Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Respiratory Assist Devices Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, April 08, 2021 (GLOBE NEWSWIRE) -- The Global Respiratory Assist Devices Market is expected to grow at a CAGR of around 12.4% from 2020 to 2027 and reach the market value of over US$ 30.3 Bn by 2027.
North America is expected to dominate the respiratory assist devices by recording a significant market share of more than 40% in the forecast period. Factors responsible for the growth of the regional market involve better healthcare infrastructure and healthcare facilities, large group of patients suffering from asthma and COPD, and ever-growing geriatric population. Presence of strong market players like GE Healthcare, GSK, and Novartis supports the growth of respiratory assist devices market regionally. Investment opportunities and collaboration of prominent players further enhances the growth of respiratory assist devices market in North America.
In July 2020, Advanced MedTech Holdings, a global medical technology leader, and SEEDS Capital, the investment arm of Enterprise Singapore announced an investment of US$ 10 Mn for ABM Respiratory Care (ABM), a medical device company for developing novel integrated airway clearance and ventilation solutions.
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On the other hand, Asia Pacific regional market will witness a fast pace in the coming years owing to strong demand for respiratory assist devices from a geriatric population, rising awareness regarding pulmonary diseases like COPD, and high healthcare investments or spending. Collaboration of companies for new product offerings in the market fuels the regional growth of respiratory assist devices globally. In September 2020, Wipro 3D and GenWorks announced a collaboration for launching a new product namely, Wipro Chitra AirBridge for emergency breathing assistance. The newly launched product aims for the patient requiring breathing assistance without ventilator support including COVID-19 patients. The product acts supportive for the patients from few hours to few days and can work anywhere including remote places and during transportation of patients.
Market opportunities: Surge in demand for home care therapeutics
Rising cases of chronic pulmonary diseases like COPD and asthma gives rise to demand for home care devices and services when compared with hospitals visit. Additionally, ever growing aging population prognosticates the demand for respiratory assist devices markets globally.
High growth potential in emerging markets, healthcare decentralization, and evolution of miniature devices are the factors that will offer lucrative opportunities for the respiratory assist devices market to grow. Rising healthcare cost, large patient pool suffering from respiratory disorders prefer undergoing home care settings treatment. Such trend is projected to increase the demand of products such as ventilators, nebulizers, CPAP devices, and others. Such devices are used to treat, diagnose, and monitor a wide range of respiratory diseases in home care settings. Such associated benefit related to product offerings by the market players in the global market offers lucrative opportunities to expand the product portfolio.
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Segmental Outlook
Respiratory device market is segmented based on product type and end-user.
Based on product type, the market is segmented as respiratory consumables, inhalers, nebulizers, oxygen concentrators, positive airway pressure devices, polysomnography devices, pulse oximeters, mechanical ventilators, and spirometers. By end-user, market is segmented as hospitals, ambulatory surgical centers, long term care centers, and others. By product type, inhalers will record significant revenue in the coming years. Based on end-user, hospitals segment will contribute fullest for the growth of the respiratory assist devices market worldwide.
Competitive Landscape
Some of the leading competitors are Philips Healthcare, ResMed Inc., Medtronic plc, Masimo Corporation, and among others.
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Some of the key observations regarding the respiratory assist devices industry include:
- In April 2020, Koninklijke Philips N.V., announced new product launching namely, Philips Respironics E30 ventilator The new product is a new emergency use ventilator with visual and audible arms that allow high-flow oxygen to support COVID-19 patients with respiratory insufficiency both invasively and non-invasively.
- In May 2020, ResMed announced new product namely cloud based remote monitoring software for ventilators and Lumis bi-level devices across Europe, via its AirView platform. With the support of AirView, clinicians and care providers can remotely monitor patient’s respiratory rate and SpO2 or blood oxygen saturation. The digital health platform can work with a connectivity module with any stellar or Astra ventilator in Europe. Lumis bilevel devices have a built-in cellular connection to AirView.
- In March 2020, Masimo Corporation announced continuous RRp® (respiration rate from the photoplethysmograph) monitoring of adult and pediatric patients with Rad-97®, Radical-7®, and Radius-7® Pulse CO-Oximeters®. The product received FDA approval with a product offering in the US market. Both continuous and spot-check RRp are available in the US market with a supported variety of pulse oximetry sensors and configurations that involves a combination of non-cabled, tetherless, wearable Radius PPG.
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