The global respiratory care devices market
is poised to grow at a CAGR of around 9.6% from 2015 to 2020. Factors such as rising
incidences of respiratory diseases, increasing geriatric population, growing
focus on monitoring respiratory diseases, rising demand for home healthcare,
and growing Asian market are driving the growth of the respiratory care devices
market.
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In 2014, the therapeutic devices segment
accounted for around 60% to 65% of the global respiratory care devices market. The
key factor driving the growth of this market is the rising incidences of
chronic diseases. In addition, the global growth in elderly population is
expected to support the growth of the respiratory therapeutic devices market in
the coming years. The rise in illness severity and hospitalization costs have
led to the greater use of monitoring devices.
Patients are advised by doctors to continuously monitor disease conditions before it aggravates. Patients also prefer continuous monitoring to prevent suffering at later stages and to prevent costly hospitalization. In addition, increasing research activities and financial support from public-private organizations are impelling the growth of the respiratory care devices market. Home care is the fastest-growing end-user market for respiratory care devices. Home care respiratory care devices are convenient and can be used in the comfort of a patient’s home. This is a key factor driving the growth of the respiratory care devices market for the home care segment. North America and Europe are the key respiratory care devices markets for the home care segment, owing to the presence of well-developed healthcare and health insurance infrastructure in these regions.
Patients are advised by doctors to continuously monitor disease conditions before it aggravates. Patients also prefer continuous monitoring to prevent suffering at later stages and to prevent costly hospitalization. In addition, increasing research activities and financial support from public-private organizations are impelling the growth of the respiratory care devices market. Home care is the fastest-growing end-user market for respiratory care devices. Home care respiratory care devices are convenient and can be used in the comfort of a patient’s home. This is a key factor driving the growth of the respiratory care devices market for the home care segment. North America and Europe are the key respiratory care devices markets for the home care segment, owing to the presence of well-developed healthcare and health insurance infrastructure in these regions.
The APAC market is expected to witness the
highest growth rate during the forecast period. Growth in this geographic
segment can primarily be attributed to the presence of high-growth markets such
as Japan, China, India, South Korea, Taiwan, Australia, and Singapore. Low
labor costs and favorable regulatory environment in this region are expected to
further propel market growth. China is expected to be the most lucrative market
in the Asia-Pacific region during the forecast period, owing to factors such as
the growing prevalence of lifestyle-related diseases such as obesity,
decreasing mortality rate, and rising demand for home healthcare in the country.
For More Details : http://www.prnewswire.com/news-releases/respiratory-care-devices-market-worth-219-billion-usd-by-2020-527424351.html
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