The global Respiratory Devices Market is fragmented in nature with a high level of competition and is estimated to remain in the similar scenario in the next few years, states a new market research study published by Transparency Market Research. The key players in the market, namely Koninklijke Philips N.V, ResMed, and Vyaire Medical, Inc. are focusing on the expansion of the product portfolio, which will enhance the overall growth of the market in the next few years. In addition to this, the leading players are adopting in-organic and organic growth strategies that is likely to offer potential growth opportunities throughout the forecast period. Several new players are projected to enter the global respiratory devices market, thus accelerating the growth of the market in the near future. Furthermore, the rising research and development activities is projected to enhance the competitive environment of the market in the near future.
According to the market research study by Transparency Market Research, in 2017, the global market for respiratory devices was worth US$ 17 Bn and is projected to reach a value US$ 31.0 Bn by the end of 2026. The market is expected to register a healthy 6.50% CAGR between 2018 and 2026.
The global market for respiratory devices has been categorized on the basis of geography into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. In 2017, North America accounted for a major share of the global market and is predicted to remain in the leading position in the next few years. A significant rise in the number of people who are suffering from respiratory diseases and the presence of leading players are the major factors that are anticipated to enhance the growth of the North America market in the next few years. Furthermore, Asia Pacific is estimated to register a healthy growth rate in the next few years. The rise in the prevalence of respiratory diseases and the rise in the geriatric population are some of the factors that are likely to encourage the growth of the market in the near future.
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The global market for respiratory devices has been classified on the basis of application into asthma, chronic obstructive pulmonary disease, obstructive sleep apnea, cystic fibrosis, respiratory distress syndrome, and pneumonia. Among these, the chronic obstructive pulmonary disease segment is projected to lead the global with a large share of the market throughout the forecast period. The rising air pollution and a significant rise in the number of tobacco smokers are the major factors that are predicted to accelerate the growth of the chronic obstructive pulmonary disease segment in the next few years.
The rise in the geriatric population and the increasing prevalence of respiratory diseases are the key factors that are projected to encourage the growth of the respiratory devices market in the next few years. The high rate of urbanization and the high prevalence of tobacco smoking are projected to enhance the growth of the market in the near future. In addition to this, the changing lifestyle of consumers and the rising pollutions levels are projected to accelerate the market growth in the near future.