Respiratory Care Devices Market - Global Future Forecasts & Revenue Growth Expectations

By Author: MarketsandMarkets
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Respiratory Care Devices Market: Research Methodologies Followed in This Study:

Secondary Research:

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.

Primary 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 devices 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.

Expected Revenue Surge:

The respiratory care devices market is expected to reach USD 27.6 billion by 2026 from USD 18.4 billion in 2021, at a CAGR of 8.5% during the forecast period of 2021 to 2026.

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Major Growth Influencing Factors:

Due to the outbreak of corona virus globally, there is a sudden rise in the demand for respiratory care devices. The major factor driving the growth of the market is the high prevalence of respiratory diseases as a result of the rapid growth in the global geriatric population, high prevalence of tobacco smoking, urbanization and growing levels of pollution, and changing lifestyle. However, factors such as the presence of an unfavorable reimbursement scenario and the availability of low-cost products from local manufacturers are expected to restrain the growth of this market during the forecast period.

Restrains: Unfavorable reimbursement scenario

Many patients rely on reimbursements to receive treatment. The diagnostic industry as a whole and respiratory care diagnostics, in particular, is presently facing the challenge of lack of reimbursements for various diagnostic tests. Reimbursement policies are dispersed in Europe and are available only for PAP devices and oral appliances in select countries (devices that are not covered by insurance have a low market share in the region). Also, the majority of countries in the Asian and RoW regions have negligible reimbursement coverage for respiratory care devices.

Opportunities: Growing demand for home care therapeutic devices

The rapid growth in the global geriatric population, rising incidence of chronic diseases (including COPD and asthma), and the cost advantages of home care devices and services (compared to hospital visits) are the key factors driving the growth of the home healthcare market. The high growth potential in emerging markets, healthcare decentralization, and the evolution of miniaturized devices are some of the major factors that are expected to provide significant growth opportunities to players operating in the respiratory home healthcare market. Owing to the rising healthcare costs, a large number of patients suffering from chronic respiratory diseases prefer to undergo treatments in home care settings. This trend is expected to increase the demand for products such as nebulizers, ventilators, and CPAP devices, as they are used by patients to treat, diagnose, and monitor a variety of respiratory diseases in home care settings.

Recent Developments:

# 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 the 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.

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