The global therapeutic respiratory devices market is expected to reach US$19.2 billion by 2022, according to a report by Grand View Research Inc. Increasing geriatric population contributing towards growing target disease prevalence levels is a key factor expected to attribute towards market growth.
Rising prevalence of disorders such as COPD and sleep apnea is expected to be a critical growth driver. Prevalence of these disorders is expected to constantly rise over the next 6 years owing to the growing prevalence of cardiovascular disorders, hypertension, obesity, and other lifestyle induced disorders.
Increasing need of emergency treatment for prolonged illnesses and protracted treatment associated with lung diseases in children as well as adults are expected to drive market growth over the next seven years. The introduction of technology innovations is expected to serve as future growth opportunities.
Further key findings from the study suggest:
- Positive airway pressure (PAP) devices dominated the product segment in 2014, with market size valued at over 4.0 billion. Growing demand for portable PAP devices and high associated efficacy rates are some key factors expected to drive segment growth.
- HEPA filtration was the largest technology segment, accounting for over 35.0% of the market share in 2014. High usage of these filters in therapeutic respiratory devices is a major factor contributing towards the segment’s market position.
- Furthermore, technological advancements in these filters such as the availability of washable HEPA filters and incorporation of HEPA 4 technology is further likely to boost usage rates.
- Regionally, North America dominated the therapeutic respiratory devices market, owing to the presence of high diagnosis rates supported by the presence of sophisticated healthcare infrastructure. Increasing government funding, and the availability of well-structured reimbursement framework will also contribute towards healthy market growth.
- Asia Pacific is expected to witness significant gains, at over 12.0% during the forecast period, driven by the rising incidence of respiratory disorders in the region. Rising healthcare expenditure levels and the presence of high unmet medical need is also a vital growth driver.
- Key players operating in the therapeutic respiratory devices market include Smiths Medical, GE Healthcare, CareFusion Corporation, Philips Healthcare, and Covidien Plc.
- The market is expected to remain highly competitive, which may see extensive R&D investments aimed at technology innovation, as a widely utilized business strategy.