The respiratory care devices market report is expected to touch approximately USD 30 billion by the year 2024. The compound annual growth rate of this market is expected to be near about 9%. The demand for respiratory care devices is rising significantly which is a great feeling factor for this market. Growth in the ageing population and growing pollution levels are other factors which contribute towards the growth of this market. The demand for diagnostics and therapeutic devices is also providing several growth opportunities for major players in this market.
The therapeutic devices dominate this market: Based on the reports, the market can be segmented into monitoring devices, consumables, diagnostic devices and the therapeutic devices. Among all these, therapeutic devices are known to dominate the whole market and have the largest share in the segment. The major reason behind this is the increase of chronic diseases as well as the growing population. These devices can further be categorized into PAP devices, nebulizers, concentrated, inhalers and many more. Among all of these, PAP devices occupy the largest share.
The hospital segment is the largest shareholder in this market: The market can be segmented based upon the end-users into home care centres, Ambulatory care centres and hospitals. Among these, entire hospitals occupy the largest share in this market because of the financial capabilities which enables them to purchase high-priced instruments. Hospitals also have access to highly trained staff and people who can operate these instruments with a high level of efficiency. Home care settings also are witnessing great growth because of the development of devices which are very much easy to operate because they are portable.
North America is the largest shareholder in this market: Based upon the regions, North America holds a very strong presence in this market. Major manufacturers of these devices are having their roots into North America and their presence has lead to the development of great health care centres and systems. The presence of highly advanced healthcare infrastructure and the ability to incur various expenditures has enabled North America to expect great growth potential in the years to come.
Some of the market drivers are mentioned as follows:
-The incidences of birth have increased significantly which has boosted the whole growth of the market.
– The lifestyle changes have also increased the prevalence of several diseases which has grown the whole market and is a fuelling factor
-People have developed the habits of smoking tobacco which have also provided a great growth to this market
-The pollution levels are rising significantly especially in the urban city which has propelled the growth of this market
– There has been a sudden rise in the elderly population which has also led to great growth in this market.
The respiratory care devices global market report helps to provide the present as well as future scenario of these devices market in both developed as well as emerging economies. These market insights have to provide the full-fledged idea about the upcoming market trends in the sector so that companies can formulate various policies.