Respiratory Care Devices Market | Ongoing Trends and Recent Developments | Major Key Players like Philips Healthcare (Netherlands), ResMed Inc. (US), Medtronic plc (Ireland)

The study involved 4 major activities in estimating the current market size for the respiratory care devices market. Exhaustive secondary research was done to collect information on the market as well as its peer and parent markets.

The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.

Objectives of This Study:

# To define, describe, segment, and forecast the global respiratory care devices market on the basis of product, indication, end user, and region

# To provide detailed information regarding the major factors influencing the growth of the market (such as drivers, restraints, opportunities, and industry-specific challenges)

# To analyze micromarkets1 with respect to individual growth trends, future prospects, and contributions to the overall market

# To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market players

# To forecast the size of the market, in five main regions (along with major countries)—North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa

# To profile key players in the global market and comprehensively analyze their core competencies and market shares

# To track and analyze competitive developments such as mergers and acquisitions; new product/technology launches; expansions; collaborations and agreements; and R&D activities of the leading players in the global market

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Factors Influencing Global Respiratory Care Devices Market Growth:-

Factors such as the growing pharmaceuticals industry coupled with advancements in functional excipients, rising adoption of orphan drugs, and increasing uptake of biopharmaceuticals, are driving the market for pharmaceutical excipients. The emergence of multifunctional excipients, shifting the focus of pharmaceutical manufacturing to emerging markets, and the growing biosimilars industry also present significant growth opportunities for market players.

Market Restraints:
# Unfavorable Reimbursement Scenario
# Availability of Low-Cost Products from Local Manufacturers

Respiratory Care Devices Market Opportunities:

# Growing Demand for Home Care Therapeutic Devices
# High Growth in Developing Countries across APAC and Latin America
# Point-Of-Care Diagnostics - an Upcoming Opportunity

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Market Challenges:

# Low Awareness and Large Underdiagnosed and Undertreated Population
# Harmful Effects of Certain Devices on Neonates

Industry’s Revenue Growth Expectations:

The respiratory care devices market is projected to reach USD 31.8 billion by 2024 from USD 20.6 billion in 2019, at a CAGR of 9.1%.

Geographical Growth Scenario:

The market in the Asia Pacific region is expected to be the fastest growing in 2019

While the respiratory care devices market in the APAC is relatively smaller than developed markets across North America and Europe, it is expected to grow at the highest rate. This can be attributed to the presence of high-growth markets such as Japan, China, India, South Korea, Taiwan, Australia, and Singapore. In these countries, the rising geriatric population, growing per capita income, increasing investments in the healthcare industry by key market players, rising demand for cutting-edge technologies, and the expansion of private-sector hospitals to rural areas are major factors driving the growth of the respiratory care devices market. Low labor costs and the favorable regulatory environment in the region will also contribute.

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Leading Market Players:

# Philips Healthcare (Netherlands)
# ResMed Inc. (US)
# Medtronic plc (Ireland)
# Masimo Corporation (US)
# Fisher & Paykel Healthcare Corporation Limited (New Zealand) and many more…

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This release was published on openPR.