ALBANY, New York, April 25, 2018 /PRNewswire/ --
Transparency Market Research (TMR) has published a new report titled, "Respiratory Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026". According to the report, the global respiratory devices market was valued at US$ 17.0 Bn in 2017 and is projected to expand at a CAGR of 6.5% from 2018 to 2026. The report suggests that increase in incidence of COPD and sleep apnea, strategic alliances among key players, and rise in government expenditure are anticipated to boost the growth of the global market from 2018 to 2026. North America and Europe are expected to dominate the global respiratory devices market in the next few years owing to increase in the number of people suffering from respiratory diseases, rise in diagnosis and treatment rate, and presence of key players in these regions. Rise in geriatric population and government support for respiratory device manufacturers are likely to drive the respiratory devices market in Asia Pacific. The market in the region is expected to expand at a CAGR of 7% from 2018 to 2026.
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Drug Delivery Devices Sub-segment to Capture Significant Share
In terms of product type, the global respiratory devices market has been segmented into therapeutic devices and diagnostic & monitoring devices. The therapeutic devices segment has been classified into drug delivery devices, mechanical ventilators, continuous positive airway pressure, resuscitators, humidifiers, airway clearance devices, oxygen concentrators, consumables & disposables, and others. The drug delivery devices sub-segment accounted for the largest share of the therapeutic devices segment in 2017. The sub-segment is anticipated to grow at a rapid pace during the forecast period, owing to increase in number of patients with COPD, asthma, and cystic fibrosis who are increasingly adopting devices such as inhalers and nebulizers. Moreover, surge in demand for expensive metered dose inhalers and single use inhalers is expected to drive the sub-segment. Mechanical ventilators is anticipated to be a lucrative sub-segment during the forecast period. Increase in number of health care settings in emerging markets is likely to drive demand for acute care mechanical ventilators. Demand for sub-acute or non-invasive ventilators in developed markets is projected to propel the sub-segment. Rise in number of surgeries performed across the globe is expected to augment the usage of mechanical ventilators.
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Pulse Oximeters Anticipated to be the Most Lucrative Sub-segment
The pulse oximeters sub-segment held significant share of the diagnostic & monitoring devices segment in 2017. The sub-segment is projected to expand at a CAGR 6.0% from 2018 to 2026. Increase in adoption of pulse oximeters for monitoring respiratory conditions in home care settings is anticipated to fuel the sub-segment. Moreover, pulse oximeters have become an integral part of primary diagnosis of lung function in clinics and critical care settings.
Chronic Obstructive Pulmonary Disease (COPD) to be Fastest Growing Segment
In terms of application, the COPD segment accounted for significant share of the global respiratory devices market in 2017. The segment is projected to expand at a CAGR of 7% from 2018 to 2026. Increase in the number of tobacco smokers and rise in air pollution are factors contributing to the increase in number of COPD cases. The WHO estimates that COPD is likely to be third leading cause of death by 2030.
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Asia Pacific to be the Fastest Growing Market for Respiratory Devices
In terms of revenue, North America dominated the global respiratory devices market in 2017. Favorable reimbursement policies for respiratory care, high adoption of technology, and rise in demand for advanced devices for home care use are the key factors contributing to the leading share of the region. Furthermore, increase in number of tobacco smokers and rise in air pollution are likely to increase incidence of respiratory disease, thereby driving the market in the region. The respiratory devices market in Asia Pacific is anticipated to expand at the fastest CAGR during the forecast period. Rise in awareness about respiratory diseases, improving health care infrastructure, increase in health care spending, and surge in initiatives by key players to explore the region are likely to propel the market in Asia Pacific.
Koninklijke Philips N.V. Held Significant Market Share
The report also provides profiles of leading players operating in the global respiratory devices market. Koninklijke Philips N.V., ResMed, Inc., Vyaire Medical, Inc., and Fisher & Paykel Healthcare Ltd. are the major players operating in the market. Other players include Smiths Medical, Dragerwerk AG & Co. KGaA, GE Healthcare, Getinge AB, Medtronic plc, and Chart Industries. Koninklijke Philips N.V. held major share of the global respiratory devices market in 2017. Broad portfolio of therapeutic respiratory devices and strong presence in hospital and home care settings are attributed to the company's high market share. The company's strategy to develop innovative portable devices for home care and its pioneering work in connected therapeutic and monitoring devices are likely to provide it a competitive advantage in the respiratory devices market.
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