TBRC Reports: The Therapeutic Respiratory Devices Market has Seen Exponential Growth in 2020 due to the Coronavirus
LONDON, June 4, 2020 /PRNewswire/ -- 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 the treatment of respiratory diseases such as COVID-19. The market is expected to stabilize and reach $24 billion at an annual rate of 15.6% through 2023. 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 patients. COVID-19 patients usually suffer from respiratory disorders, hence, demand for these devices has seen a surge.
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COPD And Sleep Apnea Are Significant Drivers Of The Therapeutic Respiratory Devices Market
Rising prevalence of respiratory diseases such as chronic obstructive pulmonary disorder (COPD) and sleep apnea contribute to the growth of the therapeutic respiratory devices and equipment market. According to the 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 the National Healthy Sleep Awareness Project, as of 2014, at least 25 million people in the U.S. were reported to have obstructive sleep apnea. The increased prevalence of COPD and sleep apnea in the geriatric population is driving the market for therapeutic respiratory devices.
Integration Of Artificial Intelligence With Respiratory Equipment
Companies in the respiratory devices and equipment (therapeutic) 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, consume less power, and help caution the patients by noting the differences or fluctuations in 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, companies are 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 health-tech companies, announced a merger in 2019 to create a joint company (Vocalis Health), that will be a global leader in vocal biomarkers. The merged company 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, such as chronic respiratory disorder, cardiac conditions, or depression.
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Respiratory Devices And Equipment (Therapeutic) Market Overview And Segments
The respiratory devices and equipment therapeutic market consists of sales of respiratory devices and equipment used to treat patients with acute or chronic respiratory disorders such as chronic obstructive pulmonary disease (COPD), chronic bronchitis, asthma, sleep disorders, etc. The market includes the sales of respiratory monitoring devices establishments primarily engaged in the manufacturing of nebulizers, humidifiers, oxygen concentrators, positive airway pressure devices, ventilators, capnographs, and gas analyzers. The therapeutic respiratory devices and equipment is segmented by product into nebulizers, humidifiers, oxygen concentrators, positive airway pressure devices, ventilators, capnographs, and gas analyzers. By end-user, the market is segmented into homecare settings, and hospitals.
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