Therapeutic Respiratory Devices Market Size By Product (OSA Devices [PAP Devices, Oxygen Concentrators, Adaptive Servo-ventilators], Ventilators [Adult, Neonatal], Inhalers [Nebulizers, MDI, DPI], Humidifiers [Heated Humidifiers, Passover Humidifiers, Integrated Humidifiers, Built-in Humidifiers, Standalone Humidifiers]), By End-use (Hospital, Homecare Settings), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Switzerland, China, India, Japan, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2018 - 2024
Therapeutic Respiratory Devices Market will exceed USD 21.5 billion by 2024; as per a new research report.
Growing elderly population base worldwide will drive therapeutic respiratory devices market growth over the forecast timeframe. Geriatric population are prone to chronic disease owing to age related structural changes, changes in ventilatory response as well as pulmonary functions. Increasing prevalence of chronic diseases such as asthma, COPD, bronchitis and other respiratory disorders among the elderly population base across the world will stimulate the industry growth over the coming years.
Increasing investments in research for development of advanced and innovative devices will serve to be another positive impact rendering factor. Developments in therapeutic respiratory devices offer advanced features such as high efficiency, high portability, easy-to-use, smart and light weight devices. Increasing focus of industry players on developing newer technologies will fuel the demand for respiratory devices thereby augmenting industry growth. However, lack of patient constancy to the treatment owing to inconvenience caused during the use of these devices will hamper the growth of therapeutic respiratory devices market.
Ventilator segment is expected to generate revenue of USD 2.2 billion in 2024, owing to the rising number of surgeries being performed worldwide. Rising number of preterm births, increasing prevalence of chronic pulmonary and respiratory diseases will further accelerate market growth over the forecast period. Furthermore, rising disposable income leading to increasing affordability of ventilators will accelerate the segment growth in the coming years.
Homecare segment will grow at a robust rate of around 10.5% over the forecast period owing to increasing demand for technologically advanced products that are portable, patient-friendly and easy to operate. Increasing preference of homecare to reduce hospital costs as well as hospital acquired infections will fuel the segment growth. Furthermore, high incidences of chronic respiratory diseases among the elderly population will further escalate the demand for therapeutic respiratory devices during the forthcoming years.
U.S. therapeutic respiratory devices market accounted for the highest revenue of USD 3.8 billion in 2017 owing to the availability of developed healthcare facilities and technological advancements. Rising incidences of chronic respiratory diseases coupled with increasing geriatric population base will augment the market growth. Moreover, increased smoking, lifestyle changes and other environmental factors will further fuel the demand for therapeutic respiratory devices over the forecast period.
Some of the notable industry players of global therapeutic respiratory devices market are Aircep Corporation, Breas Medical, CareFusion Corporation, Compumedics, Fisher & Paykel, GE Healthcare, Hamilton Medical, Hill-Rom, Inogen, Invacare, Medtronic, Mindray Medical, Philips Healthcare, Resmed, Smiths Medical and Teleflex. Major players are primarily emphasizing on developing novel technologies to diversify their product portfolio. They are also focusing on partnerships, mergers and acquisitions to enhance the product portfolio and maintain their market position.
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