The respiratory devices & equipment therapeutic market comprises of the sales of respiratory devices & equipment used for treating the patients with acute or chronic respiratory disorders for instance chronic obstructive pulmonary disease (COPD), sleep disorders, chronic bronchitis, asthma, etc. The market includes sales of respiratory monitoring devices establishments mainly engaged in the manufacturing of oxygen concentrators, nebulizers, humidifiers, positive airway pressure devices, ventilators, capnographs, and gas analyzers.
According to study, “Respiratory Devices and Equipment (Therapeutic) Global Market Report 2020-30: Covid 19 Implications and Growth” the key companies operating in the global respiratory devices & equipment (therapeutic) market are Smiths Medica, GE Healthcare, Hamilton Medical Ag, Koninklijke Philips N.V, Philips Health Care, Fisher & Paykel Healthcare Limited, Chart Industries, Invacare Corporation, Resmed, Dragerwerk Ag, Carefusion Corp, Rotech Healthcare Inc, 3B Medical, Getinge Ab, Medtronic Plc, Masimo Corp., Hill-Rom, Becton, Vyaire Medical, Compumedics Ltd., Dickinson And Company, Air Liquide, Covidien Plc, Mindray, Siemens Healthcare, Teleflex Incorporated., Inogen, Nihon Kohden Corporation, Breas Medical, Airsep Corporation. Key companies are increasingly investing in improved mechanical ventilators for efficient patient management. These mechanical ventilators use artificial intelligence (AI) to improve the patient management by analyzing, examining, integrating and incorporating data from the extensive sources. These AI-enabled devices ensure steadiness even in the absence of expert personnel, limit clinical mistakes, improve patients' treatment, and predict prolonged mechanical ventilation by using the artificial intelligence techniques.
Based on product type, respiratory devices & equipment (therapeutic) market is segmented as therapeutic devices, diagnostic devices and monitoring devices. Based on therapeutic devices, market is segmented as oxygen concentrators, humidifiers, Positive Airway Pressure (PAP) devices, nebulizers, ventilators and others. Based on diagnostic devices, market is segmented as polysomnographs, spirometer, and peak flow meters. Based on monitoring devices, market is segmented as capnographs, pulse oximeters and gas analyzers. Based on application, market is segmented as Asthma, Respiratory Distress Syndrome (RDS), COPD, Obstructive Sleep Apnea (OSA), Cystic Fibrosis and Pneumonia. In addition, based on end-user, market is segmented as clinics, homecare settings, hospitals and ambulatory service centers.
The respiratory devices & equipment (therapeutic) market is driven by increase in prevalence of diseases such as asthma, COPD, and lung cancer, followed by rise in tobacco consumption, growth in geriatric population. However, longer duration of time taken in the approval process of respiratory devices and stringent & regulatory policies may impact the market.
Based on geography, the North-American region holds major share in global respiratory devices & equipment (therapeutic) market owing to well-developed healthcare sector coupled with huge patient population for lung diseases in the region. The Asian-Pacific and European regions are estimated to witness higher growth rate due to increase in government support for research & development (R&D) and continuously developing economies like India and China over the forecast period. It is expected that future of global market will be optimistic as a result of change in lifestyle and increase in healthcare expenditure during the forecast period. It is also expected that the global respiratory devices & equipment (therapeutic) market will be reached at US $24 billion at a CAGR of 15.6% through 2023.
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Ankur Gupta, Head Marketing & Communications