According to a new market report published by Lucintel, the future of the global respiratory care device market looks promising with opportunities in the hospital and home healthcare devices. The global respiratory care device market is expected to reach an estimated $15.8 billion by 2022 and is forecast to grow at a CAGR of 7.7% from 2017 to 2022. The major drivers for the growth of this market are increasing prevalence of respiratory diseases, increasing geriatric population, tobacco use, and rising pollution levels.
In this market, monitoring and therapeutic devices are the major segments by device type. On the basis of comprehensive research, Lucintel forecasts that the monitoring device segment is expected to show above average growth during the forecast period.
Within global respiratory care device market, therapeutic device is expected to remain the largest segment by device type. Rising prevalence of tobacco use, pollution levels, and the high prevalence of respiratory disease are the major driving forces that spur growth for this segment over the forecast period.
The North America is expected to remain the largest region due an aging population and increasing respiratory diseases, like sleep apnea, asthma, lung cancer, COPD (Chronic Obstructive Pulmonary Disorder).
APAC is expected to witness the highest growth rate over the forecast period due to increasing tobacco use and pollution levels.
For business expansion, Lucintel’s report suggests innovation and new product development for achieving the best results in diagnosis for respiratory diseases.
Emerging trends, which have a direct impact on the dynamics of the industry, include the high adoption for home healthcare products, and improvement in mask fits. ResMed Inc., Meddtronic PLC, Koninklijke Philips N.V.,General Electronics, and Masimo Corporation are among the major suppliers of respiratory care devices.