Respiratory Devices Market – Breathing Life into Critically ill Patients
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The global respiratory devices market was valued at US$ 15,143.2 million in 2016 and is expected to witness a robust CAGR of 8.8% over the forecast period (2017 - 2025).
Increasing admissions of critical care patients in Intensive Care Units (ICU) is expected to fuel the market growth
Increasing prevalence of chronic respiratory diseases such as asthma, chronic pulmonary lung disease, pulmonary hypertension, and occupational lung disease are the major factors augmenting growth of the respiratory devices market, owing to the pronounced need of therapeutic respiratory devices in the medical as well as in the homecare settings. According to the World Health Organization (WHO), in 2017, asthma is a major non communicable disease with an estimated 235 million people suffering from the condition. According to the American Academy of Allergy Asthma and Immunology, 2015, an estimated number of people suffering from asthma is expected to increase by more than 100 million by 2025. North America is expected to dominate the respiratory devices market, owing to increasing number of hospitalizations and emergency visits associated with acute or life threatening medical problems. According to the study by Society of Critical Care Medicine 2016, more than 5.7 million patients are admitted annually to intensive care units (ICUs) in the U.S. for support of airway, breathing or circulation, and comprehensive management of injury. Also, According to the Centers of Disease Control and Prevention (CDC), 2017, around 1.7 million emergency department visits with chronic and unspecified bronchitis were registered in the U.S. hospital facilities. However, stringent FDA approvals, lack of awareness about innovative devices and unaffordable or high cost of respiratory devices are the factors restraining growth of the respiratory devices market.
Increasing support from international organizations for prevention of chronic respiratory diseases is expected to accelerate the market growth
Various organizations, institutions, and agencies are working towards improving the diagnosis and the medical care needed to reduce the global burden of respiratory diseases. For instance, the Global Alliance against Chronic Respiratory Diseases (GARD) was formed with the support from the World Health Organization (WHO) to control chronic respiratory diseases. GARD is a voluntary alliance of national, international organizations, and agencies from many economies. The main objective of GARD is to develop simple and affordable strategies for chronic respiratory diseases (CRD) and to encourage economies to implement health promotion and CRD prevention policies. Also, increasing birth defects such as newborn respiratory distress syndrome, cyanosis, and Broncho-pulmonary dysplasia requires the need for neonate/pediatric respiratory devices to increase the survival chances of infants. According to the Centers of Disease Control and Prevention (CDC), an estimate of 1.5 million babies were born with birth defects with about one quarter primary consultations related to respiratory complaints.
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The major players operating the global respiratory devices market include Koninklijke Philips N.V., 3M, AstraZeneca Plc., GE Healthcare, GlaxoSmithKline Plc., Medtronic plc, Becton, Dickinson and Company, Invacare Corporation, ResMed, Inc., and CareFusion Corporation.
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