Respiratory Care Devices Market: Driver, Restraint, Opportunity & Challenge

Overview of This Study:

This research employed a large number of primary and secondary sources. In order to determine the segmentation kinds, industry trends, major players, competitive landscape, important market dynamics, and major player strategies, the research procedure entailed analyzing a variety of industry-affecting aspects.

Major Revenue Growth Dynamics:

Revenue from respiratory care devices was projected to reach $21.8 billion globally in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 7.8% to $31.8 billion by 2028.

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Driver: Rising Prevalence of Respiratory Diseases

Prolonged exposure to tobacco smoking, indoor and outdoor air pollution, and occupational dust and fumes are some of the main causes of COPD. COPD is associated with other concomitant chronic illnesses, such as diabetes mellitus, musculoskeletal disability, and cardiovascular disease. In addition to interfering with the management of COPD, these disorders may also have an effect on patients' health. Asthma claimed the lives of 0.5 million people in 2019 and affected around 262 million people worldwide, according to the WHO. Morbidity and mortality in asthma remain significant problems, and no medication can bring the disease back to baseline.

Globally, there will likely be an increase of 100 million asthmatic sufferers by 2025. One in twelve Americans suffer with asthma, and over ten million adults over 45 in Europe suffer from the illness. Up to 1,000 people are thought to pass away from asthma-related causes every day.

Restraint: Unfavorable reimbursement scenario

For therapy, a lot of patients depend on reimbursements. The issue of unpaid bills for different diagnostic tests is currently plaguing the diagnostic sector overall and respiratory care diagnostics specifically. The 2020 Medicare Physician Fee Schedule was made public by the Centers for Medicare & Medicaid Services (CMS) on November 1st. The final payment rates for home sleep testing are in line with the CMS's initial modifications, according to the CMS. With a 2% decrease from the previous year, Medicare's national payment rates for CPT 95800 (sleep study, heart rate, oxygen saturation, and simultaneous recording); respiratory analysis, by airflow or peripheral arterial tone; and sleep time) was largely unchanged.

Medicare's global service payment for CPT 95806 (unattended, simultaneous monitoring of respiratory airflow, heart rate and respiratory effort, oxygen saturation, respiratory airflow, and thoracoabdominal movement) is still 15% less than it was the year before. The distinction between the two codes is that CPT 95800 can call for the equipment to measure sleep duration and may involve the use of peripheral arterial tone technology.

Opportunity: Point-of-care Diagnostics

At or close to the location of patient care, point-of-care (POC) testing is carried out. The main drivers creating a niche market potential for POC devices in respiratory diagnostics are improvements in test accuracy and the growing number of diagnostic tests available for various illnesses.

Growing patient self-testing is one of the main factors propelling the POC respiratory illness diagnostics market. In the upcoming years, technological developments that are facilitating microfabrication processes and devising downsizing are anticipated to bolster the trend of POC testing and the treatment of respiratory disorders. Government agencies in rich and developing nations alike have realized that POC technology offers a perfect opportunity to grow public healthcare networks and meet patients' unmet medical needs. Furthermore, POC testing is becoming more and more preferred as the number of qualified technicians in the centralized system declines.

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Challenges: Lack of patient compliance

A major problem impeding the market's growth is patient noncompliance with CPAP therapy. Patients with respiratory and sleep-related diseases have historically had trouble adhering to their treatment plans, primarily because of a variety of problems like comfort and cost. Another reason why patients are unwilling to pay for treatment is the extremely low reimbursement rates in regions like Asia (China and India) and the Rest of the World. It is discovered that non-compliance is more common among CPAP users. According to studies, the claustrophobic character of CPAP therapy makes it difficult for between 30% and 50% of patients to continue receiving it.

Geographical Growth Dynamics:

The respiratory care devices market was dominated by the North American segment.

The regions of North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa comprise the worldwide respiratory care devices market. The respiratory care devices market was dominated by North America in 2022. The North American market for respiratory care devices is anticipated to increase as a result of the region's sophisticated healthcare infrastructure and high healthcare spending. Throughout the projection period, the US's high prevalence of asthma is anticipated to fuel demand for respiratory care devices.

Respiratory Care Devices Market: Revenue Growth Predictions by 2028

Global Growth Driving Factors:

The number of patients with respiratory conditions like COPD and asthma, the rise in the number of overweight and obese people, and the rising number of preterm births are the main factors driving this market's growth. Over the past 20 years, preterm birth rates have increased globally. There is an increased risk of preterm delivery when a woman becomes pregnant at an inappropriate age, usually over 40 and under 20.

Maternal health issues such as diabetes, high blood pressure, and extensive use of infertility treatments are contributing factors to preterm births. In addition, women from particular ethnic groups have a genetic predisposition to preterm births. For example, preterm births are highly likely among African-American and Hispanic populations in the United States. Preterm birth rates are further increased by obesity and smoking during pregnancy.

Market Size Estimation:

After data triangulation from two distinct approaches, the market size for respiratory care devices was determined, as will be discussed below. Based on the degree of assumptions made in each approach, a weighted average of all approaches was determined after each one.

Revenue Growth Dynamics:

Revenue from respiratory care devices was projected to reach $21.8 billion globally in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.8% to $31.8 billion by 2028.

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Objectives of this Study:

# To define, describe, segment, and forecast the global respiratory care devices market on the basis of product, disease indications, end user, and region.

# To provide detailed information about the factors influencing the market growth (such as drivers, restraints, opportunities, and challenges).

# To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall respiratory care devices market.

# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players functioning in this market.

# To forecast the size of the respiratory care devices market in five main regions as well as country-wise segmentation (North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa).

# To profile key players in the respiratory care devices market and comprehensively analyze their core competencies and market shares.

# To track and analyze competitive developments such as acquisitions; product launches; expansions; collaborations, partnerships, and agreements of the leading players in the respiratory care devices market.

Opportunity: Point-of-care Diagnostics

At or close to the location of patient care, point-of-care (POC) testing is carried out. The main factors creating a niche market opportunity for POC devices in respiratory diagnostics are improvements in test accuracy and the growing number of diagnostic tests available for various conditions.

Growing patient self-testing is one of the main factors propelling the POC respiratory disease diagnostics market. In the upcoming years, technological developments that are facilitating microfabrication processes and devising miniaturization are anticipated to bolster the trend of POC testing and the treatment of respiratory disorders. Government agencies in developed and developing nations alike have realized that POC technology offers a perfect opportunity to grow public healthcare networks and meet patients' unmet medical needs. Furthermore, POC testing is becoming more and more preferred as the number of qualified technicians in the centralized system declines.

Challenge: Lack of patient compliance

A major factor impeding the market's growth is patient noncompliance with CPAP therapy. Patients with respiratory and sleep-related diseases have historically had trouble adhering to their treatment plans, primarily because of a variety of problems like comfort and cost.

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Another reason why patients are unwilling to pay for treatment is the extremely low reimbursement rates in regions like Asia (China and India) and the Rest of the World. It is discovered that non-compliance is more common among CPAP users. According to studies, the claustrophobic nature of CPAP therapy makes it difficult for between 30% and 50% of patients to continue receiving it. According to another survey, discomfort from the masks or airflow was the main cause of non-compliance with treatment, with approximately half of CPAP patients stopping their device within 1-3 weeks of starting to use it.

Geographical Growth Dynamics:

The respiratory care devices market was dominated by the North American segment.

The regions of North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa comprise the global respiratory care devices market. The respiratory care devices market was dominated by North America in 2022. The North American market for respiratory care devices is anticipated to grow as a result of the region's sophisticated healthcare infrastructure and high healthcare spending. Throughout the forecast period, the US's high prevalence of asthma is anticipated to fuel demand for respiratory care devices.

Global Leading Players:

The global respiratory care devices market is dominated by a few globally established players such as Koninklijke Philips N.V. (Netherlands), General Electric Healthcare (US), ResMed Inc. (US), Fisher & Paykel Healthcare Corporation Limited (New Zealand), and Medtronic plc (Ireland). Major players adopt growth strategies to expand their geographical presence and garner higher shares in the global market.

Growth Strategies Opted by Them:

To stay competitive and grow their market share, these businesses are mainly focused on tactics like partnerships, product launches, acquisitions, agreements, collaborations, and expansions.

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Respiratory Care Devices - Emerging Innovations & Revenue Growth Dynamics

 Market Definition:

The medical specialty of respiratory care offers diagnosis, assessment, treatment, control, and monitoring for illnesses and disorders of the cardiopulmonary system. As a life support measure, respiratory care devices are widely used in ICUs, general and surgical wards.  Devices designed to support breathing, remove carbon dioxide from the air, and treat abdominal wall muscle atrophy are all considered respiratory assist devices.

Future Growth Driving Factors:

The primary drivers of this market's growth are the increased emphasis on enhancing patient outcomes and the rise in research and development expenditures that produce cutting-edge technology. To enhance their patients' respiratory health and overall results, respiratory therapists employ a variety of techniques.

For example, incentive spirometry involves having patients take deep, prolonged breaths to measure how well their lungs expand. It will improve the patient's ability to expel mucus from their lungs because it requires deep breathing. Patients learn these exercises from therapists, which increases the market for respiratory care equipment.

Revenue Growth Predictions, Globally:

A compound annual growth rate (CAGR) of 7.8% is predicted for the global respiratory care devices market, which was valued at $21.8 billion in 2023 and is expected to reach $31.8 billion by 2028.

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Data Triangulation:

The entire market was split up into a number of segments and sub-segments after the market size was determined. Data triangulation and market breakdown procedures were used when appropriate to finish the overall market engineering process and yield precise statistics for all segments and sub-segments. The market validation, source structure, and data triangulation methodology used in the market engineering process of this report are depicted in the accompanying figure.

Geographical Growth Dynamics:

The respiratory care devices market was dominated by the North American segment.

The regions of North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa comprise the global respiratory care devices market. The respiratory care devices market was dominated by North America in 2022. The North American market for respiratory care devices is anticipated to grow as a result of the region's sophisticated healthcare infrastructure and high healthcare spending. Throughout the forecast period, the US's high prevalence of asthma is anticipated to fuel demand for respiratory care devices.

Opportunities: Point-of-care Diagnostics

At or close to the location of patient care, point-of-care (POC) testing is carried out. The main factors creating a niche market opportunity for POC devices in respiratory diagnostics are improvements in test accuracy and the growing number of diagnostic tests available for various conditions.

Growing patient self-testing is one of the main factors propelling the POC respiratory disease diagnostics market. In the upcoming years, technological developments that are facilitating microfabrication processes and devising miniaturization are anticipated to bolster the trend of POC testing and the treatment of respiratory disorders. Government agencies in developed and developing nations alike have realized that POC technology offers a perfect opportunity to grow public healthcare networks and meet patients' unmet medical needs. Furthermore, POC testing is becoming more and more preferred as the number of qualified technicians in the centralized system declines.

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Key Stakeholders:

Respiratory care device manufacturers and distributors
Healthcare institutions (hospitals, laboratories, medical schools, and outpatient clinics)
Research institutes
Contract manufacturing organizations (CMOs)
Government associations
Market research and consulting firms
Venture capitalists and investors

Respiratory Care Devices Market worth $27.6 billion by 2026

 Expected Revenue Surge:

The respiratory care devices market is expected to reach USD 27.6 billion by 2026 from USD 18.4 billion in 2021, at a CAGR of 8.5% during the forecast period of 2021 to 2026.

Major Growth Boosting Factors:

Due to the outbreak of the corona virus globally, there is a sudden rise in the demand for respiratory care devices. 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 lifestyle. However, factors such as the presence of an unfavorable reimbursement scenario and the availability of low-cost products from local manufacturers are expected to restrain the growth of this market during the forecast period.

Data Triangulation:

After arriving at the overall market size—using the market size estimation processes explained above—the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and sub-segment, 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.

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Increasing prevalence of COPD to drive the demand for respiratory care devices

Based on disease indications, COPD held the largest share of the respiratory care devices market in 2019. This is followed by sleep apnea, asthma, and infectious diseases. The large share of the COPD disease segment can be attributed to the increasing prevalence of smoking and environmental factors. This segment is also expected to show the highest growth in the market, followed by asthma.

The hospitals segment accounted for the largest market share in 2020

Based on the end-user, the respiratory care devices market is segmented into hospitals, home care settings, and ambulatory care centers. In 2020, hospitals accounted for the largest market share. Their financial capabilities, which allow them to purchase expensive instruments, and the availability of trained professionals to operate these instruments, have ensured the high percentage of hospitals in this 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 that are easier to carry and operate.

North America was the largest regional market for bioanalytical testing services in 2020

The global respiratory care devices market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the market. The large share of North American region is mainly attributed to the strong presence of a large number of major manufacturers, its rising geriatric population, high prevalence of smoking and respiratory diseases, and the presence of a highly developed healthcare system.

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Key Players:

Some of the prominent players operating in this market include Philips Healthcare (Netherlands), ResMed Inc. (US), Medtronic plc. (Ireland), Masimo Corporation (US), Fisher & Paykel Healthcare (New Zealand), Drager AG (Germany), Invacare Corporation (US), Nihon Kohden (Japan), Getinge AB (Sweden) and Air Liquide (France).

Respiratory Care Devices Market - Revenue Growth Expectations by 2026

 Overview of This Study:

This study involved four major activities for estimating the current size of the global respiratory care devices market. Exhaustive secondary research was conducted to collect information on the market as well as its peer and parent markets.

The next step focused on validating these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the sizes of segments and sub-segments.

Projected Revenue Surge:

The respiratory care devices market is expected to reach USD 27.6 billion by 2026 from USD 18.4 billion in 2021, at a CAGR of 8.5% during the forecast period of 2021 to 2026.

Major Growth Driving Factors:

Due to the outbreak of corona virus globally, there is a sudden rise in the demand for respiratory care devices. The growth of this market is mainly attributed to the high prevalence of respiratory diseases, rising aging population across the globe, high prevalence of smoking, rising urbanization and pollution levels, increasing incidence of preterm births, and lifestyle changes. However, a lack of awareness—leading to a large underdiagnosed and undertreated population—and the harmful effects of certain respiratory care devices on neonates have hampered market growth to an extent.

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COVID-19 Impact on the Global Respiratory Care Devices Market

The COVID-19 outbreak in Wuhan, China, led to the rapid establishment of several hospitals for treating the increasing number of patients. This has been mirrored in other countries as well—Italy and the US also built large hospitals within days to accommodate a growing patient population. In New York, US, the army converted the Javits convention center into a 2,900-bed hospital within four days. Critical care devices are being manufactured in increased quantities to meet growing demand. The state of affairs resulting from the pandemic has resulted in alliances between healthcare and non-healthcare industries to manufacture respiratory care devices.

Opportunities: Growing demand for home care therapeutic devices

The rapid growth in the global geriatric population, rising incidence of chronic diseases (including COPD and asthma), and the cost advantages of home care devices and services (compared to hospital visits) are the key factors driving the growth of the home healthcare market. The high growth potential in emerging markets, healthcare decentralization, and the evolution of miniaturized devices are some of the major factors that are expected to provide significant growth opportunities to players operating in the respiratory home healthcare market.

Owing to the rising healthcare costs, a large number of patients suffering from chronic respiratory diseases prefer to undergo treatments in home care settings. This trend is expected to increase the demand for products such as nebulizers, ventilators, and CPAP devices, as they are used by patients to treat, diagnose, and monitor a variety of respiratory diseases in home care settings.

Geographical Growth Scenario:

The global respiratory care devices market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of this market. The large share of the North American region is mainly attributed to the strong presence of a large number of major manufacturers, its rising geriatric population, high prevalence of smoking and respiratory diseases, and the presence of a highly developed healthcare system.

The Asia Pacific market is projected to grow at the highest CAGR during the forecast period, due to its large patient pool for respiratory diseases, growing healthcare expenditure, and developments in healthcare infrastructure.

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Respiratory Care Devices Market - Drivers, Restraints, Challenges & Opportunities

 Overview of This Study:

This study involved four major activities for estimating the current size of the global Respiratory Care Device Market. Exhaustive secondary research was conducted to collect information on the market as well as its peer and parent markets.

The next step focused on validating these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the sizes of segments and sub-segments.

Expected Growth in Revenue Generation:

The respiratory care devices market is expected to reach USD 27.6 billion by 2026 from USD 18.4 billion in 2021, at a CAGR of 8.5% during the forecast period of 2021 to 2026.

Data Triangulation:

After arriving at the overall market size—using the market size estimation processes explained above—the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and sub-segment, 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.

Drivers: Outbreak of infectious diseases affecting the respiratory system

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. The demand for ventilators has also grown due to the COVID-19 outbreak, resulting in governmental and industrial support for driving the pace of manufacturing. This is indicative of the emphasis on respiratory care in the background of an outbreak; the market is expected to show a healthy growth rate, as a result.

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Recent Developments Respiratory Care Device Market:

# In April 2020, Philips launched the PHILIPS RESPIRONICS E30 VENTILATOR. This will enable company to help healthcare professionals by providing superior quality ventilators.

# In January 2020, Masimo Corporation acquired Connected Care Business from NantHealth (US). This acquisition will support Masimo to assist hospitals in providing constant care through connectivity, automation, and innovative noninvasive monitoring technologies.

# In May 2020, Philips did the partnership with Masimo. This partnership was aimed at integrating Masimo’s measurement technologies into select intellivue MX-Series multi-parameter monitors to help clinicians examine ventilation status and cerebral oximetry.

# In March 2019, ResMed acquired HB Healthcare Safety, a provider of home-based medical equipment for sleep and respiratory care devices.

Restrains: Unfavorable reimbursement scenario

Many patients rely on reimbursements to receive treatment. The diagnostic industry as a whole and respiratory care diagnostics, in particular, is presently facing the challenge of lack of reimbursements for various diagnostic tests. Reimbursement policies are dispersed in Europe and are available only for PAP devices and oral appliances in select countries (devices that are not covered by insurance have a low market share in the region). Also, the majority of countries in the Asian and RoW regions have negligible reimbursement coverage for respiratory care devices.

Opportunities: Growing demand for home care therapeutic devices

The rapid growth in the global geriatric population, rising incidence of chronic diseases (including COPD and asthma), and the cost advantages of home care devices and services (compared to hospital visits) are the key factors driving the growth of the home healthcare market. The high growth potential in emerging markets, healthcare decentralization, and the evolution of miniaturized devices are some of the major factors that are expected to provide significant growth opportunities to players operating in the respiratory home healthcare market.

Owing to the rising healthcare costs, a large number of patients suffering from chronic respiratory diseases prefer to undergo treatments in home care settings. This trend is expected to increase the demand for products such as nebulizers, ventilators, and CPAP devices, as they are used by patients to treat, diagnose, and monitor a variety of respiratory diseases in home care settings.

Challenges: Low awareness and large underdiagnosed and undertreated population

In spite of the high prevalence of major respiratory diseases such as asthma and COPD remain highly underdiagnosed and undertreated. This is particularly evident in developing economies due to the low awareness about these diseases and the unavailability of adequate resources to diagnose these diseases. According to the WHO, more than 90% of COPD deaths and 80% of asthma deaths occur in low- and middle-income countries. COPD develops slowly, and it is usually diagnosed in people aged over 40 years, which makes it difficult to control in the later stages of life.

It is estimated that around 70% of COPD patients are underdiagnosed owing to the lack of awareness about the disease. Similar to COPD, asthma is also a highly underdiagnosed and undertreated disease (in around 50% asthmatics).

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Respiratory Care Devices Market - Emerging Trends & Global Future Forecasts

 Overview:

This study involved four major activities for estimating the current size of the global respiratory care devices market. Exhaustive secondary research was conducted to collect information on the market as well as its peer and parent markets.

The next step focused on validating these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the sizes of segments and sub-segments.

Projected Revenue Growth:

The respiratory care devices market is expected to reach USD 27.6 billion by 2026 from USD 18.4 billion in 2021, at a CAGR of 8.5% during the forecast period of 2021 to 2026.

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Major Growth Influencing Factors:

Due to the outbreak of corona virus globally, there is a sudden rise in the demand for respiratory care devices. 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 lifestyle.

However, factors such as the presence of an unfavorable reimbursement scenario and the availability of low-cost products from local manufacturers are expected to restrain the growth of this market during the forecast period.

Restrains: Unfavorable reimbursement scenario

Many patients rely on reimbursements to receive treatment. The diagnostic industry as a whole and respiratory care diagnostics, in particular, is presently facing the challenge of lack of reimbursements for various diagnostic tests. Reimbursement policies are dispersed in Europe and are available only for PAP devices and oral appliances in select countries (devices that are not covered by insurance have a low market share in the region). Also, the majority of countries in the Asian and RoW regions have negligible reimbursement coverage for respiratory care devices.

Opportunities: Growing demand for home care therapeutic devices

The rapid growth in the global geriatric population, rising incidence of chronic diseases (including COPD and asthma), and the cost advantages of home care devices and services (compared to hospital visits) are the key factors driving the growth of the home healthcare market. The high growth potential in emerging markets, healthcare decentralization, and the evolution of miniaturized devices are some of the major factors that are expected to provide significant growth opportunities to players operating in the respiratory home healthcare market.

Owing to the rising healthcare costs, a large number of patients suffering from chronic respiratory diseases prefer to undergo treatments in home care settings. This trend is expected to increase the demand for products such as nebulizers, ventilators, and CPAP devices, as they are used by patients to treat, diagnose, and monitor a variety of respiratory diseases in home care settings.

Hospitals are the largest end users of respiratory care devices

Based on end user, the respiratory care devices market is segmented into broadly categorized into three major end-user segments—hospitals, home care settings, and ambulatory care centers. In 2019, hospitals accounted for the largest market share. Growing public-private partnerships to improve access to healthcare services along with rapid developments in healthcare infrastructure and improving access to healthcare services are expected to be the key factors driving the growth of the respiratory care devices market for hospitals in emerging economies in the coming years.

Asia Pacific market to witness the highest growth during the forecast period

the respiratory care devices market is divided into five regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. These regions are further analyzed at the country levels. North America held the largest share of the respiratory care devices market in 2019, followed by Europe and the Asia Pacific.

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The Asia Pacific market is projected to grow at the highest CAGR during the forecast period, due to due to the presence of a large pool of respiratory patients, increasing healthcare expenditure, rapidly developing healthcare infrastructure, rising per capita income, growing middle-class population, and growing prevalence of tobacco smoking in this region.

Also, APAC is becoming a medical tourism hub and is considered as one of the fastest-growing markets for medical procedures and devices. Low infrastructure and treatment costs and the availability of highly educated physicians have driven medical tourists to APAC countries, particularly India and China.

Respiratory Care Devices Market - Forthcoming Technological Innovations to Boost Global Growth

 According to the new market research report, “Respiratory Care Devices Market by Product (Therapeutic (Ventilator, Mask, PAP Device, Inhaler, Nebulizer), Monitoring (Pulse Oximeter, Capnograph), Diagnostic, Consumables), End User (Hospital, Home Care), COVID-19 Impact - Global Forecast to 2026, the respiratory care devices market is expected to reach USD 27.6 billion by 2026 from USD 18.4 billion in 2021, at a CAGR of 8.5% during the forecast period of 2021 to 2026.

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Global Industry Growth Boosting Factors:

Due to the outbreak of corona virus globally, there is a sudden rise in the demand for respiratory care devices. 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 lifestyle. However, factors such as the presence of an unfavorable reimbursement scenario and the availability of low-cost products from local manufacturers are expected to restrain the growth of this market during the forecast period.

Overview:

This study involved four major activities for estimating the current size of the global respiratory care devices market. Exhaustive secondary research was conducted to collect information on the market as well as its peer and parent markets. The next step focused on validating these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the sizes of segments and sub-segments.

Drivers: Outbreak of infectious diseases affecting the respiratory system

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. The demand for ventilators has also grown due to the COVID-19 outbreak, resulting in governmental and industrial support for driving the pace of manufacturing. This is indicative of the emphasis on respiratory care in the background of an outbreak; the market is expected to show a healthy growth rate, as a result.

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Restrains: Unfavorable reimbursement scenario

Many patients rely on reimbursements to receive treatment. The diagnostic industry as a whole and respiratory care diagnostics, in particular, is presently facing the challenge of lack of reimbursements for various diagnostic tests. Reimbursement policies are dispersed in Europe and are available only for PAP devices and oral appliances in select countries (devices that are not covered by insurance have a low market share in the region). Also, the majority of countries in the Asian and RoW regions have negligible reimbursement coverage for respiratory care devices.

Opportunities: Growing demand for home care therapeutic devices

The rapid growth in the global geriatric population, rising incidence of chronic diseases (including COPD and asthma), and the cost advantages of home care devices and services (compared to hospital visits) are the key factors driving the growth of the home healthcare market. The high growth potential in emerging markets, healthcare decentralization, and the evolution of miniaturized devices are some of the major factors that are expected to provide significant growth opportunities to players operating in the respiratory home healthcare market. Owing to the rising healthcare costs, a large number of patients suffering from chronic respiratory diseases prefer to undergo treatments in home care settings. This trend is expected to increase the demand for products such as nebulizers, ventilators, and CPAP devices, as they are used by patients to treat, diagnose, and monitor a variety of respiratory diseases in home care settings.

Challenges: Low awareness and large underdiagnosed and undertreated population

In spite of the high prevalence of major respiratory diseases such as asthma and COPD remain highly underdiagnosed and undertreated. This is particularly evident in developing economies due to the low awareness about these diseases and the unavailability of adequate resources to diagnose these diseases. According to the WHO, more than 90% of COPD deaths and 80% of asthma deaths occur in low- and middle-income countries. COPD develops slowly, and it is usually diagnosed in people aged over 40 years, which makes it difficult to control in the later stages of life. It is estimated that around 70% of COPD patients are underdiagnosed owing to the lack of awareness about the disease. Similar to COPD, asthma is also a highly underdiagnosed and undertreated disease (in around 50% asthmatics).

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