Therapeutic respiratory devices market outlook: Increasing prevalence of chronic ailments to boost the industry growth: Industry Trends- 2016-2024
Therapeutic respiratory devices market is on the rise due to the growing prevalence of respiratory diseases such as asthma and chronic obtrusive pulmonary diseases (COPD). COPD is one of the leading causes of demises globally. Rising geriatric population, growing adoption of advanced therapeutic devices, and continuous surge in COPD patients due to increasing pollution level and cigarette smoking are the key factors propelling the therapeutic respiratory devices industry share. According to Global Market Insights, Inc., “Therapeutic Respiratory Devices Market size worth USD 8.5 billion in 2015, is estimated to grow at a CAGR of 11.7% over the period of 2016-2024.” These devices are used in the treatment of range of diseases including obstructive sleep apnea, asthma, cystic fibrosis, respiratory distress syndrome, chronic obstructive pulmonary disease, and pneumonia.
Spain therapeutic respiratory devices market size, by product 2012—2024 (USD Million)
Japan has the largest geriatric population, owing to which Japan therapeutic respiratory devices industry is projected to exceed USD 2 billion by 2024, having had a revenue of USD 750 million in 2015. Moreover, growing health awareness and expansion in healthcare industry will drive the regional growth. Brazil therapeutic respiratory devices market is anticipated to register a CAGR of 13% over the period of 2016-2024.
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The global therapeutic respiratory devices market is segmented on the basis of products, filters and technology. Growing adoption of therapeutic products and filters such as Nebulizers, Gas Analyzers, Capnographs, Humidifiers, Oxygen Concentrators and PAP devices will spur therapeutic respiratory devices market growth. Oxygen concentrators is anticipated to grow at a rate of 12.4% CAGR over the period of 2016-2024, owing to improved healthcare services and growing awareness in low-income regions. Pneumatic Nebulizers Market size was worth over USD 1 billion and accounted for 13% therapeutic respiratory devices industry share. Moreover, positive airway pressure (PAP) devices accounted for over 55% of overall industry share in 2015. The humidifier filters are widely used in hospitals, home, schools, and healthcare entities and is anticipated to grow at a rate of 12.5% over the period of 2016-2024.
The introduction of technological innovations such as Electrostatic Filtration, Microsphere Separation, Hollow Fiber Filtration, and HEPA filter technology are expected to serve as future growth opportunities for therapeutic respiratory devices market. Electrostatic filtration revenue is projected to witness over 11.5% CAGR over the period of 2016-2024, owing to its wide acceptance and easy maintenance. Moreover, HEPA filter technology accounted for 35% of therapeutic respiratory devices market share in 2015 due to its effective air filtration technique and wide span of applications.
Geographically, North America accounted for the largest industry share, and was pegged at USD 3 billion in 2015. US therapeutic respiratory devices market share is anticipated to witness a CAGR of 10.8% over the period of 2016-2024, owing to large pool of COPD patients and promising regulatory scenario.
Over the coming years, therapeutic respiratory devices industry players will adopt business strategies such as mergers, collaborations & strategic alliances, and R&D investments, focused on expanding their product portfolio. Key companies include GE Healthcare, CareFusion, Covidien, Invacare, Smiths Medical, Philips Healthcare, etc.
Author Name : Ojaswita Kutepatil