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Respiratory Care Devices Market Is Expected To Exhibit 7.4% CAGR By 2022 | Koninklijke Philips N.V., Hamilton Medical AG
Respiratory Care Devices Market
The research report published by Allied Market Report states that the global respiratory care devices market is estimated to reach $21,300 million by 2022. The report provides an in-depth analysis of growth factors, opportunities, market trends, key segments, and competitive landscape. Current market conditions and the future scenario of various regions have been analyzed in the report to help market players in devising expansion strategies. Moreover, it includes country-wise analysis of each region. Product portfolio and business segments of leading market players outline the competitive scenario. The report provides insights to help investors, stakeholders, and new entrants to determine potential opportunities and tap on them to gain competitive advantage.
The therapeutic segment dominated the global market, accounting for more than half of the total market share in 2015.
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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 have experienced a paradigm shift from stationary to portable devices. Increased adoption of portable devices has been a significant trend in the industry.
The global respiratory care devices market is driven by factors such as increase in prevalence of respiratory diseases, rapid urbanization, rise in pollution level, growth in geriatric population, and increase in tobacco consumption worldwide. In addition, governmental support has fueled the market growth. Moreover, high demand for therapeutic devices in homecare settings and increased healthcare spending are anticipated to provide lucrative opportunity for the market players. However, large pool of undiagnosed population and risks associated with certain therapeutic devices for neonates hamper for the growth of the respiratory care devices market.
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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 high prevalence of respiratory diseases such as COPD and asthma among all age groups.
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 Key Players Are:
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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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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