Wednesday 14 October 2015

Global Respiratory Care Devices Market trends and Forecast by 2020

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.                

               
                                   Image Credit : Google 

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.

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.

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