Albany, NY -- (SBWIRE) -- 04/12/2021 -- The global respiratory devices market is set to chart a compound annual growth rate (CAGR) of 6.50% from 2018 to 2026. This will translate to a higher market share over the period – from USD 17 billion in 2017 to USD 31 billion by the end of the year 2026.
As per Transparency Market Research, "The growth projections point towards emergence of novel growth avenues set to attract market players. A number of growth opportunities such as rapidly ageing population and increase in respiratory system related diseases such as asthma. It is significant to note here that more and more people are now opting for homecare, leading to a higher demand for respiratory devices."
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Progressive decline in lung function is noted in aged population and by the year 2050, one in every six people will be over the age of 64. One in every four will be in this age group in regions that will see a pronounced form of this process – North America and Europe. 2 billon people will be aged 60 and above by the year 2050. It is a steep rise from approximately 970 million. In the year 2018, number of people (geriatric) was higher than number of children (aged 5 and below). This was a historic shift in the market.
Incidence of chronic obstructive pulmonary disease (COPD), pneumonia, tuberculosis, and asthma is going up steadily. The incidence of COPD is high and the burden in 2016 was close to 251 million. And, in the year 2015, 3.15 million deaths were caused by this disease. Low and middle income group countries witness 90% of all deaths. It is significant to note here that use of tobacco and exposure to outdoor and indoor air pollution is leading to higher incidence of the above mentioned respiratory illnesses.
North America to Top the Regional Charts in the Global Respiratory Devices Market over the Forecast Period
Owing to massive increase in geriatric population, North America will account for a sizeable share of the market. Besides, poor lifestyle choices such as tobacco consumption and smoking are contributing to growth in the regional market. Additionally, exposure to indoor and outdoor air pollution is also a major factor leading to increase in incidence of these diseases. Besides, a robust healthcare infrastructure and a favorable reimbursement policy are also supporting growth. Exposure to dust and fumes is also leading to growth in the market. Presence of strong players will also help the regional market for respiratory devices grow notably.
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Asia Pacific (APAC) region is set to present market players with novel growth opportunities. The patient pool of patients suffering from respiratory illnesses in this region is high. Besides, a large number of older people exist in this region. Geriatric population will also be a notable growth factor in the European region. This region is also marked by presence of strong players and this is also leading to a higher growth curve over the period. Additionally, growing awareness regarding respiratory devices is also adding positively to this growth.
Vendor Landscape to be fragmented in Global Respiratory Devices Market over the Forecast Period
The global respiratory devices market is fragmented owing to presence of a large number of market players. Some of the prominent names include Koninklijke Philips N.V., Hamilton Medical AG, Fisher & Paykel Healthcare Limited, ResMed, Inc., Invacare Corporation, Chart Industries Inc., Dräger Safety AG & Co. KGaA, Becton, Dickinson and Company, Masimo Corporation, and Medtronic plc. The other players operating in the industry include 3B Medical, Inc., Medline Industries Inc., Acare Technology Co., Ltd., Allied Healthcare Inc., Hill-Rom Holdings Inc., and Rotech Healthcare Inc.
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