Global Respiratory Care Devices Market is estimated to witness a CAGR of 8.8% by 2023 | Valuates Reports

The Global Respiratory Care Devices Market is estimated to witness a CAGR of 8.8% by 2023
Respiratory diseases are one of the world’s biggest health concerns, causing one-sixth of all deaths worldwide. It is observed that more than 35 million people suffer from some form of the respiratory disorder, and one in six deaths is caused by some kind of chronic lung disease in the US alone. Some of the chronic respiratory diseases are acute respiratory distress syndrome, asthma, chronic obstructive pulmonary disease, cystic fibrosis, pulmonary fibrosis, pneumonia, respiratory failure, sleep apnea, lung cancer, tuberculosis, and other respiratory diseases. The devices used for the diagnosis, treatment, and monitoring of these cardiopulmonary disorders are known as respiratory care devices.

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The factors such as rising prevalence of respiratory diseases, huge demand for enhanced portable devices, increasing geriatric population, and high prevalence of tobacco smoking are expected to drive the market growth during the forecast period. The market is witnessing the emerging trend of intelligent ventilators, portable PAP devices, smart inhalers, and nebulizers which are helping in providing real-time monitoring and transmission of data to the physicians. The markets in India, Brazil, China, and Japan are expected to grow at a rapid pace during the forecast period as the prevalence of respiratory diseases in these countries is high.
The major driver of the respiratory device market is high smoking global population, which is increasing the disease burden. Smoking causes about 90% of all lung cancer deaths and 80% of all deaths from chronic obstructive pulmonary disease (COPD). It is observed that smokers are 12–13 times more likely to die from COPD than the non-smokers. Currently, market players are developing advanced technology PAP devices for the treatment of sleep apnea. For instance, in April 2017, ResMed launched AirMini, the world's smallest CPAP machine for the treatment of sleep apnea. The PAP devices held more than half of the share of the total therapeutic respiratory care device market in 2016. A massive undiagnosed sleep apnea population is expected to provide an opportunity for the growth of the respiratory care devices market in the future.

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Market Analysis:
The market is analyzed based on three segments – product types, end-users, and regions.
Regional Analysis: The regions covered in the report are the Americas, EMEA, APAC, and Rest of the World (ROW). The Americas is set to be the leading region for the respiratory care devices market growth followed by Europe. Asia Pacific and ROW are set to be the emerging regions. India, China, and Japan are set to be the most attractive destinations due to the large untapped market.

Product Types Analysis:
The global respiratory care devices market by products is segmented into therapeutics, monitoring, diagnostics, and consumables. Therapeutic devices segment holds the largest share in the market with more than 65% of the total market share. Due to the better technology advancement in this segment, therapeutic devices are expected to grow at a faster CAGR during the forecast period. Among the various therapeutic devices, PAP devices are expected to grow at a high rate and occupy significant share in the market due to the huge undiagnosed population of sleep apnea. The market is also witnessing various mergers, acquisitions, and collaborations among the top players, which are defining the future of the Global Respiratory Care Devices market.

Key Players: ResMed, Medtronic Plc, Fisher and Paykel, Becton Dickenson and Company, Hamilton Medical, Drager Healthcare GmbH, Chart Industries, Philips Healthcare, Maquet (Getinge Group), Masimo Corp., GE Healthcare and other predominate & niche players.

Competitive Analysis:
At present, the therapeutic devices are dominating the Global Respiratory Care Devices market, and a lot of new players are focusing on developing smart devices to provide real-time end to end services and to gain future business opportunities. Many major players are launching new products to maintain their leadership in the market. Apart from this, the big players are acquiring small companies to enhance their product portfolio and retain their market leadership. For instance, in February 2016, ResMed acquired Inova Labs Inc., a privately-held company that develops and commercializes innovative oxygen therapy products. Significant investments in R&D in this market are expected to increase, and collaborations, merger & acquisition activities are expected to continue.

Benefits:
The report provides complete details about the usage and adoption rate of respiratory devices by various end-users and in regions. With that, key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives towards the respiratory devices adoption in the upcoming years along with the details of commercial devices available in the market. Moreover, the report provides details about the major challenges that are going to impact on the market growth. Additionally, the report gives the complete details about the key business opportunities to key stakeholders to expand their business and capture the revenue in the specific verticals to analyze before investing or expanding the business in this market.

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