Respiratory Care Device Market Overview
The global respiratory care device market size is projected to reach $28.2 billion by 2022, growing at a CAGR of 9.5% during the forecast period. The market is driven by factors, such as high prevalence of respiratory disease, growing geriatric population, high prevalence of smoking, rapid urbanization and increasing pollution level. In addition, increasing incidence of preterm births, increasing healthcare expenditure, changing lifestyle, and technological advancement in respiratory care devices are also driving the growth of the market.
Based on type, the respiratory care device market has been segmented into therapeutic device, diagnostic & monitoring device, and accessories & consumables. The therapeutic device segment accounted for the major share in the global market in the historical period and it is projected to hold a market share of over 60% by 2022. The segment is also expected to witness the fastest growth during the forecast period.
Geographically, the North American respiratory care device market accounted the largest share in the global market, due to improved healthcare infrastructure, increasing healthcare expenditure, and increasing number of patients with respiratory disorders. In addition, North America is witnessing rapid increase in the geriatric population, which has created a significant positive impact on the growth of the market in the region. The U.S. is the largest market for respiratory care device among all the countries of North America. The U.S. respiratory care device market is growing significantly due to increasing prevalence of respiratory diseases and high prevalence of smoking.
Respiratory Care Device Market Dynamics
The growing number of product innovation is the major trend witnessed in the global respiratory care device market. Respiratory care device companies are actively involved in the launch of new products, to develop more innovative and advance devices. The respiratory care device industry is focusing on the development of technological advanced and affordable respiratory care devices, to meet the demands of customer.
The healthcare expenditure is increasing across the globe, owing to the increasing prevalence of diseases and increasing government and non-government initiatives. According to the WHO, the total healthcare expenditure is increasing globally, which is leading to the improvement in healthcare infrastructure. This increase in healthcare expenditure leads to increase in affordability and accessibility of the treatment and diagnosis for different medical conditions. The distinct governments in different countries are investing a significant portion of their GDP for healthcare.
Although, there are huge variations among the healthcare spending of different countries, healthcare has been one of the primary focus for all. Healthcare spending in the developed economies of North America and Europe is considerably higher in comparison to the developing countries. The lower spending in developing countries is primarily due to their low per capita income. However, per capita healthcare spending in developing countries is also increasing due to the increasing government initiatives. The increasing healthcare expenditure leads to the increased demand for respiratory care devices, thus driving the growth of the global respiratory care device market.
The presences of local manufacturers in respiratory care device industry are hindering the growth of the market. Local players or manufacturers play an important role in the respiratory care device market which provides high competition to the key players such as Becton Dickinson and Company, Koninklijke Philips N.V., Medtronic PLC and others. Availability of similar kind of products using similar technology has given a platform to the potential customers to switch from one company to another.
Developing countries such as China and India have been gaining majority of the respiratory care device market share due to the availability of the locally produced COPD and asthma treatment products along with low price; which is a major restrain for the growth of the global market.
Respiratory Care Device Market Competitive Landscape
Some of the major players operating in the global respiratory care device market include General Electric Company, ResMed, Inc, Hamilton Medical AG, Masimo Corporation, Medtronic plc. and Koninklijke Philips N.V.