The global therapeutic respiratory devices market is expected to witness lucrative growth over the forecast period as a consequence of rising incidences of respiratory diseases such as tuberculosis, asthma and other respiratory allergies. Global rising inclination towards home healthcare institutions is high impact rendering driver of this market. Introduction of novel features such as dose tracking and breath actuation are further expected to provide a growth platform to the therapeutic respiratory devices market.
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The market is segregated on the basis of product into nebulizers, ventilators, oxygen concentrators, capnographs, positive airway pressure devices, humidifiers, and gas analyzers. Nebulizers are segmented into compressor based, ultrasonic and piston based hand held nebulizer. Humidifiers are segregated into heated, stand-alone, integrated, passover and built-in. Oxygen concentrators are divided into fixed oxygen concentrators and portable concentrators. Positive airway pressure devices are categorized into continuous, bi-level and auto-titrating devices. As of 2014, positive airway pressure devices dominated the therapeutics respiratory devices market due to rapid technological innovations. Nebulizers are anticipated to be the fastest growing segment of the market as a consequence of overcoming limitations associated with traditional alternatives.
As of 2014, North America held substantial share as a consequence of growth factors including rising prevalence of respiratory disorders. Increasing geriatric patient base, lifestyle associated changes and high disposable income are also key growth factors for this region. Asia Pacific region is anticipated to be the fastest growing owing to rising disposable income and increasing patient awareness.
Major players of therapeutics respiratory devices market include CareFusion Corporation, Airsep Corporation, Compumedics Ltd., Covidien PLC, Fisher & Paykel, Merck & Co. and Respironics, Inc, GE Healthcare, Smiths Medicals, Philips Healthcare, Invacare and Boehringer Ingelheim. These players focus on developing recent technologies in order to expand their market share. These players also employ extensive marketing and sales strategies, targeting regions, and mergers & acquisitions in order to expand their market share. For instance, in 2015, Compumedics entered into distribution contract with Bestmed in order to enhance its position as sleep diagnostic products distributor in the market. Also, in 2015, GE Healthcare and Sanford Health announced service agreement in order to expand the healthcare capabilities thereby capitalizing their market share. Presence of high competition, high R&D investments and rising patent approvals by these companies is expected to expand their market share over the forecast period.
Information Source: Grand View Research