Respiratory Care Devices Market to Experience Good Times in Near Future

Rising demand for enhanced portable and compact respiratory care devices, key players focusing on expanding their geographical reach, rising demand for multimodal ventilation, and the rising adoption of non-invasive ventilation are the key trends in market.

Key Questions Addressed in the Report:

Who are the top 10 players operating in the market?
# What are the drivers, restraints, opportunities, and challenges in the market?
What are the industry trends as well as the current scenario in the market?
What are the growth trends in the market at the segmental and overall market levels?
How is the market performing in different regions across the globe?

Download PDF Brochure@

The global respiratory care devices market is projected to reach USD 31.8 billion by 2024 from USD 20.6 billion in 2019, at a CAGR of 9.1% during the forecast period.

The therapeutic respiratory care devices accounted for the largest share of the respiratory care devices market in 2018. The increasing prevalence of chronic respiratory diseases and the growing geriatric population are driving the growth of this market. Growth in the geriatric population is expected to drive the demand for therapeutic devices such as nebulizers, oxygen concentrators, humidifiers, and PAP devices.

Recent Developments:

In May 2019, Fisher Paykel (New Zealand) launched a nasal cannula – F&P Optiflow 3S, to strengthen its position in the therapeutic respiratory care devices market.

In March 2019, ResMed acquired HB Healthcare Safety, a provider of home-based medical equipment for sleep and respiratory care devices.

In March 2018, Philips opened its first Sleep and Respiratory Education Center in Singapore.

# In May 2019 Masimo Corporation (US) signed an agreement with Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China) to offer Masimo SET Measure-through Motion and Low Perfusion pulse oximetry in its monitoring devices. Mindray devices equipped with SET will now be available in select countries in Europe, the Middle East, Russia, the Commonwealth of Independent States, and the Asia Pacific (excluding China), including Australia and India.

Market Share Estimation:

The market shares for leading respiratory care devices companies was arrived at after a detailed assessment of their revenues from the respiratory care devices business by secondary data available through paid and unpaid sources. Owing to data limitations, in certain cases revenue share was arrived at after detailed assessment of the product portfolios of major companies and their respective sales performance. At each point, this data was validated through primary interviews with various industry experts.

Data Triangulation:

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Request Sample Pages@

The market in the Asia Pacific region is expected to be the fastest growing in 2019

While the respiratory care devices market in the APAC is relatively smaller than developed markets across North America and Europe, it is expected to grow at the highest rate. This can be attributed to the presence of high-growth markets such as Japan, China, India, South Korea, Taiwan, Australia, and Singapore. 

In these countries, the rising geriatric population, growing per capita income, increasing investments in the healthcare industry by key market players, rising demand for cutting-edge technologies, and the expansion of private-sector hospitals to rural areas are major factors driving the growth of the respiratory care devices market. Low labor costs and the favorable regulatory environment in the region will also contribute.

The respiratory care devices market is fragmented in nature, with the top five players accounting for around half of the total market in 2018. There are other smaller and medium-sized players as well, operating at both global and regional levels. The leading market players are based across developed countries such as the US, the Netherlands, New Zealand, and Ireland.

However, in the past few years, smaller players have emerged, especially in the Asia Pacific market, competing with global players on the basis of price. Lucrative growth opportunities in the Asia Pacific market are increasing competition among market players. Companies are also focusing on R&D to add innovative technologies and products to their portfolios, which, in turn, helps them to strengthen their presence in respective markets.

Read the Detailed Article@