The respiratory care device market is witnessing growth due to the increasing prevalence of respiratory diseases and smoking, growing geriatric population, rising pollution, rapid urbanization, and surging incidence of premature births. It garnered a revenue of over $15.0 billion in 2015, and it is projected to advance at a 9.5% CAGR during the forecast period (2016–2022) and generate $28.2 billion revenue, ultimately. The diagnostic evaluation, management, control, therapy, and monitoring of cardiopulmonary diseases and disorders are together termed as respiratory care, which is done via respiratory care devices.
Product innovation is trending in the respiratory care device market. To stay in the competition and make a mark in the market, respiratory care device companies are developing innovative and advanced devices. To provide end-users with high-end products and patient care, the respiratory care device industry is devising smarter products with better affordability. For instance, Fisher & Paykel Healthcare Corporation Limited launched a product in August 2016, F&P Nivairo, which is a hospital mask for use in non-invasive ventilation therapy.
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A key driving factor for the respiratory care device market is the surging prevalence of respiratory diseases. The rising pollution and unhealthy habits such as smoking have contributed to the growing incidence of various respiratory diseases, including asthma, tuberculosis, and pneumonia. Chronic obstructive pulmonary disease, throat irritation, and asthma can be caused by the increasing ground-level ozone and fine particle concentration. The National Heart Lung and Blood Institute reported that in 2010, approximately 235,000 deaths in the U.S. occurred from lung diseases except lung cancer, which is the most commonly diagnosed cancer in the world.
Based on type, the subdivisions of the respiratory care device market are therapeutic device, accessories and consumables, and diagnostic and monitoring device. During the historical period (2012–2015), the major share of the market was held by therapeutic devices and these are expected to garner 60.0% share by 2022 due to their increasing usage to make patients comfortable. The same subdivision is also expected to advance at the highest CAGR during the forecast period.
Therefore, with a further increase in the prevalence of pulmonary diseases, the usage of respiratory care devices would continue to grow.