Publication Month: Aug 2020 | Report Code: TIPRE00012649 | No. of Pages: 155 | Category: Medical Device | Status: Published
Pulmonary or respiratory devices are used to remove mucus and secretions from the airways or the respiratory tract. These medical devices are focused on diagnosis, control, treatment, management, and evaluation of the problems associated with respiratory tract. The pulmonary devices market growth is mainly attributed to the rising number of COVID-19 cases worldwide and increasing prevalence of respiratory diseases. Moreover, strategic activities by the manufacturers such as type innovation, type launches, and approvals, as well as R&D investment for advancements in ventilatorsare further expected to foster the market growthduring the forecast period. However, unfavorable reimbursement scenario limitsthe growth of the market.
The impact of the COVID-19 crisis is expected to further accelerate the growth of the respiratory devices market in Europe. For instance, Apex Medical is focused towards providing CPAP ventilator solutions as COVID-19 treatment alternative as per the British Medicines and Medical Products Regulatory Agency (MHRA) to the patients with respiratory insufficiency. Additionally, In the United Kingdom (UK), for example, the government has asked automobile manufacturers including Ford, Honda, and Rolls-Royce to temporarily shift part of their assembly line focus from cars to developing respiratory equipment.
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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. As of now, the virus has infected more than a quarter of a million people globally. With the continued spread of this virus, which can cause pneumonia and difficulty breathing, hospitals are facing a limited supply of ventilators. For instance, in Italy, hospitals have been overwhelmed with patients in respiratory failure, and medical staffs have to make difficult life-or-death decisions about which patients receive ventilators. As the shortage and prevalence of respiratory diseases increase, the global pulmonary device market is expected to grow at a steady pace.
For now, the impact of the COVID-19 crisis is expected to further accelerate the growth of the respiratory devices market. In addition, the threat will have a lasting impact on governments and regulatory agencies in terms of future preparedness when it comes to the next pandemic.Today, governments worldwide are playing catch-up, swiftly intervening in an attempt to create alliances with manufacturers to handle the COVID-19 threat. And, international regulatory agencies are considering accelerated approval of certain respiratory devices.
Based on type, the pulmonary devices market is segmented into therapeutic devices, consumables and accessories, diagnostic devices, and monitoring devices. The therapeutic devices segment held the largest share of the market in 2019.However, the consumables and accessories segment is anticipated to register the highest CAGR during the forecast period. The therapeutic devices for pulmonary diseases include standalone highly advanced respiratory systems such as positive airway pressure devices, ventilators, oxygen concentrators, to smaller regular patient usage devices such as portable oxygen concentrators, inhalers, nebulizers, humidifiers, oxygen hoods, and pumps.
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Based on application, the pulmonary devices marketis segmented into COPD, asthma, sleep apnea, infectious disease and others. The COPD segment held the largest share of the market in 2019. Also, the same segment is anticipated to register the highest CAGR in the market during the forecast period.Chronic obstructive pulmonary disorder commonly referred to, as COPD is a group of progressive lung disorders that commonly include bronchitis and emphysema. People having COPD usually suffer from both of the diseases. Smoking tobacco is known to be the top cause of COPD. In addition, long-term exposure by individuals to chemical irritants may also lead to COPD. The disease usually takes a long time to develop and establish.
Based on end user, the pulmonary devices marketis segmented into hospitals, home care settings and ambulatory care centers. The hospitals segment held the largest share of the market in 2019; however, home care settings segment is estimated to register the highest CAGR during the forecast period.Hospitals segment is estimated to hold a considerable share as majority of the patients in emerging and developed countries prefer visiting hospitals for any kind of health-related problem. Further, the increasing number of hospitals and adoption of advanced diagnostic platforms offer lucrative opportunities for the growth of the market for the hospital segment.
Product launches, mergersand acquisitions, collaborations, and expansionsarethe commonly adopted strategies by various companies to expand their footprint worldwide and meet the growing demandby expanding theirrespective product portfolios.The players operating in the pulmonary devices marketadopted the product innovationsstrategy to cater to changing customer demand worldwide, which also permits them to maintain their brand name globally.
The List of Companies - Pulmonary Devices Market
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