Research Methodologies Used in This Research:
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology and innovation directors, and related key executives from various key companies operating in the Respiratory Care Instruments Market.
Primary sources from the demand side include experts from hospitals and diagnostic labs and research and academic laboratories. Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on the key industry trends and key market dynamics, such as market drivers, restraints, challenges, and opportunities.
In the secondary research process, various secondary sources such as D&B Hoovers, Bloomberg Business, and Factiva have been referred to identify and collect information for this study. These secondary sources include annual reports, press releases and investor presentations of companies, white papers, certified publications, articles by recognized authors, gold-standard and silver-standard websites, regulatory bodies, and databases.
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Global Revenue Growth:
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.
# In April 2020, Philips launched the PHILIPS RESPIRONICS E30 VENTILATOR. This will enable company to help healthcare professionals by providing superior quality ventilators.
# In January 2020, Masimo Corporation acquired Connected Care Business from NantHealth (US). This acquisition will support Masimo to assist hospitals in providing constant care through connectivity, automation, and innovative noninvasive monitoring technologies.
# In May 2020, Philips did partnership with Masimo. This partnership was aimed at integrating Masimo’s measurement technologies into select intellivue MX-Series multi-parameter monitors to help clinicians examine ventilation status and cerebral oximetry.
# In March 2019, ResMed acquired HB Healthcare Safety, a provider of home-based medical equipment for sleep and respiratory care devices.
Asia Pacific market to witness the highest growth during the forecast period
The Respiratory Care Instruments 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.
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Some of the prominent players operating in Respiratory Care Devices Market include Philips Healthcare (Netherlands), ResMed (US), Medtronic (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).