Respiratory Care Device Market Comprehensive Review of its Applications Growth Opportunities and Future Prospects

The respiratory care device market was valued at $15.0 billion in 2015 and is expected to grow at a CAGR of 8.1% between 2016-2022.
The technological advancement in respiratory monitoring and diagnosis devices, increasing prevalence of respiratory diseases, growing geriatric population and high prevalence of tobacco smoking are the key factors driving the growth of the market.

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Among the different end users of the respiratory care device market, the home care market would witness fastest growth during the forecast period. Growing geriatric population and increasing demand for home care are the major factors driving the growth of the respiratory care device in home care market.

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North America accounted for the largest share in the global respiratory care device market in 2015 and it is expected to grow at the considerable rate during the forecast period. The factors driving the market in the region are growing geriatric population, increasing prevalence of respiratory disease, and high adoption of technologically advanced respiratory diagnostic and monitoring devices. Europe was the second largest market for respiratory care device in 2015. The European market is primarily driven by rapid urbanization, technological advancement of devices, increasing prevalence of respiratory diseases, increasing healthcare expenditure, and high pollution level.

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The respiratory care device market in Asia-Pacific would witness highest growth during the forecast period. The highest growth in the region is attributed to the large pool of patients, increasing prevalence of respiratory disease, growing geriatric population, high pollution level, rapid urbanization, increasing healthcare expenditure, high prevalence of tobacco smoking, and changing lifestyle in the region. The emerging economies of Asia, especially China and India, offers huge revenue generation opportunities for the key players in the respiratory care device market.

Some of the major players operating in the 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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