Pulmonary Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Therapeutic Devices, Consumables and Accessories, Diagnostic Devices, Monitoring Devices); Application (Chronic Obstructive Pulmonary Disease (COPD), Sleep Apnea, Asthma, Infectious Diseases, Others); End User (Hospitals, Homecare Settings, Ambulatory Care Centers), and Geography
The pulmonary devicesmarket was valued at US$ 18,598.56 million in 2019 and is projected to reach US$ 39,965.01 million by 2027; it is expected to grow at a CAGR of 10.1%from 2020 to 2027. Rising number of COVID-19 cases worldwide and increasing prevalence of respiratory diseasesare the key factors fueling the market growth. Moreover, strategic activities by the manufacturerssuch as type innovation, type launches, and approvals, as well as R&D investment for advancements in ventilatorsis expected to foster the market growth during the forecast period. However, unfavorable reimbursement scenariohindersthe growth of the Pulmonary Devicesmarket. Additionally, the impact of the COVID-19 crisis is expected to further accelerate the growth of the respiratory devices market in Europe.For instance, Apex Medical is focused towards providing CPAP ventilator solutions as COVID-19 treatment alternative as per the British Medicines and Medical Products Regulatory Agency (MHRA) to the patients with respiratory insufficiency. Additionally, In the United Kingdom (UK), for example, the government has asked automobile manufacturers including Ford, Honda, and Rolls-Royce to temporarily shift part of their assembly line focus from cars to developing respiratory equipment.
Pulmonary or respiratory devices are used to remove mucus and secretions from the airways or the respiratory tract. These medical devices are focused on diagnosis, control, treatment, management, and evaluation of the problems associated with respiratory tract.
The global pulmonary devices market is segmented on the basis of type, application, and end user.Based on type,the marketis segmented intotherapeutic devices, consumables and accessories, diagnostic devices, and monitoring devices. The therapeutic devicesheld the largest share of the market in 2019; however, the consumables and accessories segment is anticipated to register the highest CAGR during the forecast period. Based on application, the pulmonary devices market is segmented into chronic obstructive pulmonary disease (COPD), sleep apnea, asthma, and infectious diseases. The chronic obstructive pulmonary disease (COPD) segment held the largest share of the market in 2019, and is anticipated to register the highest CAGR during the forecast period.Based on end user, the pulmonary devices market is segmented into hospitals, home care settings, and ambulatory care centers. The hospitalssegment held the largest share of the market in 2019; however, the market for home care settingsis estimated to grow at the fastest CAGR during 2020-2027.
The World Health Organization (WHO), Centers for Disease Control and Prevention (CDC),and Canadian Lung Association are a few of the essential primary and secondary sources studied while preparing this report.
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