Asia-Pacific Respiratory Devices Market - Segmented by Type and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Asia-Pacific respiratory devices market is expected to register a CAGR of about 6.5%, 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.
Increased Disposable Income in Developing Nations
China and India are the most important emerging markets that will offer great opportunities for future growth in the industry. Although, the expansion of business activities in emerging markets is being driven by a number of factors, rise in disposable incomes is a major driving force for market growth. Many citizens in India are benefiting from higher disposable incomes, which enable access to high quality medical care. Unmet medical needs in emerging markets, such as India are expected to serve this market as future growth opportunities. Other factors include technological advancements in the device and rise in the number of Chronic Obstructive Pulmonary Disease patients (COPD), Tuberculosis (TB), and asthma and pneumonia cases
Increased Sophistication in the Usage of the Devices
Technology innovation makes it possible to help patients get well in many ways, which were not possible years ago. However, sophisticated medical equipment like mechanical ventilators, apnea monitors, and other devices require extensive education, instruction and knowledge for operation and mechanism of the equipment. Respiratory therapists are considered the go-to experts in their facilities for respiratory care technology. Furthermore, sophistication in home respiratory devices will be a major challenge for this market. Other restraints that will hinder market growth include cost and operational difficulty for the use of device.
India Shows Considerable Growth
There is a very high incidence of respiratory diseases in India. Rapid urbanization in the developing economy and the large amount of pollution contributes to this. About 2.5 - 5% of the population is reported to suffer from respiratory ailments, such as asthma. There is the presence of other respiratory diseases, such as chronic bronchitis, emphysema, and COPD. The awareness about diseases and healthcare facilities has increased, and government is investing in mitigating respiratory ailments. There is also a rise in the aging population, which is susceptible to such respiratory ailments. These factors, in turn drive the respiratory devices market in India.
Major players- RESMED INC., AIRSEP CORP, ALUNG TECHNOLOGIES INC., ASTRAZENECA, BOMIMED INC., CAREFUSION INC., COVIDIEN PLC, DRAGERWERK AG, FISHER & PAYKEL
HEALTHCARE CORPORATION LIMITED, GE HEALTHCARE, GLAXOSMITHKLINE, INTERSURGICAL LTD, INVACARE, MASIMO CORP, PHILLIPS HEALTHCARE, 3M, SMITHS MEDICAL AND
ATELEFLEX INC., amongst others.
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