The respiratory devices market is expected to register a CAGR of about 12%, during the forecast period. Respiratory devices serve as breathing devices for administering long-term artificial respiration. It may also include a breathing apparatus used for resuscitation by forcing oxygen into the lungs of a person who has undergone asphyxia or arrest of respiration.
The respiratory devices market is now shifting to incorporate more ergonomic design features to simplify the administration process for both patients and medical practitioners. The main aim is to develop innovative devices with higher yield, reduced patient discomfort, without any complications and better interventional options. Another factor driving innovation is the primary packaging section, which is seeing tougher safety requirement to prevent internal injuries, leading to the development of new primary packaging systems that are more ergonomic in nature and easier to use. For example, the growth of bacteria on the endotracheal tube and may reenter the lungs, thus, modifications to this tube to prevent bacterial growth and to reduce the pressure against the tracheal wall is developed. Furthermore, these advances are expected to make it affordable to the patient population, thereby, reducing healthcare costs. All these advances are helping to cater the huge demands created by the markets and these technological advancements make the process easier for the patient to undergo and are a major boost in driving the growth of the market. Along with these, increased disposable income and rise in the number of chronic obstructive pulmonary disease patients (COPD), TB, and asthma and pneumonia cases is likely to lead to the growth of the market.
Developing and underdeveloped countries have a low per capita income making advanced medical treatments unaffordable. It is estimated that the procedures tend to be on the expensive side with major products also costing high. This scenario places a major burden on the healthcare systems worldwide, accompanied by additional costs of litigation increasing in the recent times. Healthcare practitioners need to be aware of both the direct and indirect costs and consider how the implementation of prevention protocols may offer cost savings in the longer term. Along with this, increased sophistication in devices will lead to slow down in the growth of the market.
North America currently dominates the market for respiratory devices and is expected to continue its stronghold for a few more years. Asia Pacific region is expected to increase its market share in the future owing to the increase in technological advancements in the respiratory device market. The Global Respiratory Devices Market is segmented on the basis of Diagnostic & Monitoring Devices (Spirometer, Sleep Test Devices, Peak Flow Meters & Pulse Oximeters), Therapeutic Devices (CPAP Devices, Bi-PAP Devices, Humidifiers, Breathing Circuits, Nebulizers, Oxygen Concentrators & Ventilators), Disposables (Masks, Cannulas, Tubes, & Filters), and Region (North America, Europe, Middle East & Africa and South America).
The major players include - Resmed Inc, Airsep Corp, Dragerwerk AG, Fisher & Paykel Healthcare Corporation Limited, GE Healthcare, Invacare, Philips Healthcare and GlaxoSmithKline, among others.
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