Albany, NY -- (SBWIRE) -- 11/13/2017 -- Transparency Market Research (TMR) in one of its recent reports observes The Global Respiratory Devices Market to be fragmented with the presence of several small and medium-size companies that operate in niche market segments. In order to sustain the competition, leading players are striving to leverage new technologies to upgrade their existing products as well as to expand their product portfolios.
Some of the key players in the global respiratory devices market are Chart Industries Inc., Koninklijke Philips N.V., Resmed Inc., GE Healthcare, Becton, Dickinson and Company, Teleflex Incorporated, Medtronic plc, Smiths Medical, Drägerwerk AG & Co., KGaA, Fisher & Paykel Healthcare Limited, and Getinge AB.
TMR estimates the global respiratory devices market to be worth US$22.1 bn by the end of 2025 expanding at a CAGR of 6.1% between 2017 and 2025.
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Increased Use of Home Care Devices Makes North America Leader
The segment of therapeutic devices is the leading contributor to the global respiratory devices market vis-à-vis revenue mainly due to the increasing need for respiratory devices and high cost of these devices. The segment of ventilator within therapeutic devices segment held the maximum share in 2016 in terms of value, and going forward too the trend is expected to continue. This is followed by the segment of monitoring and diagnostic devices in terms of revenue contribution to the overall market.
Application-wise, asthma is the leading segment followed by COPD in terms of revenue. As per the Global Asthma Report, by 2014, 34 million individuals were registered to be suffering from asthma.
North America is the leading regional segment in the global respiratory devices market. The increasing demand for devices for home care settings is an important factor contributing to the growth of this regional market.
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Need for Assisted Breathing for Several Clinical Conditions Favors Growth
"The rising incidence of diseases such as COPD, asthma, and other respiratory disorders is the primary factor propelling the growth of global respiratory devices market. Rising pollution level and changing environmental conditions has led to the increasing incidence of COPD and asthma. Moreover, the increasing use of tobacco, and a large population of smokers is also increasing the incidence of respiration related dysfunctioning," says the author of the study. According to WHO, in 2015, COPD accounted for 3 million deaths globally, which was 5% of the total deaths in 2015. The majority of deaths due respiratory disorders occur in low and middle income economic groups. Moreover, a large population of the world that suffers from breathing problems from young age that worsens with age also an important factor contributing to the growth of respiratory devices market.
Every year, a large number of pneumonia cases are reported across the world, majority of which are from developing nations. Progression of the disease worsens the breathing pattern that may lead to the need for assisted breathing for patients. This is carried out with the aid of respiratory devices. As per the WHO, pneumonia accounts for 16% of deaths every year globally; in 2015, 920,136 deaths of children were reported due to pneumonia.
Some other crucial factors propelling growth of the global respiratory devices market are innovation in medical devices, increasing awareness regarding home care respiratory devices, strategic alliances between market participants for technology transfer and to build strong distribution networks.
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