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Respiratory Care Device Market Overview
The global respiratory care device market is expected to attain a size of $28.2 billion by 2022, with a CAGR of 9.5% during the forecast period (2016–2022). Some of the major factors contributing to the growth of the market across the globe are increasing aging population, rising healthcare expenditure, surging pollution level, and rapid pace of urbanization. Other than these primary factors, technological advancements, changing lifestyle patterns, and growing cases of preterm birth are also expected to drive the growth of the market in the coming years.
On the basis of type, the respiratory care device market is classified into therapeutic devices, diagnostic and monitoring devices, and consumables and accessories. Among these, the therapeutic devices category is expected to generate the largest revenue, with more than 60% share, in the market by 2022; and is also projected to witness the fastest growth during the forecast period.
Based on end user, the respiratory care device market is categorized into hospital, home care, and others. Of these, the hospital category generated the highest demand for these devices during the historical period, and held the largest market share in 2015. Whereas, the market is expected to advance at the fastest CAGR, of 10.0%, in the home care category, during the forecast period.
Globally, North America leads the respiratory care device market, owing to factors such as improved healthcare infrastructure, growing healthcare expenditure, and increasing number of people suffering from respiratory disorders. Further, rapidly growing geriatric population is also expected to positively impact the growth of the regional market in the coming years. The U.S. holds a leading position in the North American market, as there has been a striking increasing in the number of people suffering from respiratory diseases.
Respiratory Care Device Market Dynamics
Healthcare expenditure is witnessing an increase in various developed as well as developing countries. Governments of these countries are investing in improving the quality of healthcare facilities, which are being provided to their citizens. Besides, the per capita healthcare spending in developing countries is also increasing, primarily on account of increasing government initiatives. All these factors are expected to increase the affordability and accessibility of the treatment and diagnosis for different medical conditions. Hence, the increasing healthcare expenditure is a major factor propelling the growth of the respiratory care device market.
Growing number of product innovation is a major trend witnessing in the respiratory care device market. Respiratory care device companies are actively involved in launching new products. The companies are also focusing on the development of technologically advanced and affordable respiratory care devices to meet the demands of customer.
Respiratory Care Device Market Competitive Landscape
Increasing presence of local manufacturers of respiratory care devices is posing great competition to the global manufacturers. Also, countries like China and India are taking away a large chunk of the global revenue, due to the availability of locally manufactured products, which are of low cost as compared to products offered by the leading respiratory care device market players.
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.
Key Questions Answered in the Report