DUBLIN, July 22, 2022 /PRNewswire/ -- The "Global Respiratory Care Medical Devices Market: Analysis By Disorder, By Product Type, By End User, By Region Size And Trends With Impact Of COVID-19 And Forecast up to 2026" report has been added to ResearchAndMarkets.com's offering.
The global respiratory care medical devices market in 2021 was valued at US$20.38 billion. The market is expected to reach US$30.93 billion by 2026.
Major factors that contributed to the growth of the respiratory care medical devices market are the aging population, increasing incidence of chronic respiratory diseases, unhealthy lifestyles, especially among the urban population, high prevalence of smoking, etc.
Respiratory care devices can be used in both home care settings and hospitals as well. An increase in the number of hospitals worldwide has also contributed to the increased demand for respiratory care devices. The market is expected to grow at a CAGR of 8.7% during the forecast period of 2022-2026.
Rapid Growth in Aging Population
High Prevalence of Respiratory Diseases
Increasing Healthcare Expenditure
Rising Urbanization and Pollution Level
High Prevalence of Smoking
Increasing Incidence of Pre-Term Births
Lack of Awareness of Respiratory Conditions
Excise Tax Levied on Devices
Stringent Regulations and RCP Licensing
Counterfeit Medical Devices
Growing Demand for Point-of-Care Diagnostic Devices
Integration of Artificial Intelligence (AI) in Respiratory Care
Increasing Demand for Enhanced Portable Devices
Technological Advancements in Mechanical Ventilators
Advancements in Oxygen Therapy
Koninklijke Philips NV
Fisher & Paykel Healthcare
Dragerwerk AG & Co. KGaA
Allied Healthcare Products Inc.
React Health, Inc.
Hamilton Medical AG
Acare Technology Ltd.
Market Segmentation Analysis:
By Disorder: The report provides the bifurcation of the respiratory care medical devices market into five segments based on disorder: COPD (chronic obstructive pulmonary disease), Asthma, Obstructive Sleep Apnea, Infectious Diseases, and Others. In 2021, the COPD segment accounted for the maximum share of approximately 34% in the global respiratory care medical devices market owing to the increasing prevalence of smoking and environmental factors. The obstructive sleep apnea segment is further segmented into three product types: Therapeutic Devices, Sleep Apnea Masks, and Diagnostic Devices. The global obstructive sleep apnea diagnostic devices market is expected to experience significant growth during the forecasted period with a CAGR of 7.3% driven by the wide use of polysomnography (PSG) devices in hospitals & sleep labs.
By Product Type: The report provides the segmentation on the basis of product type: Therapeutic Devices, Monitoring Devices, Diagnostic Devices, and Consumables & Accessories. The therapeutic devices segment held the major share of 56% of the market in 2021. The demand for humidifiers, nebulizers, and oxygen concentrators has grown in the past few years on the ground of increasing respiratory diseases globally.
By End Users: The report further provided the segmentation based on the end user of the respiratory care medical devices: Hospitals, Home Care Settings, and Ambulatory Care Centers. Home care settings are expected to grow at the highest CAGR of 10.0% owing to the growing importance of personalized healthcare services.
By Region: In the report, the global respiratory care medical devices market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the market in 2021 with almost 36% share of the global market. Rising life expectancy is changing the shape of the European nations' age pyramid, the most significant change would be a notable shift toward a much older demographic structure, a trend that is expected to continue. Therefore, the increasing geriatric population, reducing passive immunity, and rising prevalence of respiratory diseases in community-dwelling older adults are all expected to propel the growth of the respiratory care medical devices market in Europe.
In the Asia Pacific, the market is expected to exhibit the fastest growth at a CAGR of 9.5% during the forecast period owing to factors such as the rising prevalence of asthma in adults as well as children and technological advancements. Furthermore, supportive government policies like 100% FDI inflow in healthcare, the launch of a production-linked incentive scheme, and the launch of Make in India and Aatmanirbhar Bharat programs are expected to positively influence the growth of India's respiratory care devices market during the forecast period.
Key Topics Covered:
1. Executive Summary
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
7. Competitive Landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/hj3k30
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
View original content:https://www.prnewswire.com/news-releases/global-respiratory-care-medical-devices-market-report-2022-integration-of-artificial-intelligence-in-respiratory-care---technological-advancements-in-mechanical-ventilators-present-opportunities-301591733.html
SOURCE Research and Markets