Respiratory Care Device Market Industry Analysis by Geographical Regions, Opportunities and Leading Players
The respiratory care device market is witnessing growth due to the increasing prevalence of respiratory diseases and smoking, growing geriatric population, rising pollution, rapid urbanization, and surging incidence of premature births.
Product innovation is trending in the respiratory care device market. To stay in the competition and make a mark in the market, respiratory care device companies are developing innovative and advanced devices. To provide end-users with high-end products and patient care, the respiratory care device industry is devising smarter products with better affordability. For instance, Fisher & Paykel Healthcare Corporation Limited launched a product in August 2016, F&P Nivairo, which is a hospital mask for use in non-invasive ventilation therapy.
Another aspect adding to the respiratory care device market growth is the growing incidence of premature births. The term, premature birth, is used when a baby is born before the completion of the gestation period of 37 weeks.
Based on type, the subdivisions of the respiratory care device market are therapeutic device, accessories and consumables, and diagnostic and monitoring device. During the historical period (2012–2015), the major share of the market was held by therapeutic devices and these are expected to garner 60.0% share by 2022 due to their increasing usage to make patients comfortable. The same subdivision is also expected to advance at the highest CAGR during the forecast period.
Therefore, with a further increase in the prevalence of pulmonary diseases, the usage of respiratory care devices would continue to grow.