Publication Month: May 2022 | Report Code: TIPHE100001120 | No. of Pages: 347 | Category: Medical Device | Status: Published
Respiratory care devices are the medical instruments used for diagnosis, monitoring, and care of patients suffering from various respiratory diseases. Major devices such as oxygen concentrators, ventilators, inhalers, nebulizers, spirometers, and positive airway pressure (PAP) are primarily used to diagnose, treat, and monitor respiratory diseases. The introduction of innovative product launches, high adoption of cutting-edge technology, and integration of digital & sensor-based technologies for creating a smart portfolio will further aid the respiratory care devices market growth.
The report provides insights and in-depth analysis of the respiratory care devices market, emphasizing various parameters such as market trends, technological advancements, and market dynamics. It also provides the competitive landscape analysis of leading market players and the impact of the COVID-19 pandemic on the respiratory care devices market across all major regions. The COVID-19 pandemic affected three main aspects of the global economy – manufacturing, supply chain, and financial markets. However, the impact of the COVID-19 pandemic on the respiratory care devices market was positive. During the pandemic, the proportionate use of respiratory care devices came into the limelight and gained traction. The coordination between organizations and countries unfolded the overall potential of all regions. For instance, South Africa could not source a sufficient number of ventilators from global markets to meet local demand. In June 2020, the Minister of Trade, Industry, and Competition initiated the National Ventilator Project (NVP) to tackle the rising ventilator demand. Under the guidance of the Cabinet and the National Command Council, the NVP looked to engage local manufacturers to produce fit-for-purpose and noninvasive ventilators. This effort is overseen by the Department of Trade, Industry, and Competition (DTIC) and implemented by the South African Radio Astronomy Observatory (SARAO). As a result, astronomy capacity helped manufacture 20,000 ventilators by November 2020 at the cost of US$ 900 per device.
|Market Size Value in||US$ 18,114.31 Million in 2021|
|Market Size Value by||US$ 32,761.82 Million by 2028|
|Growth rate||CAGR of 8.9% from 2021 to 2028|
|No. of Pages||347|
|No. of Tables||274|
|No. of Charts & Figures||105|
|Historical data available||Yes|
|Segments covered||Product, Indication, and End User|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Based on region, the respiratory care devices market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
Medical device research and development are considered highly capital-intensive and fraught with enormous risks. R&D is an essential step, after which the best ideas are converted into the best products. A thriving R&D ecosystem can become the perfect nurturing ground for developing globally competitive and top-of-the-line products, from conceiving an ideal product design to new product development, prototyping, validation, and testing. To produce innovative products, MedTech companies are investing a huge part of revenue in R&D. For instance:
Further, the medical device industry is poised for steady growth. The rising need for respiratory care devices reflects the increasing demand for innovative devices such as wearables and services (health data). Respiratory care device manufacturers are racing to meet the demand in ventilator production to potentially avoid the looming shortage and the possible need to ration respiratory devices. For instance, Zoll Medical announced producing 10,000 ventilators per month in response to the COVID-19 pandemic. This represents a 25-fold increase in its production volume, and it is prepared to expand its supply base as necessary. Other efforts include a collaboration between device maker Ventec Life Systems and GM to develop its ventilator production. ResMed announced its goal to double or triple ventilator output and scale-up ventilation mask production more than 10-fold.
Based on product, the respiratory care devices market is segmented into therapeutic devices, monitoring devices, diagnostics devices, and consumables & accessories. In 2022, the therapeutic devices segment accounted for the largest market share. It is expected to be one of the fastest-growing segments. The market position of this segment has increased due to the major use of PAP devices, ventilators, and oxygen concentrators.
Based on indication, the respiratory care devices market is segmented into chronic obstructive pulmonary disease (COPD), sleep apnea, asthma, infectious diseases, and others. The COPD segment held the largest market share, whereas the asthma segment is anticipated to be the fastest-growing segment during the forecast period. With the increasing prevalence of chronic obstructive pulmonary disease (COPD) caused by air pollution, passive smoking, and several other factors, both segments are expected to surge during the forecast period.
Based on end user, the respiratory care devices market is segmented into hospitals, home care, and ambulatory care. The hospitals segment held the largest respiratory care devices market share, whereas the home care segment is expected to be the fastest-growing one.
The respiratory care devices market players are adopting organic strategies such as product launch and expansion to expand their footprint and product portfolio globally.