Industry Trend Analysis
In 2012, the global therapeutic respiratory devices market was evaluated around USD 6.35 billion and is expected to reach approximately USD 19.48 billion by 2022 while registering itself at a compound annual growth rate (CAGR) of 11.87% over the forecast period. Major drivers of the global market are the growing occurrence of target disorders like COPD, sleep apnea, and asthma, demand for early disease diagnosis and rising awareness levels amongst the patients. According to the WHO approximates COPD is anticipated to be the third major cause of death globally. As per the statistics issued by the National Sleep Foundation, approximately 40 million Americans were suffering from chronic sleep disorders during 2012. Furthermore, the occurrence of obstructive sleep apnea was around 12 million in the United States with the analysis rate of approximately 1 out of 22. The incidence of this disorder is anticipated to constantly increase over the forecast years, due to the rising occurrence of hypertension, obesity, and cardiovascular diseases. Also, technological innovations linked with these systems and increasing healthcare spending levels worldwide are accountable to estimated boost for the global therapeutic respiratory devices market growth during the projected period.
Product Outlook and Trend Analysis
Major therapeutic respiratory devices industry products involve ventilators, positive airway pressure, nebulizers, oxygen concentrators, humidifiers, gas analyzers and capnography. Since 2014, positive airway pressure systems ruled the total segment at approximately 50%. This can be assigned to technology advancement ensuing in amplified shelf life and portability. Nebulizers are projected to grow at the highest rate during the forecast years as a result of, the growing preference for non-invasive products.
Technology Outlook and Trend Analysis
HEPA filter technology, Electrostatic filtration, microsphere separation and hollow fiber filtration are the technologies studied under the extent of this study. In 2014, the electrostatic filtration section was amongst the leading technology sections with a market share of around 30.0%. Some major factors assigning to the position of a segment involve high technology usage in often used products, as well as the introduction of novel technologies like negative pressure, regulate respirator filters that render highly proficient air filtration. Additionally, the hollow fiber filtration technology is anticipated to experience lucrative growth in application rates around the forecast years due to, the easy maintenance it renders to the costumers.
Filter Outlook and Trend Analysis
These respiratory devices use a ventilator, positive airway pressure, nebulizer, humidifier filters and oxygen concentrator. In 2014, the therapeutic respiratory device industry was ruled by ventilator filters. Wide applications of these in the systems which are utilized for the treatment of patients having chronic disorders are a major driving factor. Though humidifier filters are anticipated to grow considerably over the projected period due to the growing humidifiers demand in the home, schools, hospitals, and healthcare facilities to avoid the growth of mildew, mold, bacteria, and fungi in the inside air.
Regional Outlook and Trend Analysis
In 2014, the North American regional therapeutic respiratory devices industry was the major and was evaluated at USD 2.92 billion. The existence of large geriatric population, as well as rising occurrence of chronic diseases, is expected to fuel the regional market growth during the forecast years. Furthermore, regional market growth is sustained by the existence of coherent reimbursement guidelines in the United States like Medicare and Medicaid assisted by healthcare centers and CMS accounts. The improvement in medical infrastructure, increasing awareness levels regarding healthcare, and a rising number of outpatient surgical procedures is expected to make sure the demand sustainability during the forecast years. The Latin American and Asia-Pacific markets are projected to witness rapid growth during the next few years. The increasing number of patients having respiratory disorders as well as the existence of high unfulfilled healthcare needs is anticipated to serve as major growth drivers.
Competitive Outlook and Trend Analysis
The major market players in the global therapeutic respiratory devices market are Philips Healthcare, GE Healthcare, Smiths Medical, CareFusion Corporation, and Covidien Plc. Innovative product development and mergers and acquisitions are few often implemented business strategies.
The global therapeutic respiratory devices market is segmented as follows –
Piston-based hand-held nebulizers
Fixed oxygen concentrators Portable
Positive airway pressure devices
Continuous positive airway pressure devices
Auto-titrating positive airway pressure devices
Bi-level positive airway pressure devices
HEPA filter technology
Hollow fiber filtration
Permanent cleanable filters
Mineral absorption pads
Positive airway pressure device filters
Ultra-fine foam inlet filters
Polyester non-woven fiber filters
Acrylic & polypropylene fiber filters
Oxygen concentrators filters
Micro disk filters
Felt intake filters
Hollow membrane filters
Activated carbon filters
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
· What was the market size in 2012 and forecast from 2013 to 2022?
· What will be the industry market growth from 2013 to 2022?
· What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
· What are the major segments leading the market growth and why?
· Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?