Global Respiratory Care Medical Devices Market Report 2022: Integration of Artificial Intelligence in Respiratory Care & Technological Advancements in Mechanical Ventilators Present Opportunities

DUBLIN, July 22, 2022 /PRNewswire/ -- The "Global Respiratory Care Medical Devices Market: Analysis By Disorder, By Product Type, By End User, By Region Size And Trends With Impact Of COVID-19 And Forecast up to 2026" report has been added to ResearchAndMarkets.com's offering.

The global respiratory care medical devices market in 2021 was valued at US$20.38 billion. The market is expected to reach US$30.93 billion by 2026.

Major factors that contributed to the growth of the respiratory care medical devices market are the aging population, increasing incidence of chronic respiratory diseases, unhealthy lifestyles, especially among the urban population, high prevalence of smoking, etc.

Respiratory care devices can be used in both home care settings and hospitals as well. An increase in the number of hospitals worldwide has also contributed to the increased demand for respiratory care devices. The market is expected to grow at a CAGR of 8.7% during the forecast period of 2022-2026.

Market Dynamics

Growth Drivers

• Rapid Growth in Aging Population
• High Prevalence of Respiratory Diseases
• Increasing Healthcare Expenditure
• Rising Urbanization and Pollution Level
• High Prevalence of Smoking
• Increasing Incidence of Pre-Term Births
• Unhealthy Lifestyles

Challenges

• Lack of Awareness of Respiratory Conditions
• Excise Tax Levied on Devices
• Stringent Regulations and RCP Licensing
• Counterfeit Medical Devices

Market 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
• Advancements in Oxygen Therapy

Key Players

• Koninklijke Philips NV
• Fisher & Paykel Healthcare
• ResMed Inc.
• Invacare Corporation
• Masimo Corporation
• Medtronic Plc
• Teleflex Incorporated
• Dragerwerk AG & Co. KGaA
• Allied Healthcare Products Inc.
• React Health, Inc.
• Hamilton Medical AG
• Acare Technology Ltd.

Market Segmentation Analysis:

By Disorder: The report provides the bifurcation of the respiratory care medical devices market into five segments based on disorder: COPD (chronic obstructive pulmonary disease), Asthma, Obstructive Sleep Apnea, Infectious Diseases, and Others. In 2021, the COPD segment accounted for the maximum share of approximately 34% in the global respiratory care medical devices market owing to the increasing prevalence of smoking and environmental factors. The obstructive sleep apnea segment is further segmented into three product types: Therapeutic Devices, Sleep Apnea Masks, and Diagnostic Devices. The global obstructive sleep apnea diagnostic devices market is expected to experience significant growth during the forecasted period with a CAGR of 7.3% driven by the wide use of polysomnography (PSG) devices in hospitals & sleep labs.

By Product Type: The report provides the segmentation on the basis of product type: Therapeutic Devices, Monitoring Devices, Diagnostic Devices, and Consumables & Accessories. The therapeutic devices segment held the major share of 56% of the market in 2021. The demand for humidifiers, nebulizers, and oxygen concentrators has grown in the past few years on the ground of increasing respiratory diseases globally.

By End Users: The report further provided the segmentation based on the end user of the respiratory care medical devices: Hospitals, Home Care Settings, and Ambulatory Care Centers. Home care settings are expected to grow at the highest CAGR of 10.0% owing to the growing importance of personalized healthcare services.

By Region: In the report, the global respiratory care medical devices market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the market in 2021 with almost 36% share of the global market. Rising life expectancy is changing the shape of the European nations' age pyramid, the most significant change would be a notable shift toward a much older demographic structure, a trend that is expected to continue. Therefore, the increasing geriatric population, reducing passive immunity, and rising prevalence of respiratory diseases in community-dwelling older adults are all expected to propel the growth of the respiratory care medical devices market in Europe.

In the Asia Pacific, the market is expected to exhibit the fastest growth at a CAGR of 9.5% during the forecast period owing to factors such as the rising prevalence of asthma in adults as well as children and technological advancements. Furthermore, supportive government policies like 100% FDI inflow in healthcare, the launch of a production-linked incentive scheme, and the launch of Make in India and Aatmanirbhar Bharat programs are expected to positively influence the growth of India's respiratory care devices market during the forecast period.

Key Topics Covered:

1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
7. Competitive Landscape
8. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/hj3k30

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SOURCE Research and Markets