The global respiratory assist device market is expected to grow at a CAGR of around 12.4% from 2020 to 2027 and expected to reach the market value of around US$ 30.3 Bn by 2027.
Respiratory assist devices are intended to help patients requiring support for breathing, removal of carbon dioxide, and therapy to reduce distress atrophy of abdominal wall muscles. Factors that attribute for the growth of respiratory assist devices globally involves high prevalence of respiratory diseases among the patient pool, ever growing geriatric population, surge in pollution levels in urban areas, and among others.
COVID-19 Impact on respiratory assist devices market
The novel corona virus has affected more than a quarter of a million people worldwide. With the continuous spread of the virus resulting in causing pneumonia and difficulty in breathing demand for respiratory assist device is on the rise. Moreover, chronic obstructive pulmonary disorder (COPD) and asthma raises demand for respiratory assist devices globally. Rising government involvement to tackle COVID-19 situation regarding proper supply of respiratory assist devices has grown tremendously. These factors accelerate the growth of respiratory assist devices market globally. Government collaboration with prominent manufacturers of respiratory assist devices to handle the threatful situation like COVID-19 enhances the potential market to grow fully. International regulatory agencies are accelerating the approval of respiratory assist devices to match demand and supply worldwide.
In March 2020, Prisma Health announced the approval of emergency use authorization for its new product “VESper”, by the USFDA. The newly launched product is highly specialized coupled with expansion of its product range such that it allows a single ventilator that supports up to 4 patients during time of acute equipment shortage in the COVID-19 pandemic. Additionally, in the United Kingdom (UK), the government asked automobile manufacturers to temporarily shift their focus from assembly line of cars towards the development of respiratory equipment. The prominent players involved are Ford, Honda, and Rolls-Royce. This was one of the strategies that worked in favor of the UK government for matching the demand and supply for respiratory assist devices. Furthermore, simplification of the registration process for needed goods official regulatory bodies have ease the import restrictions in an effort to reduce the regulations so as to supply of respiratory devices without any obstacles to ultimately save lives.
FDA is encouraging foreign and domestic manufactures of respiratory assist devices to pursue an emergency use authorization (EUA) that will allow distributing equipment freely in the states. FDA is reaching out to the manufacturers personally to get engaged in medical device manufacturing for fast approvals and sale of the devices in the global market for proper demand and supply match. Such factors have bolstered the demand for respiratory assist devices market globally.
Technological advancements will assist respiratory assist devices market to grow tremendously in the coming years
New products supported by tech advancements support the growth of respiratory assist device market globally. As per the EurekAlert, Monash University researchers have developed radical non-invasive X-ray technology that helps diagnose, treat, and manage respiratory lung diseases. Researchers for the first time have taken support from the technology with the support of confined high-tech synchrotron facilities towards common laboratory settings. By application of four dimensional X-ray velocity (XV technology) imaging offer high-definition and sensitive real-time images of airflow through the lungs in live organisms. The technology is commercialized by Australian based med-tech company 4Dx Limited. The technology has been upscale for human clinical trials taking place in the US with Phase 1 completed successfully.
Respiratory device market is segmented based on product type and end-user. Based on product type, the market is segmented as respiratory consumables, inhalers, nebulizers, oxygen concentrators, positive airway pressure devices, polysomnography devices, pulse oximeters, mechanical ventilators, and spirometers. By end-user, market is segmented as hospitals, ambulatory surgical centers, long term care centers, and others.
Based on product type, inhaler segment will record significant traction in the coming years by recording a significant CAGR.
High prevalence of respiratory diseases such as asthma and chronic obstructive disorders globally fuel the segmental growth of inhalers. According to the World Health Organization (WHO), it was estimated that more than 339 million people suffered from asthma in 2016 globally. Moreover, the estimates released highlight that 417,918 deaths have been reported due to asthma worldwide and 24.8 million disability-adjusted life years (DALYs) attributed to asthma in 2016. This figure highlights that rising cases of asthma provoke respiratory inhalers device manufacturers to increase the production capacity to meet rising demand. Also, rise in air pollution levels in urban areas due to surge in vehicle sales and increasing number of factories prognosticate the demand for respiratory inhalers to grow fully. Fast product approvals for respiratory inhalers will flourish the market growth during the analysis period.
Hospitals will continue to dominate the overall market of respiratory assist devices
Hospitals will account significant market share. Rising public private partnerships to improve the access to healthcare services will spur segmental growth. Apart from that, rapid development in healthcare infrastructure and improving access to healthcare services are considered as prominent factors driving the growth of respiratory assist devices for hospitals in the developing economies in the forecast period.
North America is expected to account 40.8% market share in the coming years
North America is projected to hold dominant position in the global market of respiratory assist devices. On the other hand, Asia Pacific is will be the fastest growing region for respiratory assist devices in the global market. North America respiratory assist devices market growth is attributed to enhanced diagnosis technology and favorable reimbursement policies in this region. Additionally, high prevalent cases related to respiratory disorder and chronic obstructive pulmonary disorder (COPD) spur regional growth. Also, COVID-19 impact on the North America region was immensely leading to stupendous growth of respiratory assist devices regionally. Presence of prominent players in this region further enhances the North America respiratory assist devices market.
Asia Pacific market will be the fastest growing regional market for respiratory assist devices
Asia Pacific market will record highest CAGR in the forecast period. Rapidly developing healthcare infrastructure, surge in per capita income, and large patient pool suffering from respiratory related disorders contribute for the demand of respiratory assist devices market to grow. Moreover, low infrastructure and treatment cost and availability of highly educated physicians have grabbed strong attention towards medical tourism in APAC countries specifically India and China.
Key companies profiled in this report involve Philips Healthcare, ResMed Inc., Medtronic plc, Parexel International, Masimo Corporation, and among others.
Market By Product Type
Positive Airway Pressure Devices
Market By End-User
Ambulatory Surgical Centers
Long Term Care Centers
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
Respiratory assist device is expected to reach a market value of around US$ 30.3 Bn by 2027.
The respiratory assist devices market is expected to grow at a CAGR of around 12.4% from 2020 to 2027.
Based on product, inhalers, is the leading segment in the overall market.
Fast product approvals and high government involvement are the prominent factors that drive the demand for respiratory assist devices market.
Philips Healthcare, ResMed Inc., Medtronic plc, Masimo Corporation, and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years