Respiratory Care Devices Market Analysis & Technological Innovation by Leading Key Players - Koninklijke Philips N.V., Hamilton Medical AG, Fisher & Paykel Healthcare Limited, ResMed, Invacare Corporation, Chart Industries Inc., Dräger Safety AG & Co. KG
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Respiratory Care Devices Market Report, published by Allied Market Research, suggests that the global respiratory care devices market was valued at $12,890 million in 2015, and is projected to reach $21,300 million by 2022, registering a CAGR of 7.4% from 2016 to 2022. The therapeutic segment dominated the global market, accounting for more than half of the total market share in 2015.
Respiratory care is a healthcare specialty, which is focused on improving cardiopulmonary functions and promoting health & wellness. These devices are majorly classified into therapeutic, diagnostic & monitoring devices, and consumables & accessories. These devices are used to deal with medical conditions such as asthma, chronic obstructive pulmonary disease (COPD), and other acute & chronic respiratory diseases.
Respiratory care devices are used in hospitals and homecare settings. The market for respiratory care devices has experienced a paradigm shift from stationary to portable devices. Increased adoption of portable devices has been a significant trend in the industry.
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The global respiratory care devices market is driven by factors such as an increase in the prevalence of respiratory diseases, rapid urbanization, the rise in pollution level, growth in geriatric population, an increase in tobacco consumption worldwide. In addition, governmental support has fueled market growth. Moreover, high demand for therapeutic devices in home care settings and increased healthcare spending is anticipated to provide a lucrative opportunity for the market players. However, a large pool of undiagnosed population and risks associated with certain therapeutic devices for neonates hamper for the growth of the respiratory care devices market.
The inhalers segment accounted for the major share in the respiratory care therapeutic devices market and is expected to continue its dominance throughout the forecast period. This segment is expected to grow at a CAGR of 7.1% during 2016-2022, owing to a high prevalence of respiratory diseases such as COPD and asthma among all age groups.
According to Deepa Tatkare, Senior Research Analyst, Healthcare at Allied Market Research, The use of respiratory care devices is expected to increase in the near future, owing to the spiraling rise in prevalence of chronic respiratory diseases, such as COPD and asthma. North America dominates the global respiratory care devices market and is expected to maintain its lead throughout the forecast period, owing to the high adoption rate of respiratory devices.
Key Findings of Respiratory Care Devices Market:
• The consumables and accessories segment is projected to grow at the fastest rate during the forecast period.
• North America held a dominant position in the regional landscape in 2015, occupying a share of nearly half of the total market.
• In 2015, the therapeutics segment accounted for a share of the more than half of the total respiratory care devices market.
• The monitoring and diagnostic devices segment collectively accounted for a share of one-sixth of the global respiratory care devices market in 2015.
• In 2015, North America accounted for nearly half of the global market, owing to the high prevalence of various respiratory diseases in the region.
• Europe holds the second position in the respiratory care devices market, accounting for two seventh share in 2015.
The major companies profiled in the report include Koninklijke Philips N.V., Hamilton Medical AG, Fisher & Paykel Healthcare Limited, ResMed, Inc., Invacare Corporation, Chart Industries Inc., Drger Safety AG & Co. KGaA, Becton, Dickinson and Company, Masimo Corporation, and Medtronic plc.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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