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Respiratory devices are used to provide respiratory gases to the patients suffering from respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), pulmonary fibrosis, pneumonia, and pulmonary disease. Growing prevalence of the respiratory diseases, changing lifestyles, and increase in the level of pollutions are some of the significant factors likely to enhance the demand for the effective respiratory devices for the diagnostic and monitoring of the respiratory diseases.
According to the report published in 2017, by the World Health Organization (WHO), it was estimated that around 65 million people had moderate to severe chronic obstructive pulmonary disease (COPD) and more than 100 million people suffered from sleep-breathing disorders. Growing investments by many key players and rising awareness about the innovative devices for diagnostic and treatment of respiratory diseases are likely to fuel the respiratory devices market growth during the forecast period.
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Growing technological advancements in respiratory devices, ease of use of respiratory devices, and growing prevalence of various respiratory diseases across the globe are likely to boost the demand for respiratory devices market growth during the forecast period. Also, growing investments in R&D activities by many key players and government organizations are likely to drive for innovative respiratory devices market growth during the forecast period.
However, lack of awareness about innovative respiratory devices in emerging nations is likely to hinder the respiratory devices market growth during the forecast period.
Some of the major companies that are present in the global respiratory devices market report include Invacare Corporation., Medtronic, GlaxoSmithKline plc., Chart Industries, General Electric Company, ResMed. and others.
In terms of product segment, monitoring devices segment is anticipated to hold the largest respiratory devices market share during the forecast period they aid in real time monitoring of the respiratory rate in addition to the growing demand of technologically advanced monitoring devices.
Geographically, the global respiratory devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is likely to dominate the global respiratory devices market during the projected period owing to the growing prevalence of respiratory disease and increase in the adoption of various respiratory device used for the treatment of chronic respiratory disease treatment procedure. In Europe, growing investments by government organizations in research and development activities and growing collaborations among many key players to develop cost-effective as well as portable devices are likely to boost the respiratory devices market growth during the forecast period. Asia Pacific is anticipated to register significant CAGR in respiratory devices market owing to the growing patient population and rising awareness about various respiratory disease and its treatment options available.
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