Respiratory Care Devices Market to hit US$ 35 Bn by 2026 Insights on Leading Players, Trends, Impact of COVID-19, and Forecasts

Key players are Becton Dickinson & Company, Vyaire Medical Inc., GE Healthcare, Invacare Corporation, Philips, Fisher & Paykel Healthcare Corporation Limited, Medtronic Plc., ResMed Inc., Masimo Corporation, Chart Industries, Inc., and Drägerwerk AG & Co. KGaA

Dallas, Texas, United States - October 16, 2020 /MarketersMedia/ —

Orbisresearch.com has published "Global Respiratory Care Devices Market (by Product, Type, Application, End User, Geography), Recent Developments, Company Profiles-Forecast to 2026" report to its store.

The global respiratory care devices market is expected to reach nearly US$ 35 Billion by 2026. Respiratory care is a healthcare specialty, which is focused on improving cardiopulmonary functions and promoting health & wellness. Respiratory care devices are used for the diagnosis, treatment, and monitoring of patients who are suffering from the respiratory system-related disorders. These devices are used to deal with medical conditions such as asthma, chronic obstructive pulmonary disease (COPD), TB, sleep apnea and other acute & chronic respiratory diseases. The global respiratory care devices market is driven by factors such as increase in prevalence of respiratory diseases, rapid urbanization, rise in pollution level, growth in geriatric population, and increase in tobacco consumption worldwide. In addition, governmental support has fueled the market growth. Moreover, the recent outbreak of global pandemic COVID-19, has increased demand for respiratory care devices such as ventilators globally. Some of the key factors inhibiting the growth of respiratory care devices market includes, cost and operation difficulty for the use of devices, unfavorable reimbursement scenario and lack of awareness in developing region.

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Recent Developments
• In March 2020, Royal Philips NV announced that the company is increasing its ventilator manufacturing capacity by four-fold to meet the high demand from the hospitals.
• In March 2020, automotive manufacturer, Ford announced the partnership with the Tesla and 3M to manufacture the ventilators and other personal protective equipment to address the shortage of ventilators.
• In August 2019, Inogen acquired New Aera, Inc., a manufacturer and developer of non-invasive portable ventilators.
• In March 2019, ResMed acquired HB Healthcare Safety, a provider of home-based medical equipment for sleep and respiratory care devices.

By Product - Global Respiratory Care Devices Market and Forecast
• Positive airway pressure (PAP) devices currently account for highest share of the respiratory care devices market.
• Ventilators is the second leading segment of the respiratory care devices market.
• The global effects of the 2019 coronavirus disease (COVID-19) are felt by all countries and will have a significant impact on the ventilator market size.
• The growing prevalence of chronic inflammation due to smoking continues to increase demand for breathing circuits globally.
• The global nebulizers market is expected to more than double in 2020, from 2019 market size, due to an increase in demand for the use of nebulizers in the treatment of mild COVID-19 patients.

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By Type - Global Respiratory Care Devices Market and Forecast
• Therapeutic devices segment dominated the global respiratory care devices market.
• Respiratory monitoring devices is the second leading segment of the respiratory care devices market.
• Respiratory diagnostics refer to the clinical assessment of lung functioning and related processes. It uses procedures, such as spirometry, polysomnography, sniff nasal inspiratory pressure (SNIP), among others to diagnose the diseases.

By Application - Global Respiratory Care Devices Market and Forecast
• Chronic obstructive pulmonary disease (COPD) held the largest share of the respiratory care devices market.
• Asthma is the second leading application segment of the respiratory care devices market.
• According to the Forum of International Respiratory Societies (FIRS) survey, over 235 million people have asthma and its incidence has been increasing continuously.
• Infectious respiratory diseases directly drive demand for respiratory care. 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.

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By Product - Global Respiratory Care Devices Market and Forecast

1. PAP Devices
2. Ventilators
3. Nebulizers
4. Humidifiers
5. Medical Oxygen Concentrators
6. Pulse Oximeters
7. Capnographs
8. Medical Gas Analyzers
9. Spirometers
10. Polysomnography Devices
11. Peak Flow Meter
12. Tracheostomy Tube
13. Breathing Circuits
14. Others

By Type - Global Respiratory Care Devices Market and Forecast

1. Therapeutic Devices
2. Monitoring Devices
3. Diagnostic Devices
4. Consumables & Accessories

By Application - Global Respiratory Care Devices Market and Forecast

1. Chronic obstructive pulmonary disease (COPD)
2. Asthma
3. Sleep Apnea
4. Infectious diseases
5. Lung Cancer
6. Others

By End User - Global Respiratory Care Devices Market and Forecast

1. Hospitals
2. Home Care Settings
3. Ambulatory Care Centers

Global Respiratory Care Devices Market - Company Profiles
1. Becton Dickinson & Company
2. Vyaire Medical Inc.
3. GE Healthcare
4. Invacare Corporation
5. Philips
6. Fisher & Paykel Healthcare Corporation Limited
7. Medtronic Plc.
8. ResMed Inc.
9. Masimo Corporation
10. Chart Industries, Inc.
11. Drägerwerk AG & Co. KGaA

By End User - Global Respiratory Care Devices Market and Forecast
• Hospitals form the largest end-user segment of the respiratory care devices market.
• Home care settings are expected to witness the highest growth during the forecast period, mainly due to the development of compact and lightweight respiratory care devices.
• The ambulatory care market is expected to be driven by increase in adoption and demand for minimally invasive surgery, technological advancements, and surge in demand to reduce hospital stay and overall health care cost.

By Geography - Respiratory Care Devices Market and Forecast
• North America dominates the global respiratory care devices market, followed by the European region.
• The increasing demand from COPD, Sleep Apnea and asthma patients in the US for the respiratory device and favorable reimbursement in the US is favoring the growth of the regional market.
• As per the National Institute of Health Research 2019, the prevalence of Chronic obstructive pulmonary disease (COPD) in Germany is around 2.7 million.
• Chronic obstructive pulmonary disease (COPD) is a significant cause of morbidity and mortality in the UK, leading to 24 million lost working days, 30,000 deaths per year.
• Asia Pacific is the fastest growing market for respiratory care devices, driven by the increasing prevalence of respiratory disorders such as chronic COPD, TB, Asthma, and Sleep Apnea, and increasing geriatric population.
• It is estimated that over 50% of Chinese men smoke, whereas smoking rates among women are lower in this country.
• According to the Saudi Thoracic Society, in 2018, the prevalence of the chronic obstructive pulmonary disease in Saudi Arabia was 4.2% among the general population and 14.2% among smokers.

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