The prominent players operating in Respiratory Care Devices 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), Air Liquide (France), Invacare Corporation (US), Vyaire Medical (US), GE Healthcare (US), Nonin Medical Inc. (US), Apex Medical Corp. (Taiwan), Smiths Group (UK), Omron Healthcare Inc. (US), Allied Healthcare Products, Inc. (US), Teleflex Incorporated (US), Drive DeVilbiss Healthcare (US), 3B Medical, Inc. (US), Medline Industries, Inc. (US), Acare Technology Co. (Taiwan), Hill-Rom Holdings, Inc. (US), and Rotech Healthcare, Inc. (US).
Different Growth Strategies Adopted by Them:
These players adopted the strategies of partnerships, agreements,and acquisitions to expand their presence in the global respiratory care devices market.
Philips Healthcare is a leading provider of medical tools for different healthcare specialties and the largest division of Koninklijke Philips N.V. (Royal Philips). Philips Respironics, a subsidiary of Philips Healthcare, primarily focuses on providing respiratory care devices. Philips Healthcare has a significant global footprint owing to its strong sales and distribution network. It significantly invests in R&D activities to add innovative technologies and products to its portfolio, which, in turn, helps it to strengthen its presence in the market.
For instance, the R&D expenditure increased from USD 2.08 billion in 2018 to USD 2.11 billion in 2019. The company also made significant acquisitions to expand its presence in the respiratory care devices market. For instance, in May 2018, Royal Philips acquired Respiratory Technologies, Inc. This helped the company to strengthen its respiratory care solutions to manage care in hospitals and at home.
Medtronic is one of the leading medical technology companies engaged in manufacturing a range of respiratory care devices and therapies. The company has a wide product portfolio of medical devices in different product categories, which provides it with a diversified revenue stream. A diversified revenue stream offsets the companys exposure to risks associated with a particular business in the medical devices market. To garner a major share of the respiratory care devices market, Medtronic is strategically concentrating on acquiring key players in the medical products industry and related markets.
ResMed provides a broad portfolio of respiratory care products and has a wide geographic presence across North America, the Asia Pacific, and Europe. ResMed is well-positioned in the respiratory care devices market and focuses on developing new and innovative products. In accordance with this, over the last five years, the company developed and launched several respiratory care products, such as AirFit P30i and CPAP devices.
These products further expanded and complimented the company’s respiratory care product portfolio and strengthened its share in the respiratory care devices market. The company is also engaged in enhancing its geographical presence in high growth regions by acquiring regional companies. For example, in March 2019, ResMed acquired HB Healthcare Safety (South Korea), a provider of home-based medical equipment for sleep and respiratory care devices.
The respiratory care devices market is expected to reach USD 29.9 billion by 2025 from USD 16.0 billion in 2019, at a CAGR of -12.5% during the forecast period of 2020 to 2025. Due to the outbreak of corona virus globally, there is a sudden rise in the demand for respiratory care devices. Thus, the respiratory care devices market witnessed a CAGR of 261.1% between 2019 and 2020.
In 2020, respiratory care devices market reached to USD 58.1 billion. The growth of this market is mainly attributed to the high prevalence of respiratory diseases, rising aging population across the globe, high prevalence of smoking, rising urbanization and pollution levels, increasing incidence of preterm births, and lifestyle changes. However, a lack of awareness—leading to a large underdiagnosed and undertreated population—and the harmful effects of certain respiratory care devices on neonates have hampered market growth to an extent.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
