FMI states that the global respiratory devices market will exhibit a robust 9.1% CAGR between 2021 and 2031. The rapid rise in respiratory diseases among people and their demand for effective solutions and enhanced drugs will lead to the expansion of the respiratory devices market.
“Several new drugs were launched for the management of COPD and other respiratory diseases such as asthma over the last decade. With the number of products in pipeline increasing, the market will have greater scope for expansion especially as the demand for respiratory devices has surged amid COVID-19 outbreak.” says the FMI analyst.
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Important Highlights of the Respiratory Devices Market
- The adoption of combination therapies to treat the patients with COPD and other asthmatic problems will help in the growth of the respiratory devices market in the forecasted period.
- The U.S. will continue to have the majority share of the market in terms of revenue and products owing to the high annual spending of the country’s budget on health care. Moreover, the U.S has the largest market for medicine sales globally which helps to boost the growth and innovation of effective strategies.
- The European Academy of Allergy & Clinical Immunologyis creating awareness in the UK regarding the COPD and other respiratory ailments. Europe being the second largest market for the same, there is a need for adoption of the latest therapy procedures.
- The annual healthcare spending in Germany was reported to rise by 4% between 2017 and 2018. Companies like Drägerwerk AG & Co. are thriving to produce better and cost-efficient techniques for treatment of people in the country.
- The rapid rise in the frequency of respiratory diseases among people in countries like France and China have forced the respective governments to increase health care spending to provide effective treatments for the citizens. This has led to the expansion and growth of the respiratory devices market.
Respiratory Devices Market – Drivers
- There has been a rapid increase in the number of patients suffering from Chronic Obstructive Pulmonary Diseases (COPD) and other asthmatic ailments which led to the innovation and development of latest therapy models to provide better treatment. This is considered to be the major driver in the forecasted period.
- The increase in the annual spending on health care by various countries over the years boost the research process and helps the appointed institutions to create efficient strategies under the respiratory devices market.
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Respiratory Devices Market – Constraints
- The lack of proper allocation of resources and effective measures taken by the government to spread awareness among people has been one of the major constraints for the respiratory devices market.
- The research and development teams working within various health care organisations lack the motivation to innovate and produce effective ways for the treatment of respiratory diseases.
Competitive Landscape
The key market players in the respiratory devices market are focussing mainly on product innovation and development of the latest therapy models to provide better solutions for people suffering from COPD and gain a competitive edge in the market.
Some of the major companies in the respiratory devices market which are included in FMI’s study are Massimo Corporation, Teleflex Incorporated, Fisher & Paykel Healthcare Limited, ResMed Inc., Hamilton Medical AG, Medtronic plc., Koninklijke Philips N.V., Smith’s Medical, General Electric Healthcare Limited, Drägerwerk AG & Co. KGaA and Inogen Inc.
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About the Study
The study offers a comprehensive assessment and evaluation of the respiratory devices market. This FMI report covers global, regional, and national-level analysis of the latest trends influencing the market. The study provides detailed insights based on the product type (Respiratory consumables, nebulizers, oxygen concentrators, positive airway pressure devices and pulse oximeters), end users (hospitals, clinics, long term health care centers and ambulatory surgical centers) and across key regions (North America, Latin America, Europe, East Asia, South Asia, Middle East, Africa and Oceania).
