Major players in the respiratory devices and equipment market are Smiths Medical, Philips Healthcare, GE Healthcare, Chart Industries, Invacare Corporation, Fisher & Paykel Healthcare Limited, ResMed, Dragerwerk AG, Medtronic plc, Masimo corp.
New York, May 13, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Respiratory Devices And Equipment (Therapeutic And Diagnostic) Global Market Report 2022" - www.reportlinker.com/p06277193/?utm_source=GNW
, and CareFusion Corporation.
The global respiratory devices and equipment (therapeutic and diagnostic) market is expected to grow from $25.23 billion in 2021 to $28.97 billion in 2022 at a compound annual growth rate (CAGR) of 14.8%. The market is expected to grow to $47.86 billion in 2026 at a compound annual growth rate (CAGR) of 13.4%.
The respiratory devices and equipment (therapeutic and diagnostic) market consist of sales of respiratory devices and equipment (therapeutic and diagnostic) and related services. Respiratory devices and equipment are used to provide medication or assist a patient who is having difficulty in breathing and cannot achieve adequate oxygen levels to maintain life.
The main types of respiratory devices and equipment are diagnostic devices, therapeutic devices, and monitoring devices.The diagnostic devices are used to diagnose respiratory-related issues.
The various therapeutic devices are humidifiers, nebulizers, oxygen concentrators, positive airway pressure (PAP) devices, ventilators, and others.The diagnostic devices involved are spirometer, polysomnographs, and peak flow meters and monitoring devices are pulse oximeters, capnography, and gas analyzers.
These provide applications in chronic obstructive pulmonary disease (COPD), asthma, obstructive sleep apnea (OSA), respiratory distress syndrome (RDS), cystic fibrosis, and pneumonia. These are used by hospitals, clinics, home care settings, and ambulatory service centers.
Asia Pacific was the largest region in respiratory devices and equipment (therapeutic and diagnostic) market in 2021.Western Europe was the second-largest region in respiratory devices and equipment (therapeutic and diagnostic) market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The global therapeutic respiratory devices and equipment market will be driven by the increase in diseases such as Chronic Obstructive Pulmonary Disease (COPD), asthma, and lung cancer.Growth in the geriatric population, tobacco consumption, allergens, and air pollutants increase the prevalence of respiratory diseases, in turn driving the global therapeutic respiratory devices market.
According to World Health Organisation,4.9 million people die due to tobacco consumption, and smoking causes chronic obstructive pulmonary diseases (1 million deaths annually), cardiovascular and respiratory diseases (1.7 million deaths annually), and lung cancer (0.85 million deaths annually). According to an Italian journal, COPD in the U.S. is estimated to be 10% in the population aged 75 years or over. According to Asthma UK, 5.4 million people in the UK are currently receiving treatment for asthma out of these 1.1 million are children and 4.3 million are adults.
A longer duration of time taken in the approval process of the respiratory devices is restricting the respiratory devices and equipment market growth. Before a new respiratory device is introduced to the market, it takes 7.2 months for the FDA approval process, which adds to development costs to be borne by device manufacturers, thus acting as a restraint hindering the market growth. For instance, FDA reviews about 4,000 submissions every year and takes about 3 to 6 months in clearing most of them. In addition to this, to reduce incidences associated with the respiratory devices and ensure that the devices are safe and have the least adverse reactions, the Medicines and Healthcare products Regulatory Agency (MRHA), UK regulates and monitors the devices by restricting devices for use and sending field safety notice to correct the devices. These stringent approval processes and regulatory policies may impact the respiratory devices and equipment market.
Companies in the respiratory devices and equipment market are increasingly investing in enhanced mechanical ventilators for efficient patient management.These mechanical ventilators use artificial intelligence to improve patient management by examining, analyzing, integrating, and incorporating data from extensive sources.
These AI-enabled devices ensure consistency even in the absence of expert personnel, improve patients’ treatment, limit clinical mistakes, and predict prolonged mechanical ventilation by using artificial intelligence techniques. Some of the major companies offering intelligent mechanical ventilators such as Hamilton Medical AG, Koninklijke Philips N.V., and others.
In March 2019, the Medicines and Healthcare products Regulatory Agency (MRHA), a regulatory body for respiratory devices of the UK, sent a medical device alert to Draeger, a medical device manufacturer, on its breathing circuits VentStar Helix and Set2go products, as the breathing circuits used in conjunction with devices are not compatible.These devices impact patients’ health as cracks have formed in the breathing hose during ventilation.
MRHA sent a field safety notice to correct the device to reduce incidences associated with these devices and promote the use of hoses solely with devices that are declared as compatible in the instructions for use. Similarly, in March 2019, O-Two Medical Technologies, a Canada-based medical technology manufacturer, was sent an urgent field safety notice to stop use and return for inspection of O-Two eSeries Ventilators e700,e600, and e500 to inspect device functions, reset and analyze the data.
The countries covered in the respiratory devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, USA, and Australia.
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