Factors such as high prevalence of respiratory diseases, rapid growth in the aging population, the high prevalence of smoking, rising urbanization and pollution levels, increasing incidence of preterm births, and lifestyle changes are driving the growth of the global Respiratory Care Devices Market.
In 2015, therapeutic devices are expected to witness the higher growth rate in the global respiratory care devices market during the forecast period. The high growth rate of this segment can primarily be attributed to the rising incidence of chronic diseases and growing geriatric population. The PAP device segment in therapeutic devices market accounted for the largest share.
Based on the disease/disorder, respiratory care devices market is segmented into chronic obstructive pulmonary disease (COPD), sleep apnea, asthma, infectious diseases and others. The other diseases/disorders segment includes lung cancer, pulmonary fibrosis, pulmonary embolism, cystic fibrosis, and allergies. Out of which, COPD is expected to dominate the market and is also expected to grow at higher rate during the forecast period. This is primarily because of the increasing tobacco smoking prevalence and rising pollution levels globally
Based on the end users, respiratory care devices market is segmented into hospitals, home care and ambulatory care. Among them, home care segment is expected to grow at the highest CAGR during the forecast period. Factors propelling the growth of this segment include the technological advancements in respiratory care devices, which have enabled the development of compact and lightweight devices and the increasing awareness and acceptance of home care devices.
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Asia-Pacific possesses lucrative growth potential for respiratory care devices market during the forecast period. The rising geriatric population, growing per capita income, increasing investments in the healthcare industry by key market players, rising demand for cutting-edge technologies, low labor costs, favorable regulatory environment and expansion of private-sector hospitals to rural areas in various APAC countries are some of the factors fueling the growth of the respiratory care devices market in this region.
The global respiratory care devices market is fragmented, with the presence of many small and medium-size companies which operate in their respective market segments. In order to maintain their market shares, leading players in the market are continuously developing new technologies and upgrading their existing products to enhance their product portfolios. Some of the prominent players in the global market include Philips Healthcare (The Netherlands), ResMed Inc. (U.S.), Medtronic plc (Ireland), Masimo Corporation (U.S.), Fisher and Paykel Healthcare Limited (New Zealand), Becton, Dickinson and Company (U.S.), Chart Industries, Inc. (U.S.), Drägerwerk AG & Co. KGaA (Germany), and Hamilton Medical AG (Switzerland).
Target Audience:
# Respiratory care device manufacturers and distributors
# Healthcare institutions (hospitals, laboratories, medical schools, and outpatient clinics)
# Research institutes
# Contract manufacturing organizations (CMOs)
# Government associations
# Market research and consulting firms
# Venture capitalists and investors
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