The Respiratory Care Devices Market shall be growing unabatedly in the future. The healthcare vertical is expected to go “personalized” in the next 10 years. Thus, genomics and genetics, along with the other biologic information, going personalized will help in early diagnosis of the disease and also how patients will respond to the treatments. Likewise, the healthcare vertical would be there to make greater strides in the forecast period.
Respiratory care devices are the branch of medical devices focused on the treatment, management, control, diagnostic evaluation, and care of patients with abnormality in cardiopulmonary system.
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The devices are used in chronic obstructive pulmonary diseases (COPD), a degenerative lung diseases which primarily includes chronic bronchitis, and emphysema. The market is witnessing decent growth as COPD is one of the leading causes of death globally. By 2020, COPD is expected to be the fifth leading cause of death globally.
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In product segment, respiratory therapeutic devices market accounted for largest share globally in 2014. Major driving factors for therapeutic devices market was increasing adoption to the various devices such as humidifiers, nebulizers, and oxygen concentrators due to increasing prevalence of respiratory diseases, and rising geriatric population.
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Hospitals respiratory care device market was major market as compared to home care due to financial capabilities of hospitals to purchase high cost devices is more. North America accounted the largest share of the market followed by Europe due to highly developed health care infrastructure, large pool of respiratory disease patients due to lifestyle such as smoking and tobacco habits, and availability of trained personnel to operate the advanced respiratory devices. However, Asia Pacific is expected to grow at the highest rate owing to increasing per capita income, and gradually developing health care infrastructure.
Major driving factors for the global respiratory care devices market are rise in number of chronic pulmonary obstructive diseased patients, and continuous surge in numbers due to changing life style and environment such as increasing pollution level and smokers, rising geriatric population, new launching of the product coupled with strong pipeline of the product. In addition to that rise in demand for home care respiratory devices.
According to Centers for Disease Control and Prevention (CDC), more than 16 million population in America were living with a diseases caused by smoking such as lung diseases, COPD, heart diseases, and cancer in 2014. Additionally, rising geriatric population is a major cause of driving the market.
According to World Health Organization (WHO), more than 2 billion population will be aged 60 and older by 2050. However, lack of awareness in developing region, and some of the harmful effects of respiratory devices on neonates can restraint the market growth. Additionally, excise tax on devices by some countries would expect to impact the market negatively.
Key players in the global respiratory care devices market are Philips Healthcare (Netherlands), Masimo Corporation (U.S.), Fisher and Paykel Healthcare Limited (New Zealand), ResMed, Inc. (U.S.), Covidien plc (Ireland), and CareFusion Corporation (U.S.).
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