According to the new market research report “Respiratory Care Devices Market by Product (Therapeutic (Ventilator, Mask, PAP Device, Inhaler, Nebulizer), Monitoring (Pulse Oximeter, Capnograph), Diagnostic, Consumables), End User (Hospital, Home Care), COVID-19 Impact – Global Forecast to 2026″, published by MarketsandMarkets™, the Respiratory Care Devices Market is expected to reach USD 27.6 billion by 2026 from USD 18.4 billion in 2021, at a CAGR of 8.5% during the forecast period of 2021 to 2026.
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Due to the outbreak of the corona virus globally, there is a sudden rise in the demand for respiratory care devices. The major factor driving the growth of the respiratory care devices market is the high prevalence of respiratory diseases as a result of the rapid growth in the global geriatric population, high prevalence of tobacco smoking, urbanization and growing levels of pollution, and changing lifestyle. However, factors such as the presence of an unfavorable reimbursement scenario and the availability of low-cost products from local manufacturers are expected to restrain the growth of this market during the forecast period.
Increasing prevalence of COPD to drive the demand for respiratory care devices
Based on disease indications, COPD held the largest share of the respiratory care devices market in 2019. This is followed by sleep apnea, asthma, and infectious diseases. The large share of the COPD disease segment can be attributed to the increasing prevalence of smoking and environmental factors. This segment is also expected to show the highest growth in the market, followed by asthma.
The hospitals segment accounted for the largest market share in 2020
Based on the end-user, the respiratory care devices market is segmented into hospitals, home care settings, and ambulatory care centers. In 2020, hospitals accounted for the largest market share. Their financial capabilities, which allow them to purchase expensive instruments, and the availability of trained professionals to operate these instruments, have ensured the high percentage of hospitals in this market. Home care settings are expected to witness the highest growth during the forecast period, mainly due to the development of compact and lightweight respiratory care devices that are easier to carry and operate.
North America was the largest regional market for bioanalytical testing services in 2020
The global respiratory care devices market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the market. The large share of North American region is mainly attributed to the strong presence of a large number of major manufacturers, its rising geriatric population, high prevalence of smoking and respiratory diseases, and the presence of a highly developed healthcare system.
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Some of the prominent players operating in this market include Philips Healthcare (Netherlands), ResMed Inc. (US), Medtronic plc. (Ireland), Masimo Corporation (US), Fisher & Paykel Healthcare (New Zealand), Drager AG (Germany), Invacare Corporation (US), Nihon Kohden (Japan), Getinge AB (Sweden) and Air Liquide (France).
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