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(Medical-NewsWire.com, January 30, 2019 ) A number of factors such as high prevalence of respiratory diseases, rapid growth in the aging population, the high prevalence of smoking, rising urbanization and pollution levels, increasing incidence of preterm births, and lifestyle changes are fueling the growth of Respiratory Care Devices Market.
However, the lack of awareness of respiratory conditions leading to a large underdiagnosed and undertreated population and the harmful effects of certain respiratory care devices on neonates are the major challenges in this market.
Growth in elderly population to drive the demand for respiratory care therapeutic devices during the forecast period
Therapeutic devices are used to treat respiratory ailments, which are caused due to trauma, obstructive sleep apnea (OSA), COPD, and other respiratory conditions. The growing elderly population around the globe is expected to increase the demand for respiratory therapeutic devices in the coming years. This is an important indicator for market growth as the risk of chronic diseases increases with age.
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For instance, in the geriatric population, the prevalence rate of chronic diseases is 64 per 1,000 individuals. According to the UN, it is estimated that the global elderly population (60 years or above) will reach 2.10 billion by 2050 from 0.96 billion in 2017. The geriatric population in the European region increased from 16.3% in 2010 to 19.8% in 2017 and is further expected to reach 22.4% by 2030. Growth in the elderly population is expected to drive the demand for therapeutic devices, such as nebulizers, oxygen concentrators, humidifiers, and PAP devices.
Asia pacific showcase high growth potential for the Respiratory Care Devices Market
Countries in the APAC region, such as China and India have shown remarkable economic growth in the past decade, and are likely to surpass many developed countries in the coming years. Although, the healthcare industry in these countries still follows a traditional model of healthcare delivery; the situation is gradually changing with growing health awareness, increasing demand for better healthcare services, and increasing penetration of newer technologies.
In developing regions, the rate of preterm births is as high as 25%. According to the WHO, around 60% of preterm births occur in Africa and South Asia, with India and China reporting the highest number of preterm births. Large population of preterm birth with rising healthcare expenditure in the emerging economies is further expected to drive the market for respiratory care devices in the region.
Traditionally, in terms of technology, the medical industry in the APAC region has followed trends in North American and European markets. However, the medical devices industry in this region has grown significantly over the years and manufacturers are now beginning to focus on providing advanced technologies to ensure sustainable and strong future growth in this region.
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Philips Healthcare (The Netherlands), ResMed, Inc. (U.S.), Medtronic plc (Ireland), Masimo Corporation (U.S.), and Fisher & Paykel Healthcare Corporation Limited (New Zealand) held the major share of the respiratory care devices market and will continue to dominate the market between 2016 and 2021. Other major players operating in this market are Becton, Dickinson and Company (U.S.), Chart Industries, Inc. (U.S.), Drägerwerk AG & Co. KGaA (Germany), and Hamilton Medical AG (Switzerland).
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