Global Acute Respiratory Distress Syndrome Devices Market Report 2023: North America Remains the Global Leader - Growth Trends, Key Players, Competitive Strategies and Forecasts to 2031
Dublin, March 02, 2023 (GLOBE NEWSWIRE) -- The "Global Acute Respiratory Distress Syndrome Devices Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts; 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.
The acute respiratory distress syndrome (ARDS) devices market is expected to grow at a CAGR of 7.5% during the forecast period of 2023 to 2031.
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
ARDS incidence increase is anticipated to drive market growth for acute respiratory distress syndrome devices. ARDS is a severe lung condition characterized by the accumulation of fluid in the air sacs of the lungs. The elderly are highly susceptible to developing this condition.
Consequently, geriatric population growth is anticipated to stimulate market expansion over the forecast period. It is anticipated that investment in the R D of new devices will provide lucrative growth opportunities for industry vendors. In the near future, however, high costs and a lack of trained personnel are likely to limit the adoption of ARDS devices. To increase their acute respiratory distress syndrome device market share, vendors are focusing on the introduction of cost-effective products.
Increase in ARDS Incidence Boosting Acute Respiratory Distress Syndrome Devices Market Growth
In the coming years, the demand for ARDS devices is projected to increase due to an aging population and a rise in cases of chronic diseases. People over the age of 60 are at increased risk for ARDS and other chronic diseases. The United Nations projects that the global population aged 60 and older will more than double by 2050.
Multiple chronic diseases, including obesity, diabetes, and heart disease, are prevalent in the elderly population. In addition, their immune systems are more likely to be compromised, making them more susceptible to infections such as pneumonia.
According to the World Health Organization (WHO), approximately 150 million people worldwide are affected by ARDS annually. Consequently, the high prevalence of ARDS is anticipated to contribute to the growth of the acute respiratory distress syndrome devices market in the near future.
Research and Development of New Devices
Major acute respiratory distress syndrome device manufacturers are heavily investing in new product research and development. Advanced ARDS devices may improve patient outcomes, shorten hospital stays, and reduce healthcare costs. The Hamilton-T1 ventilator with High-Frequency Oscillation Ventilation (HFOV) technology was introduced by Hamilton Medical in June 2020 to provide advanced ventilation support for critically ill patients.
HFOV is a type of mechanical ventilation characterized by rapid, small tidal volume, and high-frequency breaths. This reduces lung damage and improves patient outcomes. Therefore, it is anticipated that the development and introduction of new devices will augment the acute respiratory distress syndrome devices market trajectory in the coming years.
Increase in Diagnostic and Monitoring Device Adoption
In accordance with the most recent acute respiratory distress syndrome devices market trends, the diagnostic monitoring devices segment is anticipated to hold the largest market share over the forecast period. For the treatment and management of ARDS, diagnostic and monitoring devices are utilized.
In the near future, the prevalence of ARDS is likely to increase demand for these devices. Oxygen saturation levels, lung function, and other vital signs are measured by diagnostic and monitoring equipment. This allows medical personnel to initiate prompt and effective treatment. Detection and treatment of ARDS as early as possible can improve patient outcomes and shorten hospital stays.
Hospitals/Clinics by End User Segment is Anticipated to Grow Strongly During the Forecast Period
Hospitals/clinics are well-equipped with advanced technological equipment for surgical procedures and improved treatments, and the hospital segment is experiencing rapid growth due to the growing number of hospital admissions with ARDS, the increasing number of patient pools, and the launch of new products by market players, all of which are expected to continue over the forecast period, thereby driving the segment's growth.
The rising number of private hospitals is also anticipated to contribute to market expansion. According to the American Hospital Association Statistics 2022, published in January 2022, there were 2,946 non-profit community hospitals in the United States in 2021, and this number increased to 2,960 in 2022. Consequently, as the number of beds available to treat ARDS patients rises, an increasing number of hospitals will support the growth of the segment over the forecast period.
Increasing hospital admissions and admissions to intensive care units create a demand for ARDS treatment, which drives the market's expansion.
In addition, out of 11.8 million admissions, 7.0% involved an Intensive Care Unit (ICU) stay, 3.8% involved respiratory disease, and 10.3% had a separation mode indicating the patient died in the hospital. Such a rise in emergency critical care admissions creates a demand for ARDS treatment, which is anticipated to propel the growth of this market segment. Thus, the segment is anticipated to exhibit a healthy growth rate over the forecast period due to the aforementioned factors.
North America Remains as the Global Leader
North America held the largest share of the acute respiratory distress syndrome devices market in 2022. Increased incidence of ARDS and other respiratory disorders, rising healthcare expenditures, and the presence of major market players are likely to stimulate market growth in the foreseeable future. Due to the presence of major market players, an increase in product approvals, a developed healthcare system, and a high prevalence of acute respiratory distress syndrome, North America dominated the global ARDS treatment market.
According to the National Library of Medicine, a study titled "Acute Respiratory Distress Syndrome" published in February 2022, the incidence of ARDS in the United States ranges from 64,2 to 78.9 cases per 100,000 people per year. Initial ARDS case assessments place 25% of cases in the mild category, while 75% fall into the moderate or severe category. However, one-third of mild cases progress to moderate or severe illnesses.
Consequently, the increasing incidence of acute respiratory distress syndrome in the United States will support market expansion over the forecast period. It is anticipated that the adoption of various organic and inorganic strategies by market leaders will accelerate market expansion.
In December 2020, for instance, the Food and Drug Administration (FDA) granted Fast Track designation to Remestemcel-L for the treatment of acute respiratory distress syndrome (ARDS) caused by coronavirus disease (COVID-19). Additionally, in September 2020, Athersys announced that the Regenerative Medicine Advanced Therapy (RMAT) designation was granted to MultiStem cell therapy for the acute respiratory distress syndrome (ARDS) program by the United States Food and Drug Administration.
During the forecast period, the industry in the Asia-Pacific market is projected to expand at a significant rate. The high prevalence of respiratory disorders, the increase in the geriatric population, and the growing awareness of advanced ARDS devices are anticipated to increase regional market statistics.
Market Competition to Intensify During the Forecast Period
The market for acute respiratory distress syndrome is highly competitive and dominated by a handful of major companies. The acute respiratory distress syndrome market is dominated by companies including Faron Pharmaceuticals, BioMarck Pharmaceuticals, GE Healthcare, and Hamilton Company, among others.
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Acute Respiratory Distress Syndrome Devices market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2031.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Acute Respiratory Distress Syndrome Devices market?
Which is the largest regional market for Acute Respiratory Distress Syndrome Devices market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East Africa?
Which are the key trends driving Acute Respiratory Distress Syndrome Devices market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Acute Respiratory Distress Syndrome Devices market worldwide?
Koninklijke Philips N.V.
Fisher & Paykel Healthcare Limited
Dragerwerk AG & Co. KGaA
Smiths Medical (ICU Medical)
Diagnostic Monitoring Devices
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