Respiratory Equipment Market (Impact of COVID-19) 2020 Trends, Growth Analysis and Forecast 2024 | Philips, ResMed Inc., Medtronic Plc and Fisher & Paykel Healthcare
Moreover, the report also assesses the key opportunities in the market and outlines the factors that are and would be driving the growth of the industry. Growth of the overall global equipment market has also been forecasted for the years 2020-2024, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
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Philips, ResMed Inc., Medtronic Plc, and Fisher & Paykel Healthcare are some of the key players operating in the global respiratory equipment market, whose company profiling has been done in the report. In this segment of the report, business overview, financial overview and business strategies of the respective companies are provided.
o North America
o Asia Pacific
o ResMed Inc.
o Medtronic Plc
o Fisher & Paykel Healthcare
Respiratory equipment includes medical equipment that assists patients with respiration in a severe medical situation. In addition, the devices deliver medicine to treat several respiratory diseases. Moreover, respiratory devices are used for diagnosis of respiratory problems.
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Furthermore, respiratory devices facilitate in treatment and monitoring of respiratory disorders. The devices are primarily used for the treatment of different respiratory disorders like: obstructive conditions, neuromuscular disorders, restrictive conditions, vascular diseases and other diseases like pneumonia, tuberculosis, asbestosis etc. Major respiratory care devices include CPAP machines, portable emergency oxygen systems, oximetry meters, nebulizers etc.
Patients with respiratory disease are treated with different medical equipment like: air cleaner, CPAP machines, BiPAP machines, portable emergency oxygen systems, etc. These, equipment facilitate the medical experts to effectively and efficiently treat patients with severe respiratory diseases.
The global respiratory equipment market has increased progressively over the years and the market is further expected to propel at a steady pace during the forecasted years 2020 to 2024. The market would propel owing to different growth drivers like surging ageing population, rising healthcare expenditure, rising chronic diseases, escalating cigarette consumption, rise in carbon emission, escalating obese population and surging diabetic population.
However, the market faces some challenges which are obstructing the growth of the market. Some of the major challenges faced by the industry are: rapid technological advancement, stringent product approval and monitoring regulatory, existence of local manufacturers, lack of raw material availability and effects of respiratory devices on infants.
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