Respiratory Care Devices Market: Revenue Growth Predictions by 2028
Global Growth Driving Factors:
The number of patients with respiratory conditions like COPD and asthma, the rise in the number of overweight and obese people, and the rising number of preterm births are the main factors driving this market's growth. Over the past 20 years, preterm birth rates have increased globally. There is an increased risk of preterm delivery when a woman becomes pregnant at an inappropriate age, usually over 40 and under 20.
Maternal health issues such as diabetes, high blood pressure, and extensive use of infertility treatments are contributing factors to preterm births. In addition, women from particular ethnic groups have a genetic predisposition to preterm births. For example, preterm births are highly likely among African-American and Hispanic populations in the United States. Preterm birth rates are further increased by obesity and smoking during pregnancy.
Market Size Estimation:
After data triangulation from two distinct approaches, the market size for respiratory care devices was determined, as will be discussed below. Based on the degree of assumptions made in each approach, a weighted average of all approaches was determined after each one.
Revenue Growth Dynamics:
Revenue from respiratory care devices was projected to reach $21.8 billion globally in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.8% to $31.8 billion by 2028.
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Objectives of this Study:
# To define, describe, segment, and forecast the global respiratory care devices market on the basis of product, disease indications, end user, and region.
# To provide detailed information about the factors influencing the market growth (such as drivers, restraints, opportunities, and challenges).
# To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall respiratory care devices market.
# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players functioning in this market.
# To forecast the size of the respiratory care devices market in five main regions as well as country-wise segmentation (North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa).
# To profile key players in the respiratory care devices market and comprehensively analyze their core competencies and market shares.
# To track and analyze competitive developments such as acquisitions; product launches; expansions; collaborations, partnerships, and agreements of the leading players in the respiratory care devices market.
Opportunity: Point-of-care Diagnostics
At or close to the location of patient care, point-of-care (POC) testing is carried out. The main factors creating a niche market opportunity for POC devices in respiratory diagnostics are improvements in test accuracy and the growing number of diagnostic tests available for various conditions.
Growing patient self-testing is one of the main factors propelling the POC respiratory disease diagnostics market. In the upcoming years, technological developments that are facilitating microfabrication processes and devising miniaturization are anticipated to bolster the trend of POC testing and the treatment of respiratory disorders. Government agencies in developed and developing nations alike have realized that POC technology offers a perfect opportunity to grow public healthcare networks and meet patients' unmet medical needs. Furthermore, POC testing is becoming more and more preferred as the number of qualified technicians in the centralized system declines.
Challenge: Lack of patient compliance
A major factor impeding the market's growth is patient noncompliance with CPAP therapy. Patients with respiratory and sleep-related diseases have historically had trouble adhering to their treatment plans, primarily because of a variety of problems like comfort and cost.
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Another reason why patients are unwilling to pay for treatment is the extremely low reimbursement rates in regions like Asia (China and India) and the Rest of the World. It is discovered that non-compliance is more common among CPAP users. According to studies, the claustrophobic nature of CPAP therapy makes it difficult for between 30% and 50% of patients to continue receiving it. According to another survey, discomfort from the masks or airflow was the main cause of non-compliance with treatment, with approximately half of CPAP patients stopping their device within 1-3 weeks of starting to use it.
Geographical Growth Dynamics:
The respiratory care devices market was dominated by the North American segment.
The regions of North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa comprise the global respiratory care devices market. The respiratory care devices market was dominated by North America in 2022. The North American market for respiratory care devices is anticipated to grow as a result of the region's sophisticated healthcare infrastructure and high healthcare spending. Throughout the forecast period, the US's high prevalence of asthma is anticipated to fuel demand for respiratory care devices.
Global Leading Players:
The global respiratory care devices market is dominated by a few globally established players such as Koninklijke Philips N.V. (Netherlands), General Electric Healthcare (US), ResMed Inc. (US), Fisher & Paykel Healthcare Corporation Limited (New Zealand), and Medtronic plc (Ireland). Major players adopt growth strategies to expand their geographical presence and garner higher shares in the global market.
Growth Strategies Opted by Them:
To stay competitive and grow their market share, these businesses are mainly focused on tactics like partnerships, product launches, acquisitions, agreements, collaborations, and expansions.
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