Respiratory Devices Market Year-on-Year Growth Rate Pegged at 9.2% through 2027
In an era of smart technologies, conventional devices are being transformed into more intuitive devices. The respiratory devices market is expected to witness transitions from conventional to smart respiratory devices. The challenges associated with empowering the patient population to manage respiratory disorders such as asthma and COPD is likely to spur the need for more simplified and patient-friendly respiratory devices. According to a latest research by Future Market Insights (FMI), the global respiratory devices market is expected to account for over US$ 34,178.1 Mn in terms of value by the end of 2027. The report on respiratory devices further projects significant growth potential with average year-on-year growth rate pegged at 9.2% through 2027.
Respiratory Devices Market Overview & Global Scenario
According to WHO, around 235 million people suffer from asthma each year globally. This high prevalence of respiratory disorders has also significantly impacted the death ratio owing to the lack of effectiveness of inhalers. In several cases, patients do not use respiratory devices/inhalers properly, which leads to uncontrolled asthma. The improper usage of respiratory devices/inhalers also leads to limited drug infusion to the lungs, which leads to poor disease control and increase in the cost of care. In May 2014, National Review of Asthma Deaths published that 2/3rds of mortalities in the UK could be managed with proper routine check-ups. The growing number of hospital admissions due to the improper usage of respiratory devices/inhalers has accelerated the development of first-generation smart respiratory devices/inhalers. These first-generation smart inhalers are built on Bluetooth-enabled technology, which is used to monitor respiratory devices/inhaler usage, patient data collection and dose reminders. However, these respiratory devices have significant room for further improvement as patients are looking for more integrated solutions that can reduce the size of inhalers.
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Respiratory Devices Market: Factors Impacting Growth in Revenue
The growing demand for lightweight and easy to carry portable oxygen concentrators has created the need for innovations in the respiratory devices market. Easy availability of land and other important resources required for production of the respiratory devices with low cost labor the major key players operating in respiratory devices are planning to shift their production facilities to such places, which in turn is expected to change in profit margins of respiratory devices for the company The manufacturers of respiratory devices are investing in product development to drive innovation, which has resulted in the creation of lighter-weight and cost-effective portable oxygen concentrators. Manufacturers of respiratory devices are considering all aspects during the production designing of respiratory devices, which include aesthetics, packaging, noise level, battery life, etc. The company predicts that the portable oxygen concentrators segment in the respiratory devices market will reach US$ 2,061.5 Mn by the end of 2027 with a CAGR of 9.4% over the forecast period.
Increasing preference for in-home respiratory therapy for patients suffering from chronic respiratory disorders or patients being treated for infection, which does not require hospitalization, is likely to boost the demand for home oxygen concentrators in respiratory devices market. This is likely to fuel the global demand for home oxygen concentrators in respiratory devices market. FMI predicts that the home oxygen concentrators segment in the respiratory devices market will grow with a CAGR of 6.9% over the forecast period. In-home ventilation therapy (CPAP & BiPAP) is also gaining popularity among COPD and Obstructive Sleep Apnea (OSA) patients. These types of in-home ventilation therapies have reduced the rate of hospitalisation and the overall cost of treatment.
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About the Respiratory Devices Market Report
FMI has segmented the global respiratory devices market into product type, end user and region. In terms of revenue, the positive airway pressure devices segment in the respiratory devices market is expected to hold a significant revenue share over the forecast period. On the other hand, the respiratory devices consumables segment in the respiratory devices market will exhibit faster growth in terms of revenue through 2027.
FMI’s report tracks some of the key companies in the respiratory devices market, which include Drägerwerk AG & Co. KGaA, Hamilton Medical AG, Massimo Corporation, General Electric Healthcare Limited, Inogen Inc., Teleflex Incorporated, ResMed. Inc., Smiths Medical, Medtronic PLC, Koninklijke Philips N.V., and Fisher & Paykel Healthcare Limited.