The need for therapeutic respiratory devices will be positively driven by the expansion of the geriatric population base.
The need for therapeutic respiratory devices will be positively driven by the expansion of the geriatric population base. There is a consistent prevalence of age-related structural changes in terms of ventilatory responses and pulmonary functions in these geriatric individuals. This has made them severely prone to chronic diseases like asthma, COPD, bronchitis, and other respiratory disorders.
Continuous rise in the number of research investments has led to the influx of advanced as well as innovative devices. It has paved the way for numerous developments in respiratory care devices in order to render high efficiency & portability, easy-to-use, smart as well as lightweight features. Additionally, there are growing efforts taken by several therapeutic respiratory devices market players to come up with newer technologies.
It has been estimated in a recent research report by Global Market Insights Inc. that the global therapeutic respiratory devices market size will surpass USD 65 billion with regard to yearly remuneration by 2024.
Rising need for ventilators
The therapeutic respiratory devices market value from ventilators is anticipated to reach USD 2.2 billion in the next few years considering the surge in the instances of surgeries across the world. This can be further owed to the growing prevalence of preterm births, chronic pulmonary as well as respiratory diseases. Furthermore, the jump in the household incomes of consumers has resulted in higher affordability of the ventilators.
Increasing presence in homecare settings
Demand for therapeutic respiratory devices in homecare settings is poised to rise at a rate of over 10.5% through 2024. This can be attributed to the increasing need for portable, patient friendly as well as easy to operate products with technologically advanced features.
Homecare facilities are witnessing higher preference by consumers as they reduce hospital costs and curb the chances of hospital-acquired infections. Also, the continued occurrence of chronic respiratory diseases in old-aged individuals will foster the adoption of the devices across the homecare settings.
To access sample pages of this report titled, “Therapeutic Respiratory Devices Market Size By Product (OSA Devices [PAP Devices, Oxygen Concentrators, Adaptive Servo-ventilators], Ventilators [Adult, Neonatal], Inhalers [Nebulizers, MDI, DPI], Humidifiers [Heated Humidifiers, Passover Humidifiers, Integrated Humidifiers, Built-in Humidifiers, Standalone Humidifiers]), By End-use (Hospital, Homecare Settings), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/696
The U.S. to record higher adoption
On account of the ease of access to developed healthcare facilities with various technological advancements, the therapeutic respiratory devices market in the U.S. was valued at USD 3.8 billion in 2017. The expanding geriatric population has given rise to a higher prevalence of chronic respiratory diseases in the country. Increased levels of smoking, lifestyle changes as well as other environmental factors, are also adding positive impetus to the regional penetration of therapeutic respiratory devices.
Growth from product innovations
Suppliers of therapeutic respiratory devices are consistently coming up with novel technologies for product diversification to aid patients in the current COVID-19 pandemic. For instance, Hillrom, a leading medical technology provider, launched two respiratory therapy devices, the Volara system, to offer hospital-grade oscillation therapy and the Synclara Cough system.
They are also adopting strategies like partnerships, mergers, and acquisitions to extend their offerings and reinforce their market position. Airsep Corporation, Compumedics, Smiths Medical, Philips Healthcare, CareFusion Corporation, Mindray Medical, Resmed, Teleflex, GE Healthcare, Breas Medical, Medtronic, and Hamilton Medical, are few other prominent therapeutic respiratory devices companies.
However, the dearth of patient constancy with regards to the treatments resulting from the inconvenience caused by using the devices will negatively influence their demand and supply to some extent.
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