Albany, NY -- (SBWIRE) -- 02/14/2018 -- As per the study by Transparency Market Research, the said market is anticipated to obtain a market valuation of US$22.1 bn towards the end of 2025. The market is expected to rise at 6.1% CAGR throughout the period of forecast, from 2017 to 2025.
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The said world market has been classified into the prime geographical zones of Latin America, North America, Europe, Middle East and Africa and Asia Pacific. From the geographical point of view, the region of North America, amongst all of these regions, has been leading market in 2016. The region is still anticipated to continue with its current leading position until the year 2025. Centers for Disease Control and Prevention mention that more than 16 million Americans in the United States are suffering from various respiratory disorders like chronic obstructive pulmonary disease, heart diseases, and lung cancer owing to widespread smoking.
India and China back the lucrative market opportunity in Asia Pacific. The region is prophesized to exhibit a steady growth rate at 6.5% CAGR during the timeframe of forecast, from 2017 to 2025. Extremely high level of pollution because of relentless and rapid urbanization and industrialization are contributing towards the soaring prevalence of many forms of respiratory diseases in the region.
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The authors of this publication attribute several factors such as rising prevalence of chronic obstructive pulmonary disease, asthma, and the like as the main growth contributing factors for the world market for respiratory device. There has been an astounding rise in the level of air, water and all other forms of environmental pollution worldwide together with phenomenal rise in the number of smokers and tobacco consumers. These factors have been driving the said market. However, most of the casualties that are associated with respiratory disorders take place in the middle and low income group. Moreover, a large part of the young population suffers from such respiratory illness and as such they are contributing towards the growth of the market.
The world respiratory devices market is characterized with the presence of several market players of many different sizes. Many medium and small sized players operate in certain segments of the market. The emphasis of those eminent market players pertaining to this market is to extract benefits of new technologies so as to improve upon their already existing products and also to expand and diversify company product portfolios.
Lately, there has been a rising incidences of asthma, chronic obstructive pulmonary disease, and other breathing related medical conditions and the same are considered as the major growth promoting factors for the international market for respiratory devices. Such medical conditions are associated with the rising level of all forms of pollution, expanding population of smokers and tobacco consumers, and ever-changing conditions of the environmental. According to the records of World Health Organization, chronic obstructive pulmonary disease is responsible for around 3 million deaths worldwide in the year 2015. It is about 5% of the all the deaths worldwide in the year 2015.
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