Report ID: SQSG35A2071 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 66 | Figures: 65Global Blood Testing Market
Report ID: SQSG35A2074 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 155 | Figures: 79
Global Therapeutic Respiratory Device Market was valued at USD 10.3 billion in 2021, it is expected to reach USD 16.35 billion by 2028, at a CAGR of 6.82% during the forecast period (2022-2028).
Therapeutic respiratory devices are intended to help patients in need of support for breathing, carbon dioxide removal and therapy to prevent abdominal wall muscles from atrophying due to lack of use. The factors fueling market expansion are surge in ageing population, increase in respiratory disease prevalence, and swift technology advancements. Additionally, the market is anticipated to rise as more people use therapeutic respiratory equipment such nebulizers, humidifiers, and oxygen concentrators. As these devices offer medical intervention in both acute and chronic patient care, respiratory therapeutic devices are more preferred by doctors and patients for the treatment of respiratory illnesses. The prevalence of smoking-related respiratory diseases is rising along with the number of smokers. The market share is therefore driven by rising rates of various respiratory disorders and technical improvements in therapeutic devices.
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Global therapeutic respiratory device market is segmented on the basis of product, technology, end use, application, filter, and region. According to product it is categorized into nebulizer, humidifiers, oxygen concentrators, positive airway pressure devices, polysomnography devices, ambulatory PSG devices, clinical PSG devices, pulse oximeters, mechanical ventilators and spirometers. By end use, the market is segmented into hospital, homecare settings, and emergency centers. Based on application, the market is segmented into COPD, obstructive sleep apnea, asthma, and respiratory distress syndrome. On the basis of filter, the market is segmented into nebulizer filters, humidifier filters, positive airway pressure devices filter, oxygen concentrator filters, and ventilator filters. On the basis of technology, it is segmented into electrostatic filtration, HEPA filter technology, hollow fibre filtration and microsphere. The regional insights is based on North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Product
The positive airway pressure devices segment held the largest market share and register a revenue share of approximately 58% in 2021. It is also expected to maintain its market dominance during the forecast period because of the fastest growing rate. This might be ascribed to rising cases of obstructive sleep apnoea, which are driving this market's expansion. Other problems including craniofacial anomalies as well as lifestyle-related variables like obesity, drinking alcohol, smoking, and obesity are also responsible for market growth. The National library of medicine of U.S. reported that almost 26% of the population in U.S. suffers from Obstructive Sleep Apnoea (OSA).
Analysis by Technology
The HEPA filter technology accounted for the highest market share and registered a revenue share of approximately 30% in 2021. In several therapeutic respiratory devices, high efficiency particulate air filters are used for particle removal and retention. In accordance with CDC recommendations the treatment devices must have HEPA filtration technology for air filtration .The need for HEPA filter technology is influenced by a number of factors, including the prevalence of respiratory disorders and how they are spread. According to the Department of Energy (DOE) in the United States, HEPA filters eliminate 99.97% of all particles larger than 0.3 microns. The innovation and advancement in this segment are expected to positive result for the market growth. Washable HEPA filters and HEPA 4 technology, which features a filter with a Minimum Efficiency Reporting Value (MERV) grade, are examples of developments.
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North America dominated the global market in 2021.This can be attributed to a sizable elderly population as well as the increased prevalence of chronic respiratory illnesses. Additionally, the major share of the North American market is due to the availability of reimbursement in the U.S. healthcare centres accounts, growing public awareness of healthcare issues, improved healthcare infrastructure, an increase in the number of outpatient surgeries, and economic growth that is aided by expanding insurance coverage. According to the United States Death Statistics, in 2021 respiratory disorders claimed the lives of 44,630 people. The market for therapeutic respiratory devices is also anticipated to grow in the next years as a result of rising healthcare costs and an increase in respiratory illnesses in the United States.
Asia Pacific region is expected to show a high growth rate during the forecast period. This can be attributed to the increasing prevalence of asthma in both adults and children. The Global Initiative for Asthma has estimated that by 2025, there will likely be an additional 100 million people suffering from asthma. Furthermore the growing need for home healthcare facilities is a significant market driver in this region. In addition, the increasing disposable incomes and changes in lifestyle are bringing about a considerable growth rate in this region throughout the projected period.
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The market is fragmented with presence of key players who employ various growth strategies including mergers and acquisitions, collaborations, product releases, and partnership with local players to maintain dominance. Some of the key players include BD, General Electric Company, Chart Industries, Koninklijke Philips N.V, Compumedics Limited, ICU Medical, Inc. and Invacare Corporation. Innovation and development of new products is the key strategies of these major players to increase the consumer base.
Key Player’s Company Profiles
In the therapeutic respiratory device market, intelligent ventilators, portable PAP machines, smart inhalers, and nebulizers are all growing in popularity and assisting in giving clinicians real-time monitoring and data transfer. The market for therapeutic respiratory devices is anticipated to grow quickly during the forecast period due to the high prevalence of respiratory illnesses in India, Brazil, China, and Japan.
Wireless monitoring technologies, which increase respiratory device effectiveness and facilitate automated remedial procedures are also currently in demand. Numerous breathing parameters can be enhanced as a result of such developments, which will significantly relieve patients' symptoms and boost sales of respiratory measurement equipment in the upcoming years.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Therapeutic Respiratory Devices Market Analysis, in terms of product type, the segment of positive airway pressure device is growing at a fast rate. This was caused by the increasing cases of obstructive sleep apnoea. In terms of technology, the HEPA segment held the larger share of the global therapeutic respiratory devices market. The high efficiency in removal of particles above a certain size is the factors for this segment growth. North American region accounted for the highest share due to increase elderly population in the region are who suffer from respiratory diseases.
|Market size value in 2021||USD 10.3 billion|
|Market size value in 2028||USD 16.35 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Therapeutic Respiratory Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Therapeutic Respiratory Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG35A2074