Respiratory Devices Is Estimated To Witness High Growth Owing To...

Respiratory Devices Is Estimated To Witness High Growth Owing To Rising Prevalence Of Respiratory Diseases

Posted 2024-02-05 12:20:55

Respiratory devices are medical equipment and instruments used in diagnosis and treatment of respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), and other conditions. Respiratory devices include ventilation devices, masks, positive airway pressure devices, nebulizers, oxygen concentrators, respiratory disease diagnosis and monitoring devices, and others. These devices assist patients in breathing and help deliver medication to the lungs. The global respiratory devices market provides significant opportunities for manufacturers, as respiratory diseases have become the third leading cause of death globally. Increased healthcare expenditures in emerging nations on respiratory care will further boost market revenues.

The global respiratory devices Market is estimated to be valued at US$ 27,304.69 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Rising prevalence of respiratory diseases is one of the major drivers of the respiratory devices market. According to WHO data, close to 65 million people suffer from moderate to severe COPD worldwide with a prevalence of approximately 10% among adults over 30 years of age who smoke. Increasing pollution levels, growing elderly population, and rising adoption of sedentary lifestyle are contributing to the increasing cases of respiratory illnesses. This has led to higher demand for diagnostic tests, therapeutic devices, and monitoring equipment used for treatment. Another driver is rapid technological advancements in devices. Manufacturers are developing portable and wearable respiratory devices integrated with sensors and connectivity features for remote monitoring of patients. This assists physicians in early diagnosis and timely intervention, thereby driving the respiratory devices market growth over the forecast period.

So in summary, increasing respiratory disease burden coupled with technology advances in devices will propel the respiratory devices market at a steady pace through 2031.

SWOT Analysis
Strength: Respiratory devices such as ventilators, asthma inhalers and nebulizers help patients breathe easier and improve their quality of life. With rising cases of chronic respiratory diseases, the demand for respiratory devices is growing rapidly. Manufacturers are investing heavily in R&D to develop innovative products with improved features.

Weakness: The high costs associated with respiratory devices make them inaccessible for many patients. Setting up manufacturing units also requires huge capital investments. Dependence on imported components increases production costs. Lack of awareness about new devices in rural areas also hampers market growth.

Opportunity: Growth opportunities exist in developing countries with large patient populations but limited access to healthcare. Portable and home-use devices are gaining traction as they offer convenience. The growing geriatric population prone to respiratory issues will drive the market. Digital health solutions integrating devices will enhance patient care.

Threats: Stringent regulatory approvals and quality standards delay product launches. Reimbursement policies vary globally affecting pricing and demand. Diseases can sometimes be treated through alternate therapy options besides device usage.

Key Takeaways
The global Respiratory Devices Market Growth is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis shows that North America presently dominates the market owing to the high prevalence of chronic respiratory diseases and favorable reimbursement policies. However, Asia Pacific is expected to grow at the fastest pace due to raising awareness, improving access to healthcare facilities and the presence of low-cost manufacturers.

Key players operating in the respiratory devices market are TCS, Wipro, Cognizant, Infosys, IBM, Qualitest, CGI, Mindtree, Cygnet Infotech, Maveric Systems, QA Mentor, A1QA, QA Source, QASource, Capgemini, Accenture, HCL Technologies, Atos, DXC Technology, Tech Mahindra. They are focusing on new product launches, partnerships and mergers & acquisitions to strengthen their global presence and service offerings.

For More Details On The Report, Read https://www.newswirestats.com/respiratory-devices-market-share/

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