The rapid growth in the global geriatric population, rising incidence of chronic diseases (including COPD and asthma), and the cost advantages of home care devices and services (as compared to hospital visits) are the key factors driving the growth of the home healthcare market.
New York, Nov. 15, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Respiratory Care Devices Market by Product, End User, Indication - Global Forecast to 2024" - https://www.reportlinker.com/p04694763/?utm_source=GNW
The high growth potential in emerging markets, healthcare decentralization, and evolution of miniaturized devices are some of the major factors that are expected to provide significant growth opportunities to players operating in the respiratory home healthcare market. However, the low awareness and large underdiagnosed and undertreated population of respiratory care devices is a challenge faced by key players in the market.
Hospital segment is to dominate the respiratory care devices market in 2019.
Based on end user, the respiratory care devices market is segmented into hospitals, home care settings, and ambulatory care centers.Hospitals formed the largest end-user segment in the global respiratory care market in 2018.
This can be attributed to the financial capabilities of hospitals to purchase expensive equipment and the availability of trained professionals in hospitals to operate respiratory care devices. Additionally, growing public-private partnerships to improve access to healthcare services, rapid developments in healthcare infrastructure, and improving access to healthcare services are expected to be the key factors driving the growth of the respiratory care devices market for hospitals in emerging economies.
Rising prevalence of asthma to drive the inhalers market (a part of the therapeutic respiratory care devices market) during the forecast period.
The inhalers segment is expected to grow at the highest CAGR during the forecast period.The rising prevalence of asthma will drive the demand for respiratory care devices such as nebulizers, peak flow meter, inhalers, capnographs, gas analyzers, and spirometers during the forecast period.
The high incidence of asthma is a key factor driving the growth of the global inhalers market in the forecast period. Moreover, the PAP devices segment of therapeutic respiratory care devices market is expected to dominate the market through the forecast period.
North America accounted for the largest share of the market in 2019, whereas the Asia Pacific was the fastest-growing market.
The respiratory care devices market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.In 2018, North America accounted for the largest share of the respiratory care devices market, followed by Europe.
North America’s large share in the market is primarily attributed to the rising prevalence of respiratory disorders in the region (due to the rapid growth in the geriatric population and the high prevalence of tobacco smoking) and the presence of a large number of respiratory care device manufacturers. On the other hand, the market in the Asia Pacific region is expected to grow at the highest CAGR due to the presence of a large pool of respiratory patients, increasing healthcare expenditure, rapidly developing healthcare infrastructure, rising per capita income, growing middle-class population, and growing prevalence of tobacco smoking in this region.
The breakup of primary participants is as mentioned below:
• By Company Type: Tier 1 (40%), Tier 2 (25%), and Tier 3 (35%)
• By Designation: C-level (33%), Director-level (41%), and Others (26%)
• By Region: North America (38%), Europe (32%), Asia Pacific (23%), Latin America (5%), and the Middle East and Africa (2%)
The prominent players in the global respiratory care devices market are Philips Healthcare (Netherlands), ResMed Inc. (US), Medtronic plc (Ireland), Masimo Corporation (US), Fisher and Paykel Healthcare Limited (New Zealand), Chart Industries, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), and Hamilton Medical AG (Switzerland), among others.
The report analyzes the respiratory care devices market and aims at estimating the market size and future growth potential of this market based on various segments such as product, indication, end user, and region. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or any combination of the below-mentioned strategies to strengthen their position in the market.
This report provides insights into the following pointers:
• Market Penetration: Comprehensive information on the product portfolios of the top players in the global respiratory care devices market. The report analyzes this market by product, functionality, formulation, and region
• Product Enhancement/Innovation: Detailed insights on the upcoming trends and product launches in the global respiratory care devices market
• Market Development: Comprehensive information on the lucrative emerging markets by product, functionality, formulation, and region
• Market Diversification: Exhaustive information about new products or product enhancements, growing geographies, recent developments, and investments in the global respiratory care devices market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of leading players in the global respiratory care devices market
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