Sellbyville, DE -- (SBWIRE) -- 11/20/2018 -- The Therapeutic respiratory devices market to exceed USD 23 billion by 2024 as per a new research report
Technological advances in therapeutic respiratory devices will serve to be another impact rendering factor that will boost the market growth during the forecast period. Developments in respiratory treatments that offer high efficient, easy-to-use, smart, portable and light weight devices will fuel the demand for these devices. Major industry players are focusing on R & D for developing newer technologies. For instance, in 2013, Human Design Medical (HDM) Corporation launched Z1 CPAP device that is significantly smaller, lighter and more integrated cpap machine. However, lack of patient compliance to the treatment owing to inconvenience and difficulty in use of the respiratory devices will restrain the market growth to some extent during the forecast period.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- GE Healthcare
- Medtronic
- Philips
- Invacare Corporation
- ResMed
- CareFusion
- Hill-Rom
- Hamilton Medical
- Fisher & Paykel Healthcare
- AirSep Corporation
- Breas Medical
- Compumedics Limited - Official
- Inogen
Obstructive Sleep Apnea (OSA) devices segment dominated the industry in 2017 with a revenue of USD 7.5 billion and will continue to dominate during forecast period owing to increasing prevalence of sleep apnea and other sleep disorders. According to Berger Henry ENT specialty group, in 2016, around 42 million American adults suffered from sleep apnea, wherein 1 in 5 adults suffered mild OSA and 1 in 15 were diagnosed with moderate to severe OSA. Moreover, various initiatives by government and other organizations for increasing awareness regarding sleep related diseases among the people will further augment the industry growth throughout the forecast period.
Ventilators segment is expected to witness significant growth rate of around 7.6% CAGR during the forecast period. The growth is attributable to factors such as growing elderly population base, increasing number of preterm births, growing demand for surgical procedures as well as increasing prevalence of respiratory diseases. Moreover, developments in healthcare infrastructure coupled with supportive government funding in developing economies are projected to augment the growth of the ventilators market during the forthcoming years.
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North America dominated the therapeutic respiratory devices market with a revenue of USD 4.3 billion in 2017 and is estimated to grow at a robust rate during the forecast period. This is attributable to increasing incidences of chronic disorder such as obesity, cardiac diseases and respiratory diseases. Furthermore, lifestyle changes, smoking and other environmental factors lead to respiratory disorders thereby fuelling the demand of respiratory devices. Highly advanced healthcare infrastructure and large number of healthcare facilities will further fuel the regional growth during the forecast years.