Demand for respiratory devices has gained traction on account of rising incidences of chronic pulmonary and respiratory diseases such as lung cancer, emphysema, chronic bronchitis and sleep apnea among others. Respiratory diseases aid in the treatment, management, diagnosis and control of the abnormality in the cardiopulmonary system in patients.
Rising incidences of lung cancer is one of the key factors augmenting market growth for respiratory devices at present. According to the American Cancer Society, approximately 234,030 cases of lung cancer were reported in 2018 and approximately 154,050 cases of deaths were reported due to lung cancer in the U.S. in the same year. Further, according to Insights and Reports, more than 9% of the population in the U.S. suffered from asthma in 2017. Further, in 2016 more than 10% of the population suffering from asthma in the country fell in the age group of 5-14 years.
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Tobacco smoking is another major cause for lung cancer, which in turn gives birth to several respiratory diseases. According to Insights and Reports, more than 6 trillion cigarettes were smoked across the globe, which China being the leading country with a share of more than 40% in terms of smoking. Moreover, steady growth of the geriatric population across the globe is another key factor pushing market growth of respiratory devices at present. However, the growth of the market is held back by low cost respiratory devices produced by the local manufacturers.
North America accounted for the major market share in 2016 and is expected to retain market dominance throughout the forecast period as well. High per capita healthcare expenditure in the U.S., coupled with well-established healthcare facilities in the country is one of the key factors pushing the growth of the market for respiratory devices. Asia Pacific, however posed the fastest growth for the demand for respiratory devices throughout the forecast period, the growth of which is majorly attributed to the rising geriatric population and high tobacco consumption in the region.
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Some of the key players operating in the field of respiratory devices market include Medtronic Plc, Masimo Corporation, Becton, Dickinson & Company, Invacare Corporation, and Hamilton Medical A.G. among others.
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