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(April 11, 2018)
The Global Respiratory Devices Market, by Product Type (Therapeutic Devices, Diagnostic Devices, Monitoring Devices and Consumables, and Accessories), by Age Group (Neonatal/ Pediatric and Adults), by Application (COPD, Sleep Apnea, Asthma, and Others), by End User (Hospitals, Clinics, Home Care Settings, and Ambulatory Care Settings) and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 15,143.2 million in 2016 and is projected to exhibit a CAGR of 8.8% over the forecast period (2017 – 2025), as highlighted in a new report published by Coherent Market Insights. The respiratory devices market is expected to gain significant traction with increasing adoption rates by the medical practitioners to enhance quality of life of patients, predict respiratory attacks, and provide efficient care.
Rapid product developments to meet the rigorous medical demands by the manufacturers integrated with FDA approvals are the factors augmenting growth of the global respiratory devices market. For instance, in 2017, Ventec Life Systems, received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for VOCSN, the only portable life support device that combines five respiratory therapies such as ventilation, oxygen, cough, suction, and nebulization. Also, in 2016, the FDA approved AstraZeneca’s Bevespi Aerosphere, an inhalation aerosol indicated for the long-term, maintenance treatment of airflow obstruction in patients with chronic obstructive pulmonary disease (COPD) including chronic bronchitis and emphysema.
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Various research organizations are designing novel lung therapies for the treatment of critically ill patients with acute respiratory distress syndrome (ARDS). For instance, scientists at Draper Laboratory are using unique manufacturing techniques using chip technology to precisely mimic blood vessels in the lungs to treat patients with lung failure.
The manufacturers are developing effective solutions for the prevention of ventilator-acquired infections from multidrug-resistant pathogens, as over 100,000 patients die annually from such infections in Intensive Care Units (ICUs). In Feb 8, 2018, N8 Medical, LLC announced the FDA submission of Investigational Device Exemption (IDE) for CeraShield Endotracheal Tube (ETT). The ETT is designed to prevent the growth of biofilms, thus reducing the potential for infection, which is a major cause of mortality and long period of hospital stay among intubated patients. In 2016, Covestro AG developed a cost effective material- Apec 1745 high-heat polycarbonate for use in inhalation devices such as nebulizers, inhalers, and facemasks that have a liquid silicone rubber over-molded seal.
Browse 38 Market Data Tables and 52 Figures spread through 205 Pages and in-depth TOC on respiratory devices market by Product Type (Therapeutic Devices, Diagnostic Devices, Monitoring Devices and Consumables, and Accessories), by Age Group (Neonatal/ Pediatric and Adults), by Application (COPD, Sleep Apnea, Asthma, and Others), by End User (Hospitals, Clinics, Home Care Settings, and Ambulatory Care Settings) and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) - Global Forecast to 2025
To know the latest trends and insights prevalent in the respiratory devices market, click the link below:
The key players are adopting strategic collaborations and acquisitions for the development of respiratory solutions and expansion of the respiratory devices portfolio, thereby assisting patients with cystic fibrosis and COPD. For instance, in January 2017, Royal Philips acquired RespirTech for respiratory care device with inCourage System technology that pulsates a vest worn by the patient, helping clear the lungs at home. The acquisition was done with a strategy to add a novel product to Philips's existing portfolio of respiratory and sleep care products. Moreover, in 2016, Becton, Dickinson and Company and Apax Partners LLP collaborated to form an independent company, which is expected to offer respiratory solutions such as ventilation, respiratory diagnostics, vital signs, and others.
Key Takeaways of the Respiratory Devices Market:
- The global respiratory devices market is expected to exhibit a CAGR of 8.8% over the forecast period, owing to rampant demand and increasing awareness regarding respiratory diseases in Europe, Asia Pacific, and Latin America
- Among product type, positive airway pressure (pap) devices segment holds a dominant position in the respiratory devices market, owing to the high preference of equipment with easy portability and rapid relief to the patients
- Among application, COPD segment holds a dominant position in the respiratory devices market, owing to high number of patient pool diagnosed with the condition and availability of higher respiratory devices to treat the condition
- Among age group, adult segment holds a dominant position in the respiratory devices market, owing to the higher number of adult population suffering from life-threatening respiratory diseases such as COPD and the higher number of adult respiratory devices in the product portfolio of major manufacturers
- Some of the major players operating in the global respiratory devices market include Koninklijke Philips N.V., 3M, AstraZeneca Plc., GE Healthcare, GlaxoSmithKline Plc., Medtronic, Becton, Dickinson and Company, Invacare Corporation, ResMed, Inc., and CareFusion Corporation
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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