8 February 2017 - - The global respiratory care devices market is expected to reach USD 24.07bn by 2021 from USD 15.14bn in 2016, at a CAGR of 9.7% from 2016 to 2021, according to a new report from Indian market research provider MarketsandMarkets

Major factors driving the growth of this market include 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.

Rapid developments in emerging markets such as Asia-Pacific and Latin America and the growing demand for point-of-care diagnostic devices are expected to provide significant growth opportunities for players operating in the respiratory care devices market in the coming years.

A rising demand for enhanced portable devices, growing demand for multimodal ventilators and focus of market players on expanding their geographic presence are the key trends of this market.

However, the lacks 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.

This market is segmented on the basis of type, disease/disorder, end user and regions. Based on type, the respiratory care devices market is segmented into therapeutic devices, monitoring devices, diagnostic devices, and consumables and accessories.

The therapeutic devices segment is subsegmented into PAP devices, masks, ventilators, nebulizers, humidifiers, oxygen concentrators, inhalers, reusable resuscitators, nitric oxide delivery units, and oxygen hoods.

The monitoring devices segment is subsegmented into pulse oximeters, capnographs and gas analyzers. The diagnostic devices segment is subsegmented into spirometers, polysomnography devices, peak flow meters and other diagnostic devices.

The consumables and accessories segment is subsegmented into disposable masks, disposable resuscitators, tracheostomy tubes, nasal cannulas and other consumables and accessories.

In 2015, therapeutic devices accounted for the largest share of the global respiratory care devices type market. The rising incidence of chronic diseases and growing geriatric population contributes to their largest share in respiratory care devices type market.

Based on disease/disorder, the respiratory care devices market is segmented into chronic obstructive pulmonary disease, sleep apnea, asthma, infectious diseases and other diseases/disorders. The other diseases/disorders segment includes lung cancer, pulmonary fibrosis, pulmonary embolism, cystic fibrosis, and allergies.

In 2015, COPD accounted for the largest share of the global respiratory care devices market, by disease/disorder. The factors contributing to the growth of this technology segment includes increasing tobacco smoking prevalence and rising pollution levels globally.

Furthermore, on the basis of end users, the market is classified into hospitals, home care and ambulatory care.

The hospitals companies segment accounted for the largest share in the global respiratory care devices market, by end users. The factors contributing to the growth of this end user segment includes the financial capabilities of hospitals to purchase high-priced instruments as well as the availability of trained professionals in hospitals to operate respiratory care devices.

In 2015, North America accounted for the largest share of the global respiratory care devices market, followed by Europe, Asia-Pacific, and RoW.

Growth in the developed markets in North America and Europe is mainly driven by the rising geriatric population, the presence of a well-established healthcare industry, availability of life sciences and medical research funding, rising geriatric population, growing demand for point-of-care diagnostic testing, and increasing government healthcare expenditure.

As opposed to the North American and European markets, the demand in the APAC and Latin American markets is primarily driven by the growth in the overall healthcare industry.

The rising geriatric population, growing per capita income, increasing investments in the healthcare industry by key market players, rising demand for cutting-edge technologies, low labor costs, favourable regulatory environment and expansion of private-sector hospitals to rural areas in various APAC and Latin American countries are some factors that will fuel the growth of respiratory care devices market in these regions.

Philips Healthcare (The Netherlands), ResMed, Inc., Medtronic plc (Ireland), Masimo Corp., and Fisher and Paykel Healthcare Corp. Ltd. (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, Chart Industries, Inc., Drägerwerk AG and Co. KGaA (Germany), and Hamilton Medical AG (Switzerland).