Global Respiratory Therapeutic Devices Market – Overview
Respiratory therapeutic devices are used in the treatment, management and control of cardiopulmonary diseases such as chronic obstructive pulmonary diseases (COPD), asthma, acute bronchitis, cystic fibrosis, and others. Increasing prevalence of asthma drives the market along with increasing per capita healthcare expenditure. According to the World Health Organization in 2017, approximately 235 million people have asthma. Moreover, it was estimated that in 2015, the diseases killed approximately 383 million patients around the globe. However, the market growth during the forecast period is likely to hamper due to low per capita income in the developing economies and lack of awareness.
The market growth is attributed to increasing number of chronic obstructive pulmonary diseases patients. According to the World Health Organization till 2020 chronic obstructive pulmonary diseases will be the fifth leading cause for death. Moreover, the growth of respiratory therapeutic devices are increase in the number of chronic and acute respiratory disease. Beside this changing lifestyle and increasing pollution are the other factors responsible for causing the various respiratory diseases. Beside this increasing aging population and adoption of different therapeutic devices like oxygen concentrator, PAP devices, nebulizer and many other devices will fuel the therapeutic respiratory devices market. On the other hand, lack of awareness of respiratory conditions are the major restraint for the market.
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Masimo. (U.S.), BD. (U.S.), Smiths Group Plc. (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Bayer AG (Germany), Rotech Healthcare Inc. (U.S.), Chart Industries (U.S.), ACare Technology (Taiwan), Drägerwerk AG (U.S.), Fisher & Paykel Healthcare (New Zealand), GE Healthcare (U.K), Inogen (U.S.), Koninklijke Philips N.V (the Netherlands) are some of the prominent players at the forefront of competition in the Global Respiratory Therapeutic Devices Market and are profiled in MRFR Analysis.
Global Respiratory Therapeutic Devices Market – Competitive Analysis
A large portion of respiratory therapeutic device market is acquired by Philips Healthcare, Covidien Plc, Smiths Medical, GE Healthcare. Due to increase in the number of small and medium sized industries acquisition and mergers as well as new product development is adopted by many industries. In 2015, Medtronic Inc. has acquired Covidien Plc. Merger of two company not only increase the profit but also decreases the competition.
April, 2017- Ventec Life Systems Company which is developer of integrated respiratory care solutions had announced clearance from the U.S. Food and Drug Administration (FDA) for VOCSN which is the only portable life support device to combine five respiratory therapies i.e ventilation, oxygen, cough, Suction, and Nebulization. VOCSN is specially designed to improve care for patients with neuromuscular disease impaired lung function (e.g., COPD, Cystic Fibrosis, Lung Cancers, Emphysema),
Global Respiratory Therapeutic Devices Market – Regional Analysis
Americas Respiratory Therapeutic Devices market is expected to see strong growth during the forecast period due to increase in the number of respiratory diseases. Respiratory therapeutic devices market in America is increasing at very healthy CAGR of ~9.0. Different types of devices are available in the market for the treatment, diagnosis and management of the acute or chronic respiratory disease. Positive airway pressure (PAP) is the most favoured devices use in the treatment of the respiratory disease. PAP devices held largest market share of therapeutic respiratory device market in 2016.
America has the highest share in the Respiratory therapeutic device market. According to the American COPD foundation, 6% of total America’s population is suffering from Chronic Obstructive Pulmonary Disease (COPD). The growth and development is driven by geriatric population. Beside this well-established industries, availability of funding for life science and medical research, increasing government healthcare expenditure are the other driving factors for the growth of respiratory therapeutic devices industries.
Europe is the second largest respiratory therapeutic devices market owing to a well-developed healthcare infrastructure, government support for research & development, and huge patient population. Furthermore, Asia Pacific is the fastest growing market due to the presence of a huge patient population, continuously developing economies like India and China, and the presence of huge opportunities in the market. On the other hand, the Middle East & Africa holds the least share of the global respiratory therapeutic devices market due to the presence of poor economy, especially, within the African region. Majority of the market of this region is held by the Middle East due to the huge healthcare expenditure.
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