Major players in the respiratory devices and equipment (therapeutic) market are Hamilton Medical AG, Koninklijke Philips N. V, Smiths Medica, Ge Healthcare, Philips Health Care, Chart Industries, Invacare Corporation, Fisher & Paykel Healthcare Limited, Resmed, and Dragerwerk AG.
New York, May 16, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Respiratory Devices And Equipment (Therapeutic) Global Market Report 2022" - https://www.reportlinker.com/p06277169/?utm_source=GNW
The global respiratory devices and equipment (therapeutic) market is expected to grow from $16.33 billion in 2021 to $18.03 billion in 2022 at a compound annual growth rate (CAGR) of 10.4%. The market is expected to grow to $26.83 billion in 2026 at a compound annual growth rate (CAGR) of 10.4%.
The respiratory devices and equipment (therapeutic) market consists of sales of respiratory devices and equipment used to treat patients with acute or chronic respiratory disorders such as chronic obstructive pulmonary disease (COPD), chronic bronchitis, asthma, sleep disorders, etc.
The main products of the respiratory devices and equipment (therapeutic) market are nebulizers, humidifiers, oxygen concentrators, positive airway pressure devices, ventilators, capnographs, and gas analyzers.A nebulizer is a small machine that turns liquid medicine into a mist, sits with the machine, and breathes in by a connected mouthpiece.
The various technologies involved in the respiratory devices and equipment are HEPA filter, electrostatic filtration, microsphere separation, hollow fiber filtration, and others. The market covered in this report is segmented by end-users into home care settings and hospitals.
Asia Pacific was the largest region in the respiratory devices and equipment (therapeutic) market in 2021.Western Europe was the second-largest region in the respiratory devices and equipment (therapeutic) market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The market for respiratory devices and equipment is expected to expand rapidly.The fact that COVID-19 is essentially a respiratory ailment has boosted the use of respiratory monitoring devices, in turn contributing to the growth of this market.
Currently, there is a huge demand for respiratory devices including ventilators, especially in developing countries. Companies across the globe are focusing on increasing the availability of ventilators, nebulizers, and other respiratory support devices for patients.
The rising prevalence of respiratory diseases such as Chronic Obstructive Pulmonary Disorder (COPD) and sleep apnea contributed to the growth of the therapeutic respiratory devices and equipment market. According to World Health Organization, one million people die due to chronic obstructive pulmonary diseases caused by smoking among the 4.9 million people who die due to tobacco consumption and 65 million people suffer from moderate to severe COPD. As per its estimates, COPD is predicted to be the third leading cause of death worldwide and potentially fatal respiratory diseases. Tuberculosis, COPD, and lung cancer will account for about one in five deaths worldwide by 2030. According to National Health Interview Survey by the Centers for Disease Control and Prevention (CDC), the number of adults with diagnosed chronic bronchitis in the USA was 9.0 million. In the USA, it is estimated that 22 million Americans suffer from sleep apnea, with 80% of the cases of moderate and severe obstructive sleep apnea undiagnosed. According to epidemiological studies presented at the Associated Professional Sleep Societies in 2019, 37% of adults in North, Central, and South America suffer from Obstructive sleep apnea (OSA). The increased prevalence of COPD and sleep apnea in the geriatric population is driving the market for therapeutic respiratory devices.
Lack of awareness regarding the usage of respiratory devices has always been a major challenge in the therapeutic respiratory device market.Outcomes for patients with chronic respiratory diseases remain poor despite the development of novel therapies.
An International Survey conducted on Noninvasive Ventilation Use for Acute Respiratory Failure in General Non-Monitored Wards in 51 countries from 5 continents revealed that 44% of the GPs and physicians reported that they had never performed spirometry to make a diagnosis of COPD and the NIV application in general wards was reported by only 66% of respondents.Limited training and human resources were the most common reasons for not using NIV in general wards.
The lack of awareness on the use of respiration devices is negatively affecting the respiratory devices and therapeutics market.
The companies in the respiratory devices and equipment therapeutic market are increasingly using AI to develop respiratory devices to treat Asthma and COPD.Artificial intelligence supports the development of innovative sensors-equipped inhalers which help patients to track their dosage intake.
These sensors are durable and consume less power and help caution the patients by noting the differences or fluctuations in respiration.These are used for both add-on and embedded inhalers.
These inhalers with sensors can track data automatically and can alert both the doctors and patients about the health condition of the patients.Also, the companies in developing devices such as AI aided imaging systems and AI aided platforms that will act as voice biomarkers.
For instance, Verbal and Healthymize, two early-stage Israeli AI health tech companies, announced a merger in 2019 to create a joint company (Vocalis Health) that will be a global leader in vocal biomarkers which develops an artificial intelligence-based platform that uses voice interaction through a call center or smart device to passively screen and monitor millions of patients that live with a range of voice-affecting diseases, like chronic respiratory or cardiac conditions or depression.
In March 2020, Masimo, a global leader in noninvasive monitoring technologies acquired NantHealth, Inc’s connected care business for an undisclosed amount.NantHealth is a provider a tablet-optimized application that sits on top of our DCX platform to provide clinicians more convenient and ubiquitous access to capture a wide array of patient vitals such as respiratory rate, blood pressure, and heart rate in addition to performing patient assessments.
This move of Masimo will leverage its capabilities with NantHealth’s solutions that can enable a more efficient patient rounding and assessment workflow by providing a near real-time stream of data from the patient’s bedside unlike periodic sampling typically entered into an EHR hours later.
The countries covered in the respiratory devices and equipment (therapeutic) market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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