Respiratory Devices Market Forecast to 2027
The global respiratory devices market was valued at nearly US$ 13 billion in 2016. It is projected to grow at 9.2% CAGR during the period 2017-2027 to reach US$ 34.17 billion in revenues.
Demand for respiratory devices will continue to be driven by increasing ageing population and rising prevalence of COPD and obstructive sleep apnea. Increasing emphasis on healthcare spending in developing countries, especially in Asia Pacific and Latin America, will continue to positively influence the growth of the market.
Adoption of non-invasive techniques in pulse oximeters and advancement in full polysomnography testing are also favourably impacting the growth of the market.
Although Future Market Insights maintains a positive outlook on the global respiratory devices market, premium pricing, budgetary constraints, and increasing use of generic product types can impede the growth of the market.
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The key trends expected to influence the global respiratory devices market in the foreseeable future are,
Portable and wearable devices are steadily gaining popularity among patients owing to ease-of-use and flexibility in carrying the devices.
Growing demand for stationary oxygen concentrator with pulse flow technology and rechargeable batteries.
Increasing demand for respiratory devices in Asia Pacific on account of rising prevalence of chronic obstructive pulmonary diseases. Multinational companies are focusing on consolidating their position in developing countries to leverage upon the emerging opportunities.
Positive Airway Pressure Devices Account for the Highest Demand
According to Future Market Insights’ research, positive airway pressure devices currently account for the highest demand. This segment accounted for nearly 29% revenue share of the market in 2017; by 2027, this is projected to increase to 34.6%. In terms of revenues, positive airway pressure devices segment is projected to reach US$ 11.81 billion in revenues by 2027.
Other key product types by revenue are respiratory consumables (respiratory masks, nasal cannulas, tracheostomy tubes and oxygen tubes) and pulse oximeters.
Future Market Insights also offers market forecast and analysis on other key respiratory devices, including nebulisers, oxygen concentrators, polysomnography devices, mechanical ventilators, and spirometers.
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Hospitals Largest End-users
By end-user, the key segments include hospitals, ambulatory surgical centres, clinics, and long-term care centres. Currently, hospitals account for the highest demand for respiratory devices, followed by ambulatory surgical centres and long-term care centres. Demand for respiratory devices from hospitals was worth US$ 5.18 billion in 2016; by 2027, this is projected to grow at 9.8% CAGR to reach US$ 14.36 billion.
U.S. Continues to Account for Significant Percentage of Global Sales
The U.S. remains the largest market for respiratory devices globally. On the back of strong sales in the U.S., the North America respiratory devices market accounted for over 40% revenue share of the market in 2016. Future Market Insights projects North America to remain the largest market for respiratory devices during the period 2017-2027.
Western Europe and APEJ are the other leading markets for respiratory devices. These two markets collectively accounted for a revenue share of over 35% in 2016.
Future Market Insights, in its report, has also profiled the respiratory devices market in Latin America, Eastern Europe, Japan, and MEA.
In its report, companies profiled by Future Market Insights are Massimo Corporation, Teleflex Incorporated, Fisher & Paykel Healthcare Limited, ResMed Inc, Hamilton Medical AG, Medtronic PLC, Koninklijke Philips N.V., Smiths Medical, General Electric Healthcare Limited, Drägerwerk AG & Co. and KGaA, Inogen Inc.