The study involved 4 major activities in estimating the current market size for the Respiratory Care Devices Market. Exhaustive secondary research was done to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.
Major Objectives behind this Study:
# To define, describe, segment, and forecast the global respiratory care devices market on the basis of product, indication, end user, and region.
# To provide detailed information regarding the major factors influencing the growth of the market (such as drivers, restraints, opportunities, and industry-specific challenges).
# To analyze micromarkets1 with respect to individual growth trends, future prospects, and contributions to the overall market.
# To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market players.
# To forecast the size of the market, in five main regions (along with major countries)—North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
# To profile key players in the global market and comprehensively analyze their core competencies and market shares.
# To track and analyze competitive developments such as mergers and acquisitions; new product/technology launches; expansions; collaborations and agreements; and R&D activities of the leading players in the global market.
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Recent Developments:
# In May 2019, Fisher Paykel (New Zealand) launched a nasal cannula – F&P Optiflow 3S, to strengthen its position in the therapeutic respiratory care devices market.
# In March 2019, ResMed acquired HB Healthcare Safety, a provider of home-based medical equipment for sleep and respiratory care devices.
# In March 2018, Philips opened its first Sleep and Respiratory Education Center in Singapore.
# In May 2019 Masimo Corporation (US) signed an agreement with Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China) to offer Masimo SET Measure-through Motion and Low Perfusion pulse oximetry in its monitoring devices. Mindray devices equipped with SET will now be available in select countries in Europe, the Middle East, Russia, the Commonwealth of Independent States, and the Asia Pacific (excluding China), including Australia and India.
Key Questions Addressed in the Report
# Who are the top 10 players operating in the market?
# What are the drivers, restraints, opportunities, and challenges in the market?
# What are the industry trends as well as the current scenario in the market?
# What are the growth trends in the market at the segmental and overall market levels?
# How is the market performing in different regions across the globe?
Factors Influencing Global Growth:-
The emergence of home healthcare has opened new growth avenues for the respiratory care devices market. Convenience and comfort in a home care environment, coupled with cost advantages, are the major factors driving the growth of the home healthcare market for respiratory care devices.
The major factor driving the growth of the respiratory care devices market is the high prevalence of respiratory diseases as a result of the rapid growth in the global geriatric population, high prevalence of tobacco smoking, urbanization and growing levels of pollution, and changing lifestyles.
However, factors such as the presence of an unfavorable reimbursement scenario and the availability of low-cost products from local manufacturers are expected to restrain the growth of this market during the forecast period.
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Opportunities:
# Growing Demand for Home Care Therapeutic Devices
# High Growth in Developing Countries Across APAC and Latin America
# Point-Of-Care Diagnostics – an Upcoming Opportunity
Challenges:
# Low Awareness and Large Underdiagnosed and Undertreated Population
# Harmful Effects of Certain Devices on Neonates
Monetary Growth Expectations, Globally:
According to the Research Study conducted by MarketsandMarkets™: The global respiratory care devices market is projected to reach USD 31.8 billion by 2024 from USD 20.6 billion in 2019, at a CAGR of 9.1% during the forecast period.
Geographical Growth Scenario:
While the respiratory care devices market in the APAC is relatively smaller than developed markets across North America and Europe, it is expected to grow at the highest rate. This can be attributed to the presence of high-growth markets such as Japan, China, India, South Korea, Taiwan, Australia, and Singapore.
In these countries, the rising geriatric population, growing per capita income, increasing investments in the healthcare industry by key market players, rising demand for cutting-edge technologies, and the expansion of private-sector hospitals to rural areas are major factors driving the growth of the respiratory care devices market. Low labor costs and the favorable regulatory environment in the region will also contribute.
Leading Market Players:
# Philips Healthcare (Netherlands)
# ResMed Inc. (US)
# Medtronic plc (Ireland)
# Masimo Corporation (US)
# Fisher & Paykel Healthcare Corporation Limited (New Zealand) and many more…To Get Your Queries Resolved Regarding This Topic – Feel FREE to Connect to Our Research Experts
