The global respiratory care device market generated $15.0 billion revenue in 2015, and is expected to witness a CAGR of 9.5% during the forecast period (2016–2022). Rising healthcare expenditure, increasing level of pollution, widespread prevalence of respiratory diseases, and high pace of urbanization are driving the growth of the market. Besides factor, such as increasing adoption of home-based devices and point-of-care treatments, is predicted to provide ample growth opportunities to the market players in the coming years.
Respiratory care devices supply oxygen to bodies and also help in other functions, such as removing carbon dioxide, regulating temperature, and eliminating toxic wastes. These devices are focused on prevention, diagnosis, assessment, treatment, and management of the respiratory care of patients. Some of the diseases for which these devices are utilized are chronic obstructive pulmonary disease (COPD), asthma, and lung cancer.
On the basis of type, the therapeutic devices category is expected to generate the largest revenue, with more than 60% share, in the respiratory care device market by 2022; and is also projected to witness the fastest growth during the forecast period.
Among end users in the respiratory care device market, 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.
On the basis of geography, North America holds the largest share in the respiratory care device market. Rising government expenditure on healthcare, high prevalence of respiratory diseases, and growing aging population are some major factors driving the growth of the market in the region. In North America, the U.S. accounts for the majority market share, primarily on account of high prevalence of tobacco smoking in the country.
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Although the respiratory care device market is expected to observe an increasing trend in the coming years, but factors like lack of reimbursement and harmful effects of these devices are expected to impede the growth of the market during the forecast period.
Some of the major players operating in the global respiratory care device market include ResMed Inc., General Electric Company, Hamilton Medical AG, Koninklijke Philips N.V., Masimo Corporation, and Medtronic plc.
RESPIRATORY CARE DEVICE MARKET SEGMENTATION
Market Segmentation by Type
Market Segmentation by End User
Market Segmentation by Geography