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A recent report published by Infinium Global Research on the respiratory devices market provides in-depth analysis of segments and sub-segments in the global as well as regional respiratory devices market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional respiratory devices market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global respiratory devices market. According to the report, the global respiratory devices market is projected to grow at a CAGR of over 8% over the forecast period of 2022-2028.
The Global Respiratory Devices Market was valued at about USD 20 Billion in 2022 and is expected to reach nearly USD 35 Billion in 2028, with a CAGR of over 8% during the forecast period. Respiratory disease affects the ability of the lungs and other parts of the system. This disease is caused by an infection, because of breathing in secondhand tobacco smoke, smoking tobacco, and other formats of air pollution. Respiratory devices are medical devices to assist patients suffering from breathing problems. The advanced features of respiratory devices such as automatically adjusting the exhalation and inhalation to the patient’s needs increased the demand in the market. Furthermore, the utilization of respiratory devices to deliver medicine for the treatment of several respiratory diseases is growing the demand in the market. The increasing healthcare decentralization, the evolution of miniaturized devices, and the high growth potential in developing economies, are the major factors that are projected to provide lucrative growth opportunities for the market during the forecast period.
In 2019, According to the world health organization, it is estimated that 3.17 million deaths were caused by the COPD disease and currently 251 million cases of COPD were occurring globally. WHO predicts that COPD will become the third leading cause of death worldwide by 2030. The growing prevalence of Chronic Obstructive Pulmonary Disease (COPD) and sleep apnea over the globe is the key factor fuelling the growth of the respiratory devices market. Additionally, a rise in demand for nebulizers, humidifiers, and respirators due to the increasing prevalence of respiratory diseases. Moreover, growing government funding for the healthcare sector and strategic alliances among the leading key players are supporting factors escalating the demand of the market. However, less awareness regarding the usage of respiratory devices and the high cost of these devices restrain the growth of the respiratory devices market. Going further, the rising development in the manufacturing of respiratory devices such as mechanical ventilators, and oxygen concentrators is expected to create growth opportunities for the respiratory devices market during the forecast period.
The COVID-19 outbreak has positively affected various healthcare-related markets. The respiratory devices market was positively affected and was the most demanded industry during the pandemic. COVID-19 is the most recent and significant of these diseases; the pandemic has resulted in a surge in demand for personal protection equipment and ventilators, among others. The demand for ventilators has also enhanced because of the COVID-19 pandemic, resulting in industrial and governmental support for influencing the rate of manufacturing. This is increasing the demand for respiratory care due to the context of an outbreak. These factors are expected to show healthy growth in the respiratory devices market during the covid-19 pandemic.
The global respiratory devices market is segmented into the Asia Pacific, North America, Europe, the Middle East & Africa, and South America. On the basis of region, the North America region dominates the respiratory devices market followed by Europe. The growth of the market is attributed to the factors such as the presence of major market players greatly developed healthcare infrastructure and a growing number of people suffering from respiratory diseases. The Asia Pacific is expected to be the fastest growing region in the respiratory devices market during the forecast period. The growing geriatric population, rise in the prevalence’s of respiratory diseases, and steadily developing healthcare infrastructure are some factors expanding the demand of the market in the Asia Pacific region.
The report on the global respiratory devices market covers segments such as product type, applications, and end user. On the basis of product type, the sub-markets include therapeutic devices, and diagnostic and monitoring devices. On the basis of applications, the sub-markets include chronic obstructive pulmonary disease, asthma, pneumonia, and obstructive sleep apnea. On the basis of end user, the sub-markets include hospital, diagnostic center and speciality clinics, and others.
The report provides profiles of the companies in the market such as Philips Healthcare, ResMed Inc., Medtronic plc, Masimo Corporation, Becton, Dickinson, and Company, Chart Industries, Inc., Drägerwerk AG & Co. KGaA, Hamilton Medical AG, Fisher and Paykel Healthcare Limited, and Invacare Corporation.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the respiratory devices market. Moreover, the study highlights current
market trends and provides forecasts from 2022-2028. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings
an insight into the market share of the leading players.
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