In recent times, the medical device fraternity is ablaze with the launch of a plethora of innovations & novel products. Therapeutic respiratory devices market, a thriving vertical of this lucrative landscape, has been achieving commendable growth primarily on account of this very factor. The progressive roadmap depicted by the global therapeutic respiratory devices industry is clearly evident from the estimates that claim the market to have amassed a valuation of over USD 11.3 billion in 2017. Reports reveal that the unprecedented growth in the prevalence of respiratory diseases has brought forth robust demand for therapeutic respiratory devices.
Japan Therapeutic Respiratory Devices Market, By Product, 2013 – 2024, (USD Million)
A survey conducted by the Forum of International Respiratory Societies (FIRS) suggests that over 100 million adults are diagnosed with sleep breathing disorders and over 50% of the global adult population habitually snore, leading to the growth in the rate of obstructive sleep apnea. In addition, the WHO states that more than 235 million people are suffering from asthma and over 200 million are diagnosed with chronic obstructive pulmonary disease. The data goes on to validate that there is a massive rise in the prevalence of respiratory diseases, which will lead to the significant usage of these devices. It has also been reported that the prevalence of these respiratory diseases is pretty high in the developed and developing countries, given the increased amount of air pollution, high rate of smoking, and occupational exposure.
Asia Pacific therapeutic respiratory devices market to witness lucrative growth over 2018-2024
North America dominated the regional landscape of therapeutic respiratory devices market in the year 2017, collecting more than USD 4.3 billion in remuneration. This growth was significantly attributable to the availability of advanced healthcare technology and infrastructure facilities that led to robust demand for therapeutic respiratory devices. Plus, most of the major therapeutic respiratory devices market players operate in the U.S., giving the region the advantage of first launch of the products and cost-effective prices. As per estimates, the U.S. accounted for 80% of the regional market share in 2017.
However, this scenario is slightly witnessing a shift as stakeholders are focusing on investing in the untapped regions. Developing nations, in this regard, are experiencing a plethora of investment trends, given the easy availability of land, favorable governmental initiatives, and cheap labor force. The rising disposable incomes, investment in healthcare infrastructure and increasing geriatric population base that are highly susceptible to pulmonary & respiratory disorders such as asthma, COPD, and bronchitis have also played a part in impelling the market growth in these countries. Attributable to these factors, several emerging economies particularly in the Asia Pacific belt are expected to emerge as the next-lucrative growth grounds for most of the venture capitalists. For instance, India therapeutic respiratory devices market is projected to witness a double-digit CAGR of 12% over 2018-2024.
Innovation trends to sway the product landscape
Given that the global therapeutic respiratory devices industry players have established their powerful presence across myriad geographies, it is also prudent to mention that they have been aggressively adopting product innovation trends. The statistics pertaining to the severity of this disease (one of the most common cause of death) have further encouraged massive investments in R&D and technological enhancement activities undertaken by the companies operating in this business sphere.
Amiko Digital Health Limited, for instance, has recently announced its partnership with Luz Saúde to help drive product innovation in respiratory care. Integrating with Amiko’s Respiro platform, Luz Saúde is also expected to enable optimize respiratory treatments, improve outcomes, support patients with regards to self-care, and lower overall healthcare costs.
Another popular instance is that of ResMed that brought to light an AirMini CPAP device. Touted as the smallest portable CPAP device, the product offers effective humidification without water and can be easily monitored by patients with the AirMini app.
Quite undeniably, advancements in therapeutic respiratory devices industry that brought forth easy-to-use, light weight, smart, and portable devices are certain to stand tall even in the years ahead. These trends significantly affirm that the global therapeutic respiratory devices market will be characterized by a slew of innovative technological advancements in the ensuing years. As per estimates, therapeutic respiratory devices industry size will carve a lucrative growth graph with a projected CAGR of 9.5% over 2018-2024.