to the rise in incidence of chronic respiratory diseases such as COPD and asthma. North American region dominated the global respiratory care devices market, and would continue its lead throughout the forecast period, owing to the rise in adoption rate of respiratory devices.
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Key Findings of Respiratory Care Devices Market
- The consumables and accessories segment is estimated to grow at the fastest rate throughout the forecast period.
- North America dominated the regional landscape in 2015, constituting a market share of half of the total market.
- The therapeutics segment constituted for a share of the more than half of the total market in 2015.
- The monitoring and diagnostic devices segment together constituted for a market share of one sixth of the global market in 2015.
In 2015, North America contributed for approximately half of the global market, owing to rise in prevalence of various respiratory diseases. European region holds the second position in the global market, contributing for two seventh share in 2015.
The major companies profiled in the report include Hamilton Medical AG, Koninklijke Philips N.V., ResMed, Inc., Fisher & Paykel Healthcare Limited, Chart Industries Inc., Invacare Corporation, KGaA, Drger Safety AG & Co., Masimo Corporation, Becton, Dickinson and Company, and Medtronic plc.