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Global Respiratory Devices Market Exhibiting a CAGR of 12%, Leading Companies-ResMed, Koninklijke Philips N.V, and Vyaire Medical, Inc. (Becton, Dickinson and Company).
Global Respiratory Devices Market
Respiratory devices are medical devices that help patients breathe in a critical situation. In addition, these devices are used to administer medications to treat various respiratory diseases, along with their diagnosis.
The Global respiratory devices market is expected to register a CAGR of about 12%, during the forecast period.
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The increase in the incidence of COPD and sleep apnea and the increased government spending are the main factors that should boost the world market for breathing apparatus during the forecast period. However, the high cost of respirators and the uncertain and ambiguous regulatory environment make it difficult for the market to grow.
Legislative changes in medical devices and technology services from several governments around the world are likely to stimulate the global market during the forecast period. For example, amendments to the Australian Medicare Act of 1973 for diagnostic imaging allowed Medicare to fund diagnostic imaging services. This has had a positive impact since March 2008 in improving access to diagnostic images for patients in different categories. In addition, the new capital sensitivity provisions are likely to offer discounts on various diagnostic imaging services in the country. The American Asthma Foundation funds highly innovative research through a national scholarship program that recruits researchers from other areas besides asthma. This could create a lucrative opportunity for organizations that wish to fund research in collaboration with universities or research organizations.
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North America has captured most of the world market for breathing apparatus in 2017 due to the increase in the number of people suffering from respiratory diseases, the increasing number of diagnoses and treatments, and the presence of the key players. The Asia Pacific region is expected to gain significant market share during the forecast period. The market for respiratory devices in this region is expected to grow at the highest annual growth due to the increase in the prevalence of respiratory diseases, the increase in the geriatric population, and government support to manufacturers of respiratory devices.
What are the companies leading the Global Respiratory Devices Market?
ResMed, Koninklijke Philips N.V, and Vyaire Medical, Inc. (Becton, Dickinson and Company). These players are adopting organic and in-organic growth strategies to expand product offerings, strengthen geographical reach, increase customer base, and capture higher market share. Other players operating in this market are Smiths Medical (part of Smiths Group plc), Fisher & Paykel Healthcare Limited, Dragerwerk AG & Co. KGaA, GE Healthcare (part of General Electric Company), Getinge AB, Medtronic plc, and Chart Industries, among others.
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