Global Respiratory Device Market was worth USD 15.8 Billion in 2020 and is further projected to reach USD 38.0 Billion by the year 2027

Published | 01 January 2021

BlueWeave Consulting review study of the Respiratory Care Devices Market, the Global Respiratory Device Market was worth USD 15.8 Billion in 2020 and is further projected to reach USD 38.0 Billion by the year 2027, growing at the CAGR of 13.5% in the forecast period (2021-2027).

Rising urbanization, changing lifestyle, and food habits coupled with an increasing number of geriatric population is the key factor anticipated to propel the growth of the global respiratory care device market. The rising prevalence rate of the geriatric population expected to rise the demand of homecare –setting facility in the market and the changing food habits such as the preference of junk food over healthy food leads to a number of chronic and other therapeutic disorders and expected to contribute in the global market during the forecast period of 2019-2025.

Consumable & accessories are also contributing to the market growth with the rising availability of reimbursement coverage for PAP device coupled with an increasing population of geriatric and chronic diseases. Monitoring devices expected to share the market share majorly followed by other segment populations’ upcoming years with the commendable growth rate.

Increasing pollution rate coupled with tobacco consumption expected to dominate the global respiratory care devices market

Deforestation, CO2 emission, etc. are the key factors responsible for environmental pollution, which is directly linked to rising the demand of smart pulse oximeters in the respiratory care device market for the estimation of SaO2 using an algorithm and displaying the readout. Rising disposable income coupled with smoking habits responsible for deformities in the chest wall and thoracic spine, impair the functioning of the respiratory system and lead to complications in breathing developing the demand of respiratory care device in-home care setting and expected to follow the same trend in the upcoming years. The rising burden of COPD and asthma patient base, rising government initiatives, healthcare expenditure, and preference shift toward the adoption of respiratory care devices in the region.

Technological advancement in the homecare setting is the key factor propelling the growth in the market in the forecast period

Technological advancement in the healthcare sector, coupled with increasing healthcare expenditure anticipated to dominate the global market in the upcoming years. Factors such as rising urbanization, the prevalence rate of respiratory diseases, and an increasing number of aged population coupled with a high patient base of chronic disorders are contributing to increasing demand for respiratory care devices in the global market during the forecast period of 2019-2025. The significant share is shared by the hospital segment amidst facility segment due to increasing healthcare expenditure by government authorities to purchase devices high in value coupled with trained professional staff for device operation. The market is anticipated to dominate by homecare setting, followed by hospitals to eliminate the hospital visit to save patient time and money. The rising affordability and convenience are the key factor expected to propel the growth during the forecast period of 2019-2025.

Respiratory care devices market: competitive landscape

Some of the major industry players are Philips Healthcare, Resmed, Inc., Medtronic PLC, Masimo Corporation, Fisher and Paykel Healthcare Co., Ltd., Getinge AB, Air Liquide, Drägerwerk AG & Co. KGaA, Hamilton Medical AG, Invacare Corporation and Other Prominent Player

Browse Detailed TOC, “Global Respiratory Care Devices Market by Product (Therapeutic (Ventilator, Mask, Pap Device, Inhaler, Nebulizer), Monitoring (Pulse Oximeter, Capnograph), Diagnostic, Consumables), End User (Hospital, Home Care), Indication (COPD, Asthma, And Chronic Infectious Diseases), By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2015-2025”

At https://www.blueweaveconsulting.com/global-respiratory-care-devices-market-bwc19312

The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of respiratory care device market size & forecast. The report promises to provide state-of-the-art technology of respiratory care devices market and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.