Therapeutic Respiratory Devices Market| Key Players: GE Healthcare, Medtronic, Philips, Invacare Corporation, ResMed, CareFusion, Hill-Rom, Hamilton Medical

Therapeutic Respiratory Devices Market size is set to exceed USD 21.5 billion by 2024; according to a new research report by Global Market Insights. Rising prevalence of chronic respiratory and pulmonary diseases such as asthma, chronic bronchitis and chronic obstructive pulmonary disease (COPD) will accelerate the market growth during the forecast period. According to World Health Organization, around 251 million cases of COPD were recorded globally in 2016. Growing number of COPD cases coupled with rising COPD mortality will fuel the demand for therapeutic respiratory devices for treatment of aforementioned respiratory diseases thereby augmenting the market growth.

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Innovation in therapeutic respiratory devices leading to development of easy to use, smart and high efficiency respiratory devices will drive the market growth over the forecast period. For instance, ResMed developed AirMini CPAP device, the smallest portable CPAP device that offers effective waterless humidification for portable convenience and can be controlled with the AirMini app. Adoption of such devices for treatment of various respiratory devices is increasing globally thereby accelerating the industry growth during the forthcoming years.

However, lack of patient adherence to the treatment will impede the industry growth during the forecast period. Difficulty experienced during use of respiratory devices, especially in the geriatric patients owing to physical limitations could restrict the use of these devices. Moreover, high cost burden of respiratory devices will impact the market growth to a certain extent.

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U.S. dominated the North America therapeutic respiratory devices market accounting for more than 80% of regional market share in 2017 and is expected to witness lucrative growth over the forecast period. This is attributable to the highly advanced infrastructure to support therapeutic respiratory devices and technological advancements in the region. Most of the major players in the therapeutic respiratory devices market operate in the U.S.

High demand for technologically advanced devices coupled with high affordability will augment the regional growth during the forthcoming years. India therapeutic respiratory devices market is expected to witness around 12% CAGR over the coming years. This is attributable to factors such as rising prevalence of respiratory diseases, growing disposable income, escalating investments in healthcare infrastructure and growing patient awareness regarding early diagnosis and treatment of respiratory diseases.

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