Global Therapeutic Respiratory Devices Market size contribution was about $8.9 billion for 2015 with CAGR of about 11.71% during forecast timeframe. Growing proportion of respiratory ailments like sleep apnea, asthma, lung cancer, COPD(Chronic Obstructive Pulmonary Disorder) and increase in old age population all across the globe are key factors that are projected to fuel industry growth.The demographic change is predicted to affect global therapeutic respiratory devices industry substantially. Expected increase in aging population and rise in occurrence of COPD ailment are few factors predicted to promote industry growth.
U.S. Therapeutic Devices Market Size, by Product, 2012 – 2024 (USD Million)
Respiratory therapy equipment segment is observing fast technological changes along with enhanced equipment application. Launch of software application for data collection and analysis from ventilators across healthcare systems has significantly improved patient monitoring. Furthermore, modernizations in capnography and cardiac techniques offer constant & real time data about patient respiratory proportion. All these factors are anticipated to add to global therapeutic respiratory devices market growth.
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Global therapeutic respiratory devices industry is segmented into products like gas analyzers, nebulizers & ventilators, humidifiers, capnographs, oxygen concentrators and positive air way pressure equipment. Positive air way pressure (PAP) equipment segment contributed largely to the global therapeutic respiratory devices market share for 2015. The growth can be credited to rising occurrence of respiratory ailments, prevailing large pool of patient population suffering from sleep apnea and high utilization rate of equipment owning to high patient compliance.
Nebulizers and ventilators segments followed PAP equipment segment in revenue terms. Nebulizers segment was evaluated at $1.3 billion for 2015 and is predicted to register CAGR of 9.5% during forecast timeframe. Advent of metered dosage and vibrating mesh has led to higher level of efficacy in nebulizers and is predicted to fuel segment growth.
Oxygen concentrators segment is predicted to record highest CAGR of 12.39% during forecast timeframe. Growing consciousness about treating respiratory ailments and enhanced healthcare access in emerging economies are predicted to drive segment expansion.
Global therapeutic respiratory devices market is segmented into geographical locations like Europe, Latin America, APAC, North America and MEA. North America respiratory devices market share was estimated at $3.3 billion for 2015 which was largest in terms of revenue. U.S. respiratory devices industry alone contributed about 62.1% of regional revenue share in 2015. This is owing to high occurrence of respiratory ailments like COPD and sleep apnea coupled with favorable government regulations.
APAC therapeutic respiratory devices market is predicted to experience largest CAGR of about 12.89% during forecast timeline. Increasing old age population in Asian nations is predicted to provide tremendous growth potential in future.
Key industry participants profiled in the report are Invacare Corporation, Airsep Corporation, CareFusion Corporation, Philips Healthcare, Covidien Plc, Fisher & Paykel, Smiths Medical, Mindray, GE Healthcare and Compumedics Limited.