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Major Growth Boosters for the Global Respiratory Care Devices Industry

The study involved 4 major activities in estimating the current market size for the respiratory care devices market. Exhaustive secondary research was done to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.

The Global Respiratory Care Devices Market is projected to reach USD 31.8 billion by 2024 from USD 20.6 billion in 2019, at a CAGR of 9.1%.

Both the top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.

Key Questions Addressed in the Report:

Who are the top 10 players operating in the market?
What are the drivers, restraints, opportunities, and challenges in the market?
What are the industry trends as well as the current scenario in the market?
What are the growth trends in the market at the segmental and overall market levels?
How is the market performing in different regions across the globe?

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The emergence of home healthcare has opened new growth avenues for the respiratory care devices market. Convenience and comfort in a home care environment, coupled with cost advantages, are the major factors driving the growth of the home healthcare market for respiratory care devices.

The major factor driving the growth of the respiratory care devices market is the high prevalence of respiratory diseases as a result of the rapid growth in the global geriatric population, high prevalence of tobacco smoking, urbanization and growing levels of pollution, and changing lifestyles.

Market Share Estimation:

The market shares for leading respiratory care devices companies was arrived at after a detailed assessment of their revenues from the respiratory care devices business by secondary data available through paid and unpaid sources. Owing to data limitations, in certain cases revenue share was arrived at after detailed assessment of the product portfolios of major companies and their respective sales performance. At each point, this data was validated through primary interviews with various industry experts.

Objectives of this study:

To define, describe, segment, and forecast the global respiratory care devices market on the basis of product, indication, end user, and region.

To provide detailed information regarding the major factors influencing the growth of the market (such as drivers, restraints, opportunities, and industry-specific challenges).

To analyze micromarkets1 with respect to individual growth trends, future prospects, and contributions to the overall market.

To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market players.

To forecast the size of the market, in five main regions (along with major countries)—North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

To profile key players in the global market and comprehensively analyze their core competencies and market shares.

To track and analyze competitive developments such as mergers and acquisitions; new product/technology launches; expansions; collaborations and agreements; and R&D activities of the leading players in the global market.

Data Triangulation:

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

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The market in the Asia Pacific region is expected to be the fastest growing in 2019

While the respiratory care devices market in the APAC is relatively smaller than developed markets across North America and Europe, it is expected to grow at the highest rate. This can be attributed to the presence of high-growth markets such as Japan, China, India, South Korea, Taiwan, Australia, and Singapore.

In these countries, the rising geriatric population, growing per capita income, increasing investments in the healthcare industry by key market players, rising demand for cutting-edge technologies, and the expansion of private-sector hospitals to rural areas are major factors driving the growth of the respiratory care devices market. Low labor costs and the favorable regulatory environment in the region will also contribute.

The respiratory care devices market is fragmented in nature, with the top five players accounting for around half of the total market in 2018. There are other smaller and medium-sized players as well, operating at both global and regional levels. The leading market players are based across developed countries such as the US, the Netherlands, New Zealand, and Ireland.

However, in the past few years, smaller players have emerged, especially in the Asia Pacific market, competing with global players on the basis of price. Lucrative growth opportunities in the Asia Pacific market are increasing competition among market players. Companies are also focusing on R&D to add innovative technologies and products to their portfolios, which, in turn, helps them to strengthen their presence in respective markets.

The key players in the global respiratory care devices market are Philips Healthcare (Netherlands), ResMed Inc. (US), Medtronic plc (Ireland), Masimo Corporation (US), Fisher & Paykel Healthcare Corporation Limited (New Zealand), Chart Industries (US), Drager AG (Germany), Invacare Corporation (US), Getinge AB (Sweden), Air Liquide (France), Hamilton Medical AG (Switzerland), Vyaire Medical (US), GE Healthcare (US), Nonin Medical Inc. (US), Apex Medical Corp. (Taiwan), Smiths Group (UK), Omron Healthcare Inc. (US), Allied Healthcare Products, Inc. (US), Teleflex Incorporated (US), and DeVilbiss Healthcare LLC (US).

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on May 13 at 7:42

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