Knowledge Sourcing Intelligence announces the publication of a new report on “Global Respiratory Care Devices Market - Forecasts from 2020 to 2025” to their offering.
Gradual cognizance of the convenience of home healthcare, growing cases of premature births, the prevalence of chronic obstructive pulmonary disease (COPD), respiratory disease-related neonatal deaths, rising geriatric population, risks of smoking, among others are a few factors that are expected to drive the market growth.
As per the report, the Global Respiratory Care Devices Market is expected to reach US$22.515 billion by 2025 during the forecast period.
Moreover, the healthcare industry is currently experiencing a stratospheric demand for ventilators due to COVID 19 cases around the world that has emerged as the prime factor in accelerating the growth of the market. Technological advancements are bringing about developments like automatic ventilation and oxygenation control and management as per the specifications set by the doctors, which are poised to create more opportunities for the global respiratory care devices market. On the other hand, due to the high prevalence of chronic respiratory diseases such as COPD in the North American region, it is projected to result in the expansion of the North American share of the market which is concomitantly being reinforced by the high healthcare expenditure that prevails in the region. Moreover, Japan which has a growing pool of geriatric population is expected to contribute to the fastest growing APAC segment of the market along with factors like the increasing prevalence of high chronic diseases which necessitates the incorporation of assisted breathing. Presently COPD has no known cure and according to estimates by the World Health Organisation (WHO) the prevalence of COPD was reported to be among 251 million individuals as of 2016 which find its mention in the global burden of disease study. Further, around 3.5 million deaths were reported in 2015. It was also noted that the low and middle-income countries experienced the maximum (more than 90%) prevalence of deaths. The primary reason for such high prevalence is active and passive smoking which is present at the international level. The geriatric population is also susceptible to COPD. Shedding light on the elderly population growth it is important to note that according to World Population Prospects 2019 (United Nations) 1 in 6 people in the world will be over the age of 65 by 2050 which is an increase from 1 in 11 in 2019. This projection has bee arrived at, even though the entire world has boarded the longevity revolution train with some nations at the initial stages of their journey while others at their late stage. Irrespective of the aforesaid all of us have to pass through the transition which due to a variety of advancements has led to more chances of surviving. The share of the population aged 65 years or over has reportedly increased from 6 % in 1990 to 9 % in 2019 across the world.
Besides the global respiratory care devices market is also reportedly expected to grow partly due to rising incidences of preterm births which are often accompanied by Neonatal respiratory diseases. This is particularly because of the inability of infants born before 37 weeks of gestation to sustain the ideal lung functioning. This reportedly leads to health complications such as bronchopulmonary dysplasia, and pneumonia among others. In 2018 the U.S. Department of Health & Human Services has noted that preterm birth affected 1 of every 10 infants born in the United States. Despite the decrease in preterm birth rates from 2007 to 2014 due to declines in the number of births in teen and young mothers, the rate of preterm birth increased for the fourth straight year in 2018. Thus, from the aforementioned, among others, it can be conclusively delineated that the need for such devices at a global level is expected to catapult the global respiratory care devices market growth to unprecedented heights during the coming few years.
As a part of the report, the major players operating in the global respiratory care devices market, which have been covered are ResMed, Medtronic, Masimo, Koninklijke Philips N.V., Invacare Corporation, Hamilton Medical, Getinge AB, Fisher & Paykel Healthcare Limited, Drägerwerk AG & Co. KGaA, and Air Liquide Medical Systems.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-respiratory-care-devices-market
This report segmented the global respiratory care devices market on the basis following terms