Selbyville, Delaware, Oct. 12, 2022 (GLOBE NEWSWIRE) --
The therapeutic respiratory devices market value is slated to cross USD 64.5 billion by 2030, according to a new research report by Global Market Insights Inc.
The report suggests that the recent surge in technological advancements across the healthcare sector will drive business landscape. Patients are depicting an increased inclination toward user-friendly, portable, and new and improved medical devices. In addition, rapid medical advancements coupled with the advent of quick and cost-effective devices that do not entail much doctor’s assistance are presenting ample growth opportunities for the industry players.
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Rising prevalence of lung diseases to spur the market progression
Therapeutic respiratory devices market from inhaler segment accounted for over 55% revenue share in 2021, owing to the increased occurrences of lung diseases due to air pollution, smoking, chemical exposure, and other environmental factors. Furthermore, the introduction of new and automated metered-dosed inhalers that encompass built-in dose counting technology is responsible for increasing product demand.
Increased availability of advanced devices to fuel the industry development
Asthma segment held over 28% market share in 2021, owing to the introduction of advanced medications including inhalers and nebulizers. According to the data from the Asthma and Allergy Foundation of America, nearly 25 million people are susceptible to asthma in the U.S., which is equivalent to 1 in 13 people.
Browse key industry insights spread across 330 pages with 504 market data tables & 16 figures & charts from the report, “Therapeutic Respiratory Devices Market Analysis By Product, Application, End-use, Industry Analysis Report, Regional Outlook, Growth Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/therapeutic-respiratory-devices-market-report
Advancements in treatment modules to stimulate the hospitals segment expansion
Therapeutic respiratory devices market from hospital segment accounted for over USD 17 billion in 2021, owing to rising chronic pulmonary and respiratory problems like asthma, COPD, pulmonary hypertension, and others. Healthcare units are lately being modernized considering patient preference and comfort. The increased per capita income and the availability of medical benefits and favourable treatment modules for respiratory diseases will also play a role in strengthening the industry forecast from the hospitals segment.
Growing prevalence of respiratory problems to foster APAC market demand
Asia Pacific therapeutic respiratory devices market held 23% business share in 2021, owing to a spike in air pollution levels which makes the geriatric population prone to certain respiratory diseases like lung cancer and asthma. Also, a rise in the patients’ spending on availing themselves of healthcare facilities is likely to contribute to the sales of therapeutic respiratory devices in the region.
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Medical advancements to shape the competitive landscape of the industry
Some of the major players manufacturing therapeutic respiratory devices include Breas Medical AB, Drägerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited, GE Healthcare, Hamilton Medical, Hill-Rom Services Inc. (Baxter), Invacare Corporation, and others.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
