Portland, OR, July 02, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global respiratory care devices market was valued at $12.89 billion in 2015, and is projected to reach $21.30 billion by 2022, registering a CAGR of 7.4% from 2016 to 2022.The therapeutic segment dominated the global market, accounting for more than half of the total market share in 2015.
The Covid-19 has spread all over the world in more than 200 countries. The World Health Organization (WHO) declared it as a global pandemics. The coronavirus is mainly affecting the respiratory system and develops the common flu-like symptoms such as cough, fever, and in severe cases, difficulty in breathing. With the continued spread of the virus, which can cause pneumonia and trouble in breathing, hospitals around the globe are facing the shortage of respiratory care devices such as ventilators. Many governments are creating alliances with the manufacturers to provide the respiratory care devices in a threat of Covid-19.
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Covid-19 scenario:
- The economic crisis would not affect the industry much as the respiratory care devicesoperations have not been stopped due to coronavirus pandemic
- The supply, demand, and manufacturing of respiratory care devices has not affected by lockdown as it comes under the category of essential goods.
Respiratory care is a healthcare specialty, which is focused on improving cardiopulmonary functions and promoting health & wellness. These devices are majorly classified into therapeutic, diagnostic & monitoring devices, and consumables & accessories. These devices are used to deal with medical conditions such as asthma, chronic obstructive pulmonary disease (COPD), and other acute & chronic respiratory diseases. Respiratory care devices are used in hospitals and homecare settings. The market for respiratory care devices have experienced a paradigm shift from stationary to portable devices. Increased adoption of portable devices has been a significant trend in the industry.
The global respiratory care devices market is driven by factors such as increase in prevalence of respiratory diseases, rapid urbanization, rise in pollution level, growth in geriatric population, and increase in tobacco consumption worldwide. In addition, governmental support has fueled the market growth. Moreover, high demand for therapeutic devices in homecare settings and increased healthcare spending are anticipated to provide lucrative opportunity for the market players. However, large pool of undiagnosed population and risks associated with certain therapeutic devices for neonates hamper for the growth of the respiratory care devices market.
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Leading market players analyzed in the research includeKoninklijke Philips N.V., Hamilton Medical AG, Fisher & Paykel Healthcare Limited, ResMed, Inc., Invacare Corporation, Chart Industries Inc., Dräger Safety AG & Co. KGaA, Becton, Dickinson and Company, Masimo Corporation, and Medtronic plc.
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