(PharmaNewsWire.Com, August 09, 2021 ) 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.
Growth Influencing Factors:
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.
COVID-19 Impact on the Global Respiratory Care Devices Market
The COVID-19 outbreak in Wuhan, China, led to the rapid establishment of several hospitals for treating the increasing number of patients. This has been mirrored in other countries as well—Italy and the US also built large hospitals within days to accommodate a growing patient population. In New York, US, the army converted the Javits convention center into a 2,900-bed hospital within four days. Critical care devices are being manufactured in increased quantities to meet growing demand. The state of affairs resulting from the pandemic has resulted in alliances between healthcare and non-healthcare industries to manufacture respiratory care devices.
The COPD segment will continue to dominate the respiratory care devices indication market during the forecast period
Based on indication, COPD held the largest share of the respiratory care devices market in 2019. This was followed by sleep apnea, asthma, and infectious diseases. The large share of COPD 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. Moreover, the recent outbreak of COVID-19 will also have an impact on COPD patients. While they are not at a higher risk of contracting the disease, it can have severe effects on such patients. Hence, the high prevalence of COPD and the growing number of deaths caused by COPD are expected to drive the demand for respiratory care devices during the forecast period.
Hospitals are the largest end users of respiratory care devices
Based on end user, the respiratory care devices market is segmented into broadly categorized into three major end-user segments—hospitals, home care settings, and ambulatory care centers. In 2019, hospitals accounted for the largest market share. Growing public-private partnerships to improve access to healthcare services along with rapid developments in healthcare infrastructure and improving access to healthcare services are expected to be the key factors driving the growth of the respiratory care devices market for hospitals in emerging economies in the coming years.
Asia Pacific market to witness the highest growth during the forecast period
The respiratory market is divided into five regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. These regions are further analyzed at the country levels. North America held the largest share of the respiratory care devices market in 2019, followed by Europe and the Asia Pacific. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period, due to due to the presence of a large pool of respiratory patients, increasing healthcare expenditure, rapidly developing healthcare infrastructure, rising per capita income, growing middle-class population, and growing prevalence of tobacco smoking in this region.
Also, APAC is becoming a medical tourism hub and is considered as one of the fastest-growing markets for medical procedures and devices. Low infrastructure and treatment costs and the availability of highly educated physicians have driven medical tourists to APAC countries, particularly India and China.
The respiratory care devices market is dominated by a few globally established players such as Philips Healthcare (Netherlands), ResMed Inc. (US), Medtronic plc (Ireland), Masimo Corporation (US). The study categorizes the respiratory care devices market based on type, indication, end user, component at the regional and global level.
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