Respiratory Devices Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)
The global respiratory devices market is expected to register a CAGR of around 11.8% during the forecast period (2022-2027). Major respiratory devices, such as ventilators, nebulizers, CPAP, BiPAP, and oxygen concentrators are witnessing the highest demand, as they are widely being used for COVID-19 patients.
New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Respiratory Devices Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06420657/?utm_source=GNW
The global respiratory devices market is expected to register a CAGR of around 11.8% during the forecast period (2022-2027).
Major respiratory devices, such as ventilators, nebulizers, CPAP, BiPAP, and oxygen concentrators are witnessing the highest demand, as they are widely being used for COVID-19 patients. With the increased severity of COVID-19 across major countries such as the United States, the Vesper device, developed by Prisma Health, was given emergency use approval by the United States Food and Drug Administration (FDA) in March 2020 to aid with ventilator shortages. Vesper can support up to four patients on one ventilator. Typically, it is not recommended to use a ventilator on more than one patient. However, one of the exceptions made by regulatory organizations in times of emergency is this frequently contentious use. Additionally, the government of the United Kingdom had asked the automobile companies such as Honda, Ford, and Rolls Royce to temporarily shift part of their assembly line for developing ventilators. This indicates the immense need for respiratory devices, such as ventilators in the countries impacted by COVID-19. Hence, it is observed that the market studied is positively impacted by the covid pandemic.
Furthermore, the rise in the number of chronic obstructive pulmonary disease patients (COPD), TB, asthma, and pneumonia cases remains the major driver of the industry. Chronic respiratory diseases are chronic diseases that affect the airways and other parts of the lungs. As stated by the data from World Health Organization 2021, chronic respiratory diseases affect more than one billion people, globally. Additionally, as per the data from Lung India as of August 2022 the prevalence of Asthma among Indian children was around 18.2%. The same source suggests that there is a high prevalence of severe asthma in the emerging markets of the Middle East and Africa as well as Latin America, compared to the mid-range prevalence in North America and Europe.
Additionally, the technological advances, increasing portability, and ease of operation of devices are fueling the expansion of respiratory devices in the home and alternate care settings, across the world. In addition, government, and non-profit initiatives, such as the global initiative for asthma (GINA), awareness programs, and funding research studies have influenced the industry.
Respiratory Devices Market Trends
Therapeutic Devices are Expected to grow fastest during the forecast period
Therapeutic devices like Ventilators have been in high demand due to the outbreak of COVID-19. A ventilator is a machine that provides mechanical ventilation by moving breathable air into and out of the lungs, to deliver breaths to a patient who is physically unable to breathe or breathing insufficiently.
Modern ventilators are computerized microprocessor-controlled machines, but patients can also be ventilated with a simple, hand-operated bag valve mask. Ventilators are chiefly used in intensive care medicine, home care, emergency medicine, and anesthesiology. As stated by the Health Secretary of the United Kingdom, Matt Hancock in 2020, around 10,000 ventilators were added to the country’s previous stock of just over 8,000 by increasing the production and sourcing other machines from overseas, due to the COVID-19 outbreak. Furthermore, as to the Health Secretary, the country needed around 18,000 machines to deal with COVID–19 as of the year 2021. Therefore, with the huge demand for ventilators, the segment is believed to witness strong growth over the forecast period.
Currently, ventilators are being overused, and there is a shortage of these devices across all the regions to meet the demand various companies are focusing on robust product launches. For instance, in August 2020, SpiceJet launched a portable non-invasive ventilator brand for patients with mild-to-moderate breathing issues. Engineers of SpiceJet Technic developed the ’SpiceOxy’ device at its innovation lab. Also, in 2020, German-based manufacturer Drägerwerk AG & Co. reported that they have received an order of around 10,000 mechanical ventilators from the government of the United Kingdom, which is equal to its annual production capacity. Thus, owing to the aforementioned factors the market is propelling at huge growth rates.
North America Region Holds the Largest Market Share of Respiratory Devices Market Market Currently and is Believed to Follow the Same Trend over the Forecast Period
North America accounts for the largest share of the market studied. This can be primarily attributed to the increasing prevalence of respiratory diseases. Additionally, the presence of key companies in the United States is one of the leading factors responsible for the growth of the United States respiratory devices market.
As per the April 2021 statistics by the Asthma and Allergy Foundation of America, about 20 million adults aged 18 years or above in the United States have asthma. ?Thus, the prevalence of such disorders in the country indicates a consistent demand for respiratory devices in the country, thereby contributing to the growth of the market studied in the United States.?
The emergence of COVID-19 has further contributed to market growth. The United States government is implementing various strategic initiatives. For instance, in April 2020, Philips and the United States government collaborated to increase hospital ventilator production in the COVID-19 pandemic. Similarly, as per the 2021 American Association for Respiratory Care, in 2020, the office of the Assistant Secretary for Preparedness and Response (ASPR) added several new mechanical ventilator models to the stockpile.
Also, according to the Society of Critical Care Medicine, the stock of hospital ventilators in the United States was around 160,000 units in the first quarter of 2020. An additional stock of 12,700 with Strategic National Stockpile (SNS) was made available. The Rand Corporation has found that sleep disorders are costing the United States economy approximately USD 411 billion and the loss of 1.2 million working days per year. The United States, also, has reimbursement policies that are dedicated to spirometry through Medicare, Medicaid, and third-party insurances. These national spirometry amounts were increased due to the revised Medicare Fee Schedule, 2018.
Therefore, owing to the above-mentioned factors, the United States is expected to dominate the global market for respiratory devices.
Respiratory Devices Market Competitor Analysis
The respiratory devices market consists of several major players. The companies are implementing certain strategic initiatives, such as a merger, new product launches, acquisitions and partnerships that help them in strengthening their market position.
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