The World Health Organization (WHO) estimates that approximately 4.2 million human lives are lost due to ambient (outdoor) air pollution and 3.8 million deaths occur due to household exposure to smoke every year, globally. The WHO also states that almost all of the world’s population are exposed to air pollution levels that make them extremely vulnerable to chronic obstructive pulmonary disease (COPD), cancer, heart disease, stroke, and pneumonia. The increasing exposure to air pollution will, therefore, augment the usage of respiratory care devices in the forthcoming years.
The World Bank estimated that the global current health expenditure per capita increased from $1,405.843 in 2017 to $1,459.319 in 2018. The surging per capita healthcare spending, especially in developing countries, owing to the soaring number of government initiatives, is increasing the affordability and accessibility of several diagnosis and treatment devices.
The type segment of the respiratory care device market is categorized into accessories and consumables, diagnostic and monitoring devices, and therapeutic devices. Under this segment, the therapeutic devices category is expected to hold the largest market share and exhibit the fastest growth during the forecast period. This category is further classified into humidifier, mask, nebulizer, positive airway pressure device, ventilator, and others. Additionally, the diagnostic and monitoring devices category is classified into capnograph, gas analyzer, pulse oximeter, spirometer, and others.
Globally, the North American respiratory care device market generates the highest revenue, due to the surging incidence of respiratory diseases, growing geriatric population, and mounting healthcare spending. For instance, the Centers for Disease Control and Prevention (CDC) estimates that nearly 4.6% of the adult population in the U.S. have been diagnosed with chronic bronchitis, COPD, and emphysema. Further, Asthma Canada estimates that over 3.8 million people in Canada are presently suffering from asthma.
Thus, the increasing air pollution levels and the rising healthcare spending accelerate the adoption rate of respiratory care devices globally.
Browse detailed report on Respiratory Care Device Market Business Strategies, and Regional Outlook
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings
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