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Respiratory Care Device Market Outlook - Top Companies, Trends and Future Prospects Details for Business Development

08-23-2019 05:26 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: P&S Intelligence

Respiratory Care Device Market Outlook - Top Companies, Trends

The respiratory care device market is witnessing growth due to the increasing prevalence of respiratory diseases and smoking, growing geriatric population, rising pollution, rapid urbanization, and surging incidence of premature births. It garnered a revenue of over $15.0 billion in 2015, and it is projected to advance at a 9.5% CAGR during the forecast period (2016–2022) and generate $28.2 billion revenue, ultimately. The diagnostic evaluation, management, control, therapy, and monitoring of cardiopulmonary diseases and disorders are together termed as respiratory care, which is done via respiratory care devices.

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A key driving factor for the respiratory care device market is the surging prevalence of respiratory diseases. The rising pollution and unhealthy habits such as smoking have contributed to the growing incidence of various respiratory diseases, including asthma, tuberculosis, and pneumonia. Chronic obstructive pulmonary disease, throat irritation, and asthma can be caused by the increasing ground-level ozone and fine particle concentration. The National Heart Lung and Blood Institute reported that in 2010, approximately 235,000 deaths in the U.S. occurred from lung diseases except lung cancer, which is the most commonly diagnosed cancer in the world.

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Based on type, the subdivisions of the respiratory care device market are therapeutic device, accessories and consumables, and diagnostic and monitoring device. During the historical period (2012–2015), the major share of the market was held by therapeutic devices and these are expected to garner 60.0% share by 2022 due to their increasing usage to make patients comfortable. The same subdivision is also expected to advance at the highest CAGR during the forecast period.

Therefore, with a further increase in the prevalence of pulmonary diseases, the usage of respiratory care devices would continue to grow.

About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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