The study involved 4 major activities in estimating the current market size for the respiratory care devices market. Exhaustive secondary research was done to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
This market is projected to reach USD 31.8 billion by 2024 from USD 20.6 billion in 2019, at a CAGR of 9.1%.
The major factor driving the growth of the respiratory care devices market is the high prevalence of respiratory diseases as a result of the rapid growth in the global geriatric population, high prevalence of tobacco smoking, urbanization and growing levels of pollution, and changing lifestyles.
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Data Triangulation:
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Recent Developments in the Industry:
# In May 2019, Fisher Paykel (New Zealand) launched a nasal cannula - F&P Optiflow 3S, to strengthen its position in the therapeutic respiratory care devices market.
# In March 2019, ResMed acquired HB Healthcare Safety, a provider of home-based medical equipment for sleep and respiratory care devices.
# In March 2018, Philips opened its first Sleep and Respiratory Education Center in Singapore.
# In May 2019 Masimo Corporation (US) signed an agreement with Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China) to offer Masimo SET Measure-through Motion and Low Perfusion pulse oximetry in its monitoring devices. Mindray devices equipped with SET will now be available in select countries in Europe, the Middle East, Russia, the Commonwealth of Independent States, and the Asia Pacific (excluding China), including Australia and India.
The market in the Asia Pacific region is expected to be the fastest growing in 2019
While the respiratory care devices market in the APAC is relatively smaller than developed markets across North America and Europe, it is expected to grow at the highest rate. This can be attributed to the presence of high-growth markets such as Japan, China, India, South Korea, Taiwan, Australia, and Singapore. In these countries, the rising geriatric population, growing per capita income, increasing investments in the healthcare industry by key market players, rising demand for cutting-edge technologies, and the expansion of private-sector hospitals to rural areas are major factors driving the growth of the respiratory care devices market. Low labor costs and the favorable regulatory environment in the region will also contribute.
Key Questions Addressed in the Report:
# Who are the top 10 players operating in the market?
# What are the drivers, restraints, opportunities, and challenges in the market?
# What are the industry trends as well as the current scenario in the market?
# What are the growth trends in the market at the segmental and overall market levels?
# How is the market performing in different regions across the globe?
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The molecular biology enzymes and kits & reagents market is well established owing to the dominance by prominent market players. In 2016, Thermo Fisher (US), Merck (Germany), and Illumina (US) held a share of 70% to 75% of the overall market.
Some of the other players competing in this market are Illumina (US), QIAGEN (Netherlands), New England Biolabs (US), Promega (US), Agilent (US), Roche (Switzerland), Takara Bio (Japan), Bio Basic (Canada), Jena Bioscience (Germany), and Molecular Biology Resources (US).
The function of lungs starts to decline and hence the respiratory system undergoes numerous physiological, functional as well as immunological changes with the growing age.
Wide ranges of devices for diagnosis of respiratory diseases say asthma, sleep apnea, Chronic Obstructive Pulmonary Diseases (COPD).
In the year 2017, about 235 million people have asthma as per the World Health Organization, which signifies the need for respiratory care for asthma patients.
As per our analysis, the North America region holds significant market share among all regions across the globe in the global Respiratory care devices market by Regions.
Apart from that, Polysomnography Devices market will dominate this market during the forecast period by products that we have covered in this report.
Renub Research report titled “Respiratory Care Devices Market Global Analysis by Product (PAP Devices, Ventilators, Nebulizers, Humidifiers, Medical Oxygen Concentrators, Pulse Oximeters, Capnographs, Medical Gas Analyzers, Spirometers, Polysomnography, Devices, Peak Flow Meter, Breathing Circuits, Tracheostomy Tube, Others), Type (Therapeutic Devices, Monitoring Devices, Diagnostic Devices, Consumables & Accessories), Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Companies (Becton Dickinson and Company, GE Healthcare, Invacare, Philips Group, Fisher & Paykel Healthcare, Medtronic Plc.
