Respiratory diseases pose a significant global health concern, accounting for one-sixth of all deaths worldwide. Over 35 million people suffer from various respiratory disorders, and one in six deaths in the US is attributed to chronic lung diseases. Chronic respiratory diseases include acute respiratory distress syndrome, asthma, chronic obstructive pulmonary disease (COPD), cystic fibrosis, pulmonary fibrosis, pneumonia, respiratory failure, sleep apnea, lung cancer, tuberculosis, and other respiratory conditions. Respiratory care devices play a crucial role in the diagnosis, treatment, and monitoring of these cardiopulmonary disorders.
Request To Download Free Sample of This Strategic Report:- https://www.reportocean.com/industry-verticals/sample-request?report_id=IR198
Market Analysis
The respiratory care devices market is expected to grow due to factors such as the increasing prevalence of respiratory diseases, a high demand for enhanced portable devices, a growing geriatric population, and the high prevalence of tobacco smoking. Emerging trends include intelligent ventilators, portable positive airway pressure (PAP) devices, smart inhalers, and nebulizers that enable real-time monitoring and data transmission to physicians. Rapid market growth is anticipated in India, Brazil, China, and Japan due to the high prevalence of respiratory diseases in these countries.
Major Driver
The primary driver of the respiratory device market is the global population of smokers, which is increasing the disease burden. Smoking is responsible for approximately 90% of all lung cancer deaths and 80% of deaths from COPD. Smokers are 12-13 times more likely to die from COPD than non-smokers. Market players are developing advanced PAP devices for sleep apnea treatment, with innovations like ResMed’s AirMini, the world’s smallest CPAP machine launched in April 2017. PAP devices accounted for over half of the total therapeutic respiratory care device market share in 2016. The substantial population with undiagnosed sleep apnea presents an opportunity for future market growth.
Market Analysis
The global respiratory care devices market is estimated to witness a CAGR of 8.8% during the forecast period from 2017 to 2023. The market is analyzed based on three segments: product types, end-users, and regions.
Regional Analysis
The Americas are expected to lead the respiratory care devices market, followed by Europe. Emerging regions with significant growth potential include Asia Pacific and the Rest of the World (ROW). India, China, and Japan are considered attractive destinations due to their large untapped markets.
Request To Download Free Sample of This Strategic Report:- https://www.reportocean.com/industry-verticals/sample-request?report_id=IR198
Product Types Analysis
The respiratory care devices market is categorized into therapeutic devices, monitoring devices, diagnostic devices, and consumables. Therapeutic devices hold the largest market share, accounting for over 65% of the total market. Advancements in therapeutic device technology are expected to drive faster growth in this segment. Among therapeutic devices, PAP devices are anticipated to grow rapidly and capture a significant market share due to the substantial undiagnosed sleep apnea population. The market is also witnessing various mergers, acquisitions, and collaborations among top players, shaping the future of the Global Respiratory Care Devices market.
Key Players
Key players in the market include ResMed, Medtronic Plc, Fisher and Paykel, Becton Dickinson and Company, Hamilton Medical, Drager Healthcare GmbH, Chart Industries, Philips Healthcare, Maquet (Getinge Group), Masimo Corp., GE Healthcare, and other prominent and niche players.
Competitive Analysis
Currently, therapeutic devices dominate the Global Respiratory Care Devices market, with many new players focusing on developing smart devices for real-time end-to-end services. Major players are launching new products to maintain their market leadership. Large players are also acquiring smaller companies to expand their product portfolios and retain market leadership. For example, in February 2016, ResMed acquired Inova Labs Inc., a privately-held company specializing in innovative oxygen therapy products. Expectations of increased investments in research and development, along with continued collaboration, merger, and acquisition activities in this market, are driving growth.
Benefits
This report provides comprehensive insights into the usage and adoption rates of respiratory devices across various end-users and regions. Key stakeholders can gain knowledge about major trends, drivers, investments, initiatives by industry players, and government efforts to promote respiratory device adoption in the coming years. Additionally, the report highlights significant challenges affecting market growth and presents key business opportunities for stakeholders seeking to expand their presence, increase revenue, and make informed investment decisions in this market.
Request To Download Free Sample of This Strategic Report:- https://www.reportocean.com/industry-verticals/sample-request?report_id=IR198
Key Stakeholders
- Manufacturers
- Healthcare Institutions
- Research and Consulting Firms
- Dermatology Associations
- Regulatory Bodies
- Investors and Shareholders
Market Dynamics:
Surging air traffic:
- As the global aviation industry continues to expand, there is a corresponding increase in market demand.
Heightened emphasis on safety and reliability:
- The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
Growing commitment to environmental sustainability:
- The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
Escalating globalization:
- The growth of international trade and travel propels the demand for market solutions.
Increasing desire for private air transportation:
- The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
Expanding utilization of digital fuel management systems:
- The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
Advancements in fuel cell technology:
- Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
Mounting demand for air cargo transportation:
- The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
Rising defense budgets:
- Governments worldwide are augmenting their defense spending, leading to heightened market demand.
Request full Report:– https://www.reportocean.com/industry-verticals/sample-request?report_id=IR198
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean is the world’s leading research company, known for its informative research reports. We are committed to providing our clients with both quantitative and qualitative research results. As a part of our global network and comprehensive industry coverage, we offer in-depth knowledge, allowing informed and strategic business conclusions to report. We utilize the most recent technology and analysis tools along with our own unique research models and years of expertise, which assist us to create necessary details and facts that exceed expectations.
Get in Touch with Us:
Report Ocean:
Email:sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 – UNITED STATES
Tel:+1888 212 3539 (US – TOLL FREE)
Website:https://reportocean.com