Major players in the respiratory devices and equipment (therapeutic and diagnostic) market are Smiths Medical, Philips Healthcare, GE Healthcare, Chart Industries and Invacare Corporation.
New York, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Respiratory Devices And Equipment (Therapeutic And Diagnostic) Global Market Report 2020-30: Covid 19 Implications and Growth" - https://www.reportlinker.com/p05967812/?utm_source=GNW
The global respiratory devices and equipment (therapeutic and diagnostic) market is expected to grow from $13.6 billion in 2019 to $22.2 billion in 2020 at a compound annual growth rate (CAGR) of 63.1%. The fact that Covid-19 is essentially a respiratory ailment has boosted the market growth. There is an increased demand for respiratory devices such ventilators, nebulizers, pulse oximeters and spirometers since oxygen therapy is a major intervention for patients with severe Covid-19 infection, and this factor is contributing to the market growth. In order to compensate for lack of ventilators due to the huge demand and short supply, hospitals have started to convert anesthesia machines into breathing machines. The market is then expected to grow at a CAGR of 6.3% from 2021 and reach $20.1 billion in 2023.
The respiratory devices and equipment (therapeutic and diagnostic) market consists of sales of respiratory devices and equipment (therapeutic and diagnostic) and related services. Respiratory devices and equipment are used to provide medication or assist a patient who is having difficulty in breathing and cannot achieve adequate oxygen levels to maintain life. Patients with respiratory disorders such as asthma, cystic fibrosis, chronic obstructive pulmonary disease, and acute respiratory distress syndrome require respiratory devices and equipment.
In 2016, North America was the largest region within the respiratory devices and equipment (therapeutic and diagnostic) market. During the forecast period, Asia Pacific respiratory devices and equipment (therapeutic and diagnostic) market is forecasted to register the highest CAGR.
In March 2019, Medicines and Healthcare products Regulatory Agency (MRHA), a regulatory body for respiratory devices of the UK, sent a medical device alert to Draeger, a medical device manufacturer, on its breathing circuits VentStar Helix and Set2go products, as the breathing circuits used in conjunction with devices are not compatible. These devices impacted patients health as cracks have formed in the breathing hose during ventilation. MRHA sent a field safety notice to correct the device to reduce incidences associated with these devices and promote the use of hose solely with devices which are declared as compatible in the instructions for use. Similarly, in March 2019, O-Two Medical Technologies, a Canada-based medical technology manufacturer, was sent an urgent field safety notice to stop use and return for inspection of O-Two eSeries Ventilators e700,e600 and e500 in order to inspect device functions, reset and analyze the data.
Longer duration of time taken in the approval process of the respiratory devices is restricting the respiratory devices and equipment market growth. Before a new respiratory device is introduced to the market, it takes 7.2 months for the FDA approval process, which adds to development costs to be borne by device manufacturers, thus acting as a restraint hindering the market growth. For instance, FDA reviews about 4,000 submissions every year and takes about 3 to 6 months in clearing most of them. In addition to this, to reduce incidences associated with the respiratory devices and ensure that the devices are safe and have least adverse reactions, Medicines and Healthcare products Regulatory Agency (MRHA), UK regulates and monitors the devices by restricting devices for use and sending field safety notice to correct the devices. These stringent approval processes and regulatory policies may impact the respiratory devices and equipment market.
Companies in the respiratory devices and equipment market are increasingly investing in enhanced mechanical ventilators for efficient patient management. These mechanical ventilators use artificial intelligence to improve the patient management by examining, analyzing, integrating and incorporating data from extensive sources. These AI-enabled devices ensure consistency even in the absence of expert personnel, improve patients’ treatment, limit clinical mistakes and predict prolonged mechanical ventilation by using artificial intelligence techniques. Some of the major companies offering intelligent mechanical ventilators such as Hamilton medical AG, Koninklijke Philips N.V. and others.
Global therapeutic respiratory devices and equipment market will be driven by the increase in diseases such as Chronic Obstructive Pulmonary Disease (COPD), asthma, and lung cancer. Growth in geriatric population, tobacco consumption, allergens and air pollutants increase the prevalence of respiratory diseases, in turn driving the global therapeutic respiratory devices market. According to World Health Organisation,4.9 million people die due to tobacco consumption, and smoking causes chronic obstructive pulmonary diseases (1 million deaths annually), cardiovascular and respiratory diseases (1.7 million deaths annually) and lung cancer (0.85 million deaths annually). According to an Italian journal, COPD in U.S. is estimated to be 10% in the population aged 75 years or over. According to Asthma UK, 5.4 million people in the UK are currently receiving treatment for asthma out of these 1.1 million are children and 4.3 million are adults.
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