Overview of This Study:

This study involved four major activities for estimating the current size of the global Respiratory Care Instruments Market. Exhaustive secondary research was conducted to collect information on the market as well as its peer and parent markets. The next step focused on validating these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the sizes of segments and sub-segments.

Respiratory Care Devices Market Dynamics:

Drivers: Outbreak of infectious diseases affecting the respiratory system

Infectious respiratory diseases directly drive demand for respiratory care. COVID-19 is the most recent and significant of these diseases; the pandemic has resulted in a surge in demand for personal protection equipment and ventilators, among others. The demand for ventilators has also grown due to the COVID-19 outbreak, resulting in governmental and industrial support for driving the pace of manufacturing. This is indicative of the emphasis on respiratory care in the background of an outbreak; the market is expected to show a healthy growth rate, as a result.

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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.

Expected 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.

Recent Developments in the Global Respiratory Care Instruments Market:

# 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.

The hospitals segment accounted for the largest market share in 2019

Based on the end-user, the respiratory care devices market is segmented into hospitals, home care settings, and ambulatory care centers. In 2019, hospitals accounted for the largest market share. Their financial capabilities, which allow them to purchase expensive instruments, and the availability of trained professionals to operate these instruments, have ensured the high percentage of hospitals in this market. Home care settings are expected to witness the highest growth during the forecast period, mainly due to the development of compact and lightweight respiratory care devices that are easier to carry and operate.

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Geographical Growth Scene:

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.

Global Key Players:

Some of the prominent players operating in Respiratory Care Instruments 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).

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