New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- The global respiratory care devices market is worth US$ 18.5 Bn as of now and expected to reach US$ 41 Bn by the year 2032 at a CAGR of 8.3%.
With frequency of respiratory diseases on an ever-increasing spree, the respiratory care devices market is bound to go great guns in the forecast period. The reasons behind increase in the prevalence of these diseases include rise in geriatric population, rapid urbanization resulting in an increased intake of pollutants, tobacco smoking, and sedentary lifestyle. At the same time, lack of conducive reimbursement scenario coupled with low-cost products being made available by local manufacturers is expected to hinder the market in the forecast period.
Also, it needs to be noted that with higher potential of growth in the upcoming markets, healthcare decentralization, and miniaturized devices getting evolved, the respiratory care devices market is likely to witness lucrative opportunities in the near future. Home care therapeutic devices are also being asked for. This trend is actually expected to drive the demand for CPAP devices, ventilators, and nebulizers.
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Key Takeaways from the Respiratory Care Devices Market
- Therapeutic devices account for more than 25% of the overall market share.
- By end-user, hospitals account for more than 60% of the market share.
- North America holds the largest market share, followed by Europe.
- The Asia-Pacific is poised to grow inadvertently in the respiratory care devices market in the years to come.
“Respiratory care devices would continue to be in great demand due to an exponential rise in occurrences of COPD (chronic obstructive pulmonary disease), pneumonia, tuberculosis, asthma, and likewise”, says an analyst from Persistence Market Research.
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Market Competition
Persistence Market Research hasn’t missed on mentioning about the key developments in respiratory care devices market.
- Philips, in April 2020, came up with “Philips Respironics E30 Ventilator”, so as to facilitate provision of ventilators of superior quality.
- Masimo Corporation, in January 2020, completed acquisition of Connected Care Business from the US-based NantHealth. This would actually help the former in assisting hospitals in making constant care available through automation, connectivity, and innovative non-invasive monitoring technologies.
- Philips, in May 2020, partnered with Masimo with the objective of integrating the latter’s measurement into select intellivue MX-series multi-parameter monitors for helping clinicians examining cerebral oximetry and ventilation status.
- ResMed, in March 2019, completed acquisition of HB Healthcare Safety (provider of home-based medical equipment for sleep and respiratory care devices).
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What does the Report Cover?
- Persistence Market Research offers a unique perspective and actionable insights on the respiratory care devices market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on the type of product (diagnostic devices, therapeutic devices, and monitoring devices), and by end-user (hospitals and home care).
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