Respiratory Devices Market: Legislative Amendments for Medical Devices & Technology Services by Various Governments are Likely to Boost the Market
The global respiratory devices market is a competitive and dynamic business landscape. It is fragmented in nature and promises to remain the same during the forecast period. The major players in the market are Koninklijke Philips N.V, ResMed, and Vyaire Medical, Inc. The key players in the market are focussed on expansion and diversification of product portfolio, which is expected to boost the market growth during the forecast period. Many new entrants are expected to enter the global respiratory devices market during the forecast period. Moreover, increased spending on R&D is expected to increase the competitive dynamics of the market during the forecast period.
According to a new research report by Transparency Market Research, the global market for respiratory devices was evaluated at $17 bn by 2017. It is projected to reach $ 31 bn with a 6.50% CAGR by the end of 2026.
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North America Region Expected to remain dominant in the respiratory devices market
The global respiratory devices market report is segmented into five regions including North America, Europe, Asia Pacific, Latin America, Middle East & Africa. North American region held the majority share of the global respiratory devices market in 2017. It is predicted to remain in a leading position in near future. A rising number of people with respiratory illnesses, growing air pollution globally and establishment of leading companies in the region is expected to drive the respiratory devices market in North America.
Moreover, the respiratory devices market in Asia Pacific region will also grow significantly during the forecast period. The rising number of respiratory disorders and rise in cases related to geriatric population is expected to drive the Asia Pacific market as well as the European one.
The chronic obstructive pulmonary disease segment is expected to lead growth of the respiratory devices market
The global market for respiratory devices market is segmented into asthma, obstructive sleep apnea, chronic obstructive pulmonary disease, cystic fibrosis, respiratory distress syndrome, and pneumonia. Among these, the chronic obstructive pulmonary disease segment is expected to lead market growth. A significant rise in number of tobacco addicts and growing air pollution is expected to drive the segment during the forecast period.
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Conversely, the increasing reimbursement related policies and the growing number of low-cost products are expected to hinder the growth of the global respiratory devices market in the next few years. However, the growing demand for home care therapeutic devices, increased advancements in technology and point-of-care diagnostics are expected to offer new opportunities for the respiratory devices market.
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