Respiratory Devices & Therapeutic Equipment Industry; Expected to Grow from $13.4 Billion in 2019 to Approx $33.5 Billion in 2020 due to Their Vitalness in Treating COVID-19
DUBLIN, April 24, 2020 /PRNewswire/ -- The "Global Respiratory Devices & Therapeutic Equipment Market 2020: COVID-19 Implications and Growth" report has been added to ResearchAndMarkets.com's offering.
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Global Respiratory Devices & Therapeutic Equipment Market 2020: COVID-19 Implications and Growth covers this critical market and the impact on it from the COVID-19 virus. It provides strategists, marketers and senior management with the critical information they need to assess the increasing demand for respiratory devices and therapeutic equipment which play a critical role in the treatment of patients with COVID-19.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider respiratory devices and equipment (therapeutic) market, and compares it with other markets.
Respiratory devices and equipment are vital for the support of critically ill COVID-19 patients, who often face severe breathing difficulties
The global respiratory devices and equipment (therapeutic) market is expected to grow from $13.4 billion in 2019 to about $33.5 billion in 2020 as these are important equipment used in treatment of respiratory diseases such as COVID-19. The market is expected to stabilize and reach $24 billion at a CAGR of 15.6% through 2023. North America was the largest region in the respiratory devices and therapeutic equipment market in 2019.
The market for respiratory devices and equipment is expected to expand rapidly. The fact that COVID-19 is essentially a respiratory ailment has boosted the use of respiratory monitoring devices, in turn contributing to the growth of this market. Currently, there is a huge demand for respiratory devices including ventilators, especially in developing countries. Companies across the globe are focusing on increasing the availability of ventilators, nebulizers and other respiratory support devices for the patients.
Rising prevalence of respiratory diseases has contributed to the growth of the market
According to World Health Organization, one million people die due to chronic obstructive pulmonary diseases caused by smoking among the 4.9 million people who die due to tobacco consumption and 65 million people suffer with moderate to severe COPD. As per its estimates, COPD is predicted to be the third leading cause of death worldwide and potentially fatal respiratory diseases. Tuberculosis, COPD, and lung cancer will account for about one in five deaths worldwide by 2030.
According to Centers for Disease Control and Prevention (CDC), there were approximately 12.7 million adults aged over 18 reported to have COPD in the U.S. In the United States, it is estimated that 22 million Americans suffer from sleep apnea, with 80 percent of the cases of moderate and severe obstructive sleep apnea undiagnosed. According to National Healthy Sleep Awareness Project, as of 2014, at least 25 million people in the U.S. are reported to have obstructive sleep apnea. The increased prevalence of COPD and sleep apnea in geriatric population is driving the market for therapeutic respiratory devices.
Companies in the market are increasingly using AI to develop respiratory devices to treat Asthma and COPD
Artificial intelligence supports the development of innovative sensors-equipped inhalers which helps patients to track their dosage intake. These sensors are durable and consume less power and help caution the patients by noting the differences or fluctuations in the respiration. These are used for both add-on and embedded inhalers. These inhalers with sensors can track data automatically and can alert both the doctors and patients about the health condition of the patients.
Also, the companies in developing devices such as AI aided imaging systems and AI aided platforms that will act as voice biomarkers. For instance, Verbal and Healthymize, two early-stage Israeli AI healthtech companies, announced a merger in 2019 to create a joint company (Vocalis Health) that will be a global leader in vocal biomarkers which develops an artificial intelligence-based platform that uses voice interaction through a call center or smart device to passively screen and monitor millions of patients that live with a range of voice-affecting diseases, like chronic respiratory or cardiac conditions or depression.
In March 2020, Masimo, a global leader in noninvasive monitoring technologies acquired NantHealth, Inc's connected care business for an undisclosed amount. NantHealth is a provider a tablet-optimized application that sits on top of our DCX platform to provide clinicians more convenient and ubiquitous access to capture a wide array of patient vitals such as respiratory rate, blood pressure and heart rate in addition to performing patient assessments. This move of Masimo will leverage its capabilities with NantHealth's solutions that can enable a more efficient patient rounding and assessment workflow by providing a near real-time stream of data from the patient's bedside unlike periodic sampling typically entered into an EHR hours later.
Lack of awareness regarding the usage of respiratory devices is a major challenge in the therapeutic respiratory device market
Outcomes for patients with chronic respiratory diseases remain poor despite the development of novel therapies. An International Survey conducted on Noninvasive Ventilation Use for Acute Respiratory Failure in General Non-Monitored Wards in 51 countries from 5 continents revealed that 44% of the GPs and physicians reported that they had never performed spirometry to make a diagnosis of COPD and the NIV application in general wards was reported by only 66% of respondents. Limited training and human resources were the most common reasons for not using NIV in general wards. The lack of awareness on the use of the respirating devices is negatively affecting the respiratory devices and therapeutic market.
Major players in the respiratory devices and equipment therapeutic market are Hamilton Medical AG, Koninklijke Philips N.V, Smiths Medica, GE Healthcare, Philips Health Care, Chart Industries, Invacare Corporation, Fisher & Paykel Healthcare Limited, ResMed, and Dragerwerk AG.
Key Topics Covered
1. Executive Summary
2. Respiratory Devices And Equipment (Therapeutic) Market Characteristics
3. Respiratory Devices And Equipment (Therapeutic) Market Size And Growth
3.1. Global Respiratory Devices And Equipment (Therapeutic) Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Respiratory Devices And Equipment (Therapeutic) Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Respiratory Devices And Equipment (Therapeutic) Market Segmentation
4.1. Global Respiratory Devices And Equipment (Therapeutic) Market, Segmentation By Product, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
-- Nebulizers
-- Humidifiers
-- Oxygen Concentrators
-- Positive Airway Pressure Devices
-- Ventilators
-- Capnographs
-- Gas Analyzers
4.2. Global Respiratory Devices And Equipment (Therapeutic) Market, Segmentation By end-user, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
-- Homecare settings
-- Hospitals
5. Respiratory Devices And Equipment (Therapeutic) Market Regional And Country Analysis
5.1. Global Respiratory Devices And Equipment (Therapeutic) Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Respiratory Devices And Equipment (Therapeutic) Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
Companies Mentioned
-- Abbott Laboratories
-- Agilent Technologies Inc.
-- Becton Dickinson and Company
-- Bio-Rad Laboratories
-- bioMerieux S.A.
-- Danaher
-- F.Hoffmann-La Roche Ltd. (Roche Diagnostics)
-- General Electric Company (GE Healthcare)
-- Genmark Diagnostics
-- Luminex Corporation
-- Meridian Bioscience
-- Qiagen N.V.
-- Thermo Fisher Scientific, Inc.
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