Respiratory Care Devices Market - Research Innovations & Future Growth Dynamics


Posted May 24, 2021 by mmvaidya

This study involved four major activities for estimating the current size of the global respiratory care devices market.
 
COVID-19 Impact on the Global Respiratory Care Services Market:

The COVID-19 outbreak in Wuhan, China, led to the rapid establishment of several hospitals for treating the increasing number of patients. This has been mirrored in other countries as well—Italy and the US also built large hospitals within days to accommodate a growing patient population. In New York, US, the army converted the Javits convention center into a 2,900-bed hospital within four days. Critical care devices are being manufactured in increased quantities to meet growing demand. The state of affairs resulting from the pandemic has resulted in alliances between healthcare and non-healthcare industries to manufacture respiratory care devices.

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.

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.

Revenue Growth Prospects:

The growth of 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 coronavirus 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, the respiratory care devices market reached USD 58.1 billion.

The growth of Respiratory Care Services Market is mainly attributed to the high prevalence of respiratory diseases, rising aging population across the globe, high prevalence of smoking, rising urbanization and pollution levels, increasing incidence of preterm births, and lifestyle changes. However, a lack of awareness leading to a large underdiagnosed and undertreated population and the harmful effects of specific respiratory care devices on neonates have hampered market growth to an extent.

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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Asia Pacific market to witness the highest growth during the forecast period

The respiratory care devices 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.

Some of the prominent players operating in Respiratory Care Services 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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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags respiratory care services market
Last Updated May 24, 2021