Dublin, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The "Global Respiratory Care Medical Devices Market (by Disorder, Product Type, End User, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2026)" report has been added to ResearchAndMarkets.com's offering.
The global respiratory care medical devices market is poised for substantial growth, with an estimated value of US$24.08 billion by 2023, reflecting a robust CAGR of 8.70% during the forecast period. This surge is driven by several factors, including the rising incidence of respiratory disorders, an aging population, and technological advancements in the industry.
Respiratory illnesses, encompassing a range of pathogenic disorders affecting breathing in living organisms, necessitate the use of respiratory care devices. These medical equipment play a pivotal role in treating, managing, diagnosing, and caring for patients with cardiopulmonary system disorders. Moreover, these devices are versatile, suitable for use in both home care and hospital settings, catering to the needs of a broad spectrum of patients.
Key Market Segments
- By Disorder: The report identifies five key segments within the global respiratory care medical devices market, including COPD (chronic obstructive pulmonary disease), Asthma, Obstructive Sleep Apnea, Infectious Diseases, and Others. COPD, driven by factors like increased smoking prevalence and environmental influences, claims the largest market share. Additionally, the obstructive sleep apnea segment, further segmented into three product types, is set to experience significant growth during the forecast period, particularly in the area of diagnostic devices.
- By Product Type: The market can be categorized into four segments based on product type: Therapeutic Devices, Monitoring Devices, Diagnostic Devices, and Consumables & Accessories. Therapeutic devices, such as humidifiers, nebulizers, and oxygen concentrators, dominate the market due to the escalating global incidence of respiratory diseases.
- By End Users: Respiratory care medical devices cater to various end users, including Hospitals, Home Care Settings, and Ambulatory Care Centers. Notably, the home care settings segment is expected to exhibit the highest CAGR, underlining the growing importance of personalized healthcare services.
Geographic Coverage
The global respiratory care medical devices market is geographically divided into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America takes the lead, encompassing the US, Canada, and Mexico. Europe, characterized by an aging population and increasing prevalence of respiratory diseases in older adults, is witnessing notable growth. The Asia Pacific region, with its rising asthma rates and technological advancements, is expected to experience the highest CAGR during the forecast period.
Top Impacting Factors
Growth Drivers
- Rapid Growth in Aging Population
- High Prevalence of Respiratory Diseases
- Increasing Healthcare Expenditure
- High Prevalence of Smoking
Challenges
- Lack of Awareness of Respiratory Conditions
- Excise Tax Levied on Devices
Trends
- Growing Demand for Point-of-Care Diagnostic Devices
- Integration of Artificial Intelligence (AI) in Respiratory Care
- Increasing Demand for Enhanced Portable Devices
- Technological Advancements in Mechanical Ventilators
COVID-19 Impact
The COVID-19 pandemic had a substantial impact on the respiratory care medical devices market, with increased demand for respiratory equipment due to breathing difficulties associated with the virus. Furthermore, COVID-19 can lead to respiratory issues, further boosting demand. The post-COVID environment is expected to continue supporting market growth as the treatment of respiratory diseases rebounds.
Companies Mentioned
- Acare Technology Ltd.
- Allied Healthcare Products Inc.
- Dragerwerk AG & CoKGaA
- Fisher & Paykel Healthcare
- Hamilton Medical AG
- Invacare Corporation
- Koninklijke Philips NV
- Masimo Corporation
- Medtronic Plc
- React Health, Inc.
- ResMed Inc.
- Teleflex Incorporated
For more information about this report visit https://www.researchandmarkets.com/r/q0gzgv
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