The steady acknowledgment of the convenience of home healthcare, the rising cases of premature births, the prevalence of chronic obstructive pulmonary disease (COPD), respiratory disease-related neonatal deaths, rising geriatric population, risks associated with smoking, among others are a few factors which are anticipated to drive the market growth. Knowledge Sourcing Intelligence estimates that the Global Diabetic Food Market is projected to grow at a CAGR of 5.01% with the market expected to reach US$22.515 billion by 2025.
Furthermore, the healthcare industry is presently witnessing a stratospheric demand for ventilators due to COVID 19 cases around the world that have 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 growth of the share of the North American region which is being simultaneously reinforced by a high healthcare expenditure in that region. Moreover, Japan which reportedly has an expanding size of the geriatric population is expected to contribute to the fastest growing APAC segment of the market along with factors like the increasing incidence of chronic diseases which results in the adoption of assisted breathing. Currently, COPD reportedly has no cure available and as per the estimates by the World Health Organisation (WHO) the prevalence of COPD which as pf 2016 was reported to be in the order of 251 million individuals as per the global burden of disease study. Additionally, deaths in the order of around 3.5 million 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 reason for such a degree of prevalence is the instance of passive and active smoking that is ubiquitous. The elderly population is also reported to be susceptible to COPD.
The growing pool of senior citizens and the growing incidence of preterm births in certain regions are expected to drive the growth of the market
Projection of Population Aged 65+, Northern America
With respect to the geriatric population, it is important to note that 1 out of 6 people is estimated to be above 65 years of age by 2059 as per the UN (the United Nation). It's reportedly an increment of 16%. Moreover, concerning Europe and North America, it has been estimated 1 out of every 4 individuals could be above 65 years of age. Furthermore, for the first time, the total number of people over 65 years of age and above had exceeded the number of children under 5 years of age globally during 2018. Above all, the number of people who are 80 years of age and above is projected to triple in 2050, which translates to a population growth of 426 million from 143 million in 2019. This projection has been 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. Despite the aforesaid humans like every living being are preordained to experience the transition which is brought upon by age. Besides, the share of the population aged 65 years or over has reportedly increased from 6 % in 1990 to 9 % in 2019 across the world.
Additionally, in part due to the growing incidence of preterm births which have been often associated with neonatal respiratory diseases the market growth of global respiratory care devices growth is expected to be augmented. This is particularly due to the incapability of infants to sustain the ideal lung functioning who are born before 37 weeks of gestation. This has been known to lead to health complications such as bronchopulmonary dysplasia, and pneumonia among others. In 2018 the U.S. Department of Health & Human Services has registered that preterm birth had reportedly affected 1 of every 10 infants born in the United States. In spite of the decrease in preterm birth rates from 2007 to 2014 resulting from the declines in the number of births in teen and young mothers, the rate of preterm birth increased for the fourth straight year in 2018. Therefore, from the above-mentioned information besides other conducive aspects, the demand for such devices at a global level is poised to propel the growth of global respiratory care market devices during the next few years.
Forecasts pertaining to a select few markets related to the global respiratory care device market suggest a promising growth for the latter
For example, with respect to ventilators, the rise in cases of respiratory emergencies and COPD and the advent of COVID are the major factors among others which have propelled the growth of global ventilator markets that are anticipated to augment the global respiratory care devices market. According to estimates by Knowledge Sourcing Intelligence the ventilator markets are expected to grow at a CAGR of 5.53% over the same forecast period from a value of US$2,240.940 million that has been estimated for 2019 to reach a total market size of US$3,095.180 million in 2025.
Moreover, global spirometer device used to measure ventilation and the movement of air into and out of the lungs, thus helping analyze a patients’ pulmonary functions, the Global Spirometers Market according to Knowledge Sourcing Intelligence is estimated to reach US$1.551 billion by 2023 after growing at a CAGR of 5.44% from a market size of US$1.128 billion in 2017
Additionally, the Pulse Oximeters Market which deals with devices that determine the fraction of oxygen-saturated hemoglobin with respect to total hemoglobin is also expected to facilitate the market growth of respiratory care devices. The healthcare industry is known to employ this kind of device in profusion for monitoring the blood oxygen levels of patients, in emergencies, operations, and intensive care units. The pulse oximeters market is expected to grow at a CAGR of 7.01% as per the forecasts by Knowledge Sourcing Intelligence to reach from an estimated value of US$1.346 billion to 2017 reaching US$2.020 billion in 2023.