Respiratory Care Devices Market - Global Key Players - Exclusive Report by MarketsandMarkets™


Posted November 22, 2021 by mmvaidya

This study involved four major activities for estimating the current size of the global respiratory care devices market. Exhaustive secondary research was conducted to collect information on the market as well as its peer and parent markets.
 
According to the new market research report, "Respiratory Care Devices Market by Product (Therapeutic (Ventilator, Mask, PAP Device, Inhaler, Nebulizer), Monitoring (Pulse Oximeter, Capnograph), Diagnostic, Consumables), End User (Hospital, Home Care), COVID-19 Impact - Global Forecast to 2026, 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.

Browse and in-depth TOC on "Respiratory Care Devices Market"
475 - Tables
72 - Figures
421 - Pages

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Growth Boosting Factors:

Due to the outbreak of the corona virus globally, there is a sudden rise in the demand for respiratory care devices. The major factor driving the growth of the respiratory care devices 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.

Global Leading Companies:

The prominent players operating in this market include Philips Healthcare (Netherlands), ResMed Inc. (US), Medtronic plc (Ireland), Masimo Corporation (US), Fisher & Paykel Healthcare (New Zealand), Drager AG (Germany), Invacare Corporation (US), Nihon Kohden (Japan), Getinge AB (Sweden), Air Liquide (France), Invacare Corporation (US), Vyaire Medical (US), GE Healthcare (US), Nonin Medical Inc. (US), Apex Medical Corp. (Taiwan), Smiths Group (UK), Omron Healthcare Inc. (US), Allied Healthcare Products, Inc. (US), Teleflex Incorporated (US), Drive DeVilbiss Healthcare (US), 3B Medical, Inc. (US), Medline Industries, Inc. (US), Acare Technology Co. (Taiwan), Hill-Rom Holdings, Inc. (US), Medline Industries (US), Rotech Healthcare, Inc. (US), AdaptHealth (US), and GE Healthcare (US). These players adopted the strategies of partnerships, agreements, and acquisitions to expand their presence in the global respiratory care devices market.

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Philips Healthcare is a leading provider of medical tools for different healthcare specialties and is the largest division of Koninklijke Philips N.V. (Royal Philips). Philips Respironics, a subsidiary of Philips Healthcare, primarily focuses on providing respiratory care devices. Philips Healthcare has a significant global footprint owing to its strong sales and distribution network. It significantly invests in R&D activities to add innovative technologies and products to its portfolio, which helps it to strengthen its presence in the market. The company invested USD 2.1 billion in R&D in 2020. The company also made significant partnerships to expand its presence in the respiratory care devices market. For instance, in May 2020, Philips partnered with Masimo (US). The partnership 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 2020, the Connected Care segment played a crucial role in fulfilling customer needs created by the COVID-19 pandemic.

Medtronic is one of the leading medical technology companies engaged in manufacturing a range of medical devices and therapies. The company has a wide product portfolio of medical devices in different product categories, which provides it with a diversified revenue stream. A diversified revenue stream offsets the companys exposure to the risks associated with a particular business in the medical devices market.

To garner a major share of the respiratory care devices market, Medtronic is strategically concentrating on inorganic growth strategies. For instance, in July 2020, the company partnered with Foxconn (Taiwan) in order to produce 10,000 Puritan Bennett 560 ventilators in the US to curb the rising demand for respiratory care devices. Medtronic has witnessed a higher demand in certain product lines as a result of COVID-19, such as ventilators, pulse oximetry, capnography, advanced parameter monitoring, and extracorporeal life support products.

ResMed provides a broad portfolio of respiratory care products and has a wide geographic presence across North America, the Asia Pacific, and Europe. The company is well-positioned in the respiratory care devices market, and it focuses on developing new and innovative products. In line with this, over the last five years, the company developed and launched several respiratory care products, such as AirFit P30i and CPAP devices, at regular intervals. These products further expanded and complimented the company’s respiratory care product portfolio and strengthened its share in the respiratory care devices market. The company is also engaged in enhancing its geographical presence in the high-growth regions by acquiring regional companies. For example, in March 2019, ResMed acquired HB Healthcare Safety (South Korea), a provider of home-based medical equipment for sleep and respiratory care devices.

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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags respiratory care devices , respiratory care devices market
Last Updated November 22, 2021