Newark, NJ, April 10, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global respiratory care devices market is expected to grow from USD 23.03 billion in 2019 and to reach USD 41.20 billion by 2027, growing at a CAGR of 8.67% during the forecast period 2020-2027.
Impact of COVID-19 on the Respiratory Care Devices Market
Since the first being recorded at the end of the year 2019 in China, the coronavirus (Covid-19) has spread all over the world in more than 200 countries. The World Health Organization (WHO) declared it as a global pandemics. The coronavirus is mainly affecting the respiratory system and develops the common flu-like symptoms such as cough, fever, and in severe cases, difficulty in breathing. With the continued spread of the virus, which can cause pneumonia and trouble in breathing, hospitals around the globe are facing the shortage of respiratory care devices such as ventilators. Many governments are creating alliances with the manufacturers to provide the respiratory care devices in a threat of Covid-19. Europe has become the worst affected region with the countries such as UK, Spain, Italy, and France are experiencing the hard hit. Thus, European Government urges automobile manufacturers such as Ford, GE, and Rolls-Royce for the production of respiratory care devices. In addition to this, the U.S. is also experiencing the tremendous shortage of ventilators to cope up with the Covid-19. Thus, there will be a surge in demand for respiratory care devices, with the increasing prevalence of Covid-19.
Respiratory care devices are the medical equipment which is used for the diagnosis, treatment, and monitoring the patients who are suffering from the respiratory system-related diseases. It includes the diseases such as asthma, lung cancer bronchitis, pneumonia and other such cardiopulmonary diseases, infections and viruses such as Covid-19. The respiratory diseases are one of the most common diseases due to air pollution, viruses, bacteria, and contagion. Thus, there is an essential need for respiratory care devices in the hospitals. The respiratory care devices include monitoring devices, therapeutic devices, diagnosis devices, and consumables.
The respiratory care devices market is witnessing the rapid growth from the past few years. The increase is mainly due to the increasing prevalence of chronic respiratory disease such as asthma. In addition to this, the rising geriatric population across the globe, also contributing to the growth of the market. Furthermore, the increasing technological advancement in the respiratory care devices, further driving the growth of the market. Moreover, the recent outbreak of global pandemic Covid-19, the demand has hugely surged for the respiratory care devices such as ventilators in all over the world. However, the high cost of these devices may hinder the growth of the market over the forecast period.
DOWNLOAD FREE SAMPLE REPORT AT https://www.fiormarkets.com/report-detail/417943/request-sample
Key players operating in the global respiratory care devices market include Medtronic plc, Drager AG, ResMed Inc., GE Healthcare, Fisher & Paykel Healthcare Corporation Limited, Philips Healthcare, Masimo Corporation, Chart Industries, Invacare Corporation, Getinge AB, Air Liquide, Hamilton Medical AG, Vyaire Medical, Nonin Medical Inc., Apex Medical Corp., Smiths Group, Omron Healthcare Inc., Allied Healthcare Products, Inc., Teleflex Incorporated, and DeVilbiss Healthcare LLC among others. High research and development activities to develop the new product and integration of advanced technologies in the respiratory care devices are some of the key strategies adopted by the key vendors to gain the significant share in the market. Furthermore, with the outbreak of global pandemic Covid-19 at the end of the year 2019, has increased the demand for ventilators. Thus, many companies have ramped up the production of ventilators to fulfil the need of hospitals.
- For instance, in 8TH April 2020, Philips Healthcare announced the agreement with the U.S. government to double the production of ventilators by May in order to better support the fight against the coronavirus pandemic.
- In March 2020, ResMed announced that the company had increased the production capacity to deliver the ventilators to treat the respiratory complications of COVID-19.
- In March 2020, Medtronic plc ramps up ventilator production by more than 40% due to the global coronavirus (Covid-19) outbreak and to cater to the increase of demands of patients and healthcare systems across the world.
- In March 2020, Masimo Corporation announced that it had received the FDA clearance for its RRp (respiration rate from the photoplethysmograph) monitoring of adult and pediatric patients with Rad-97, Radical-7, and Radius-7 Pulse CO-Oximeters.
Therapeutic devices segment dominated the global respiratory care devices market and held the largest market share of about 53.69% in the year 2019
Based on type, the market is segmented into diagnostics devices, therapeutic devices, diagnostics devices, and consumables and accessories. The diagnostics devices sub-segmented into PAP devices, ventilators, nebulizers, humidifiers, oxygen concentrators, inhalers, reusable resuscitators, nitric oxide delivery units and oxygen hoods. The therapeutic devices further classified into spirometers, polysomnography devices, peak flow meters, and other diagnostic devices. The motoring devices classified into pulse oximeters, capnographs, and gas analyzers. Therapeutic devices segment dominated the global respiratory care devices market and held the largest market share of about 53.69% in the year 2019. The growth is mainly due to the increasing number of chronic diseases such as asthma in the world. Furthermore, the ventilators are seeing the greatest demand, due to the recent outbreak of global pandemic Covid-19, as many countries are experiencing a huge shortage of ventilators.
Infectious disease segment is anticipated to grow at the highest CAGR of 8.65% over the forecast period
Based on the application, the market is segmented into chronic obstructive pulmonary disease (COPD), asthma, sleep apnea, infectious disease, and other diseases. Infectious disease segment is anticipated to grow at the highest CAGR of 8.65% over the forecast period. Increasing number of infectious respiratory diseases such as SARS, Covid-19, which caused by virus and bacteria, has increased the demand for respiratory care devices.
Browse full report with TOC at https://www.fiormarkets.com/report/respiratory-care-devices-market-by-type-diagnostics-devices-417943.html
Hospital segment held the largest market share of 71.23% in the year 2019
Based on the end-use, the respiratory care devices market is classified into hospitals, home care settings, and ambulatory care centres. Hospital segment held the largest market share of 71.23% in the year 2019. The growth is mainly due to many hospitals are focusing on the installation of advanced medical devices in the hospitals to treat the patients. In addition to this, the government are ensuring that there are enough ventilators in the hospitals for the Covid-19 patients across the globe, further driving the growth of the market.
Regional Segment Analysis of the Respiratory Care Devices Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global respiratory care devices market classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region dominated the global respiratory care devices market and held the market share of 45.68% in the year 2020. The growth is mainly due to presence of the large number of medical devices manufactures in the region. In addition to this, highly advanced hospitals and highly developed healthcare facilities further driving the growth of the market. However, with the recent outbreak of Covid-19 in all over the world, the U.S. is experiencing a massive shortage of ventilators. For instance, according to the data by Society of Critical Care Medicine in March 2020, about 960,000 coronavirus patients may need to be put on ventilators, but the United States has only about 200,000 machines. On the other hand, the Asia Pacific region is anticipated to grow at the highest CAGR of 8.6% over the forecast period. The growth is mainly due to steadily increasing healthcare sectors in the region. In addition to this, rising geriatric population in countries such as Japan, South Korea, and China, further driving the growth of the market. In addition to this, increasing coronavirus cases in India, driving the growth for ventilators. For instance, as per the study by Johns Hopkins University, the demand for ventilators in India is up to 1 million, where currently India has between 30,000 and 50,000 ventilators.
About the report:
The global respiratory care devices market is analysed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
For Instant Purchase: https://www.fiormarkets.com/checkout.html?reportid=417943&type=single
Customization of the Report:
The report can be customized as per client requirements. For further queries, you can contact us on sales@fiormarkets.com or +1-201-465-4211. Our executives will be pleased to understand your requirements and offer you the best-suited reports.
About Fior Markets
Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients’ objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.
Contact Us
Avinash D
Head of Business Development
Phone: +1-201-465-4211
Email: sales@fiormarkets.com
Web: www.fiormarkets.com
To Read Top Industries Reports, Visit our Website: https://www.marketsandresearch.biz
Related Reports
Ventilators Market - https://www.fiormarkets.com/report/ventilators-market-by-type-intensive-care-ventilators-portable-417855.html
Isolation beds Market - https://www.fiormarkets.com/report/isolation-beds-market-by-type-automatic-manual-type-417854.html
ICU Beds Market - https://www.fiormarkets.com/report/icu-beds-market-by-type-electric-bed-semi-electric-417853.html
Operating Room Equipment Market - https://www.fiormarkets.com/report/operating-room-equipment-market-by-product-type-anesthesia-417940.html