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Classified in: Health, Covid-19 virus

COVID-19 Spurs Demand for Respiratory Care Devices, Driving Market Growth and Post-Pandemic Resilience in Respiratory Disease Treatment


DUBLIN, Oct. 20, 2023 /PRNewswire/ -- The "Global Respiratory Care Medical Devices Market (by Disorder, Product Type, End User, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2026)" report has been added to ResearchAndMarkets.com's offering.

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The global respiratory care medical devices market is poised for substantial growth, with an estimated value of US$24.08 billion by 2023, reflecting a robust CAGR of 8.70% during the forecast period. This surge is driven by several factors, including the rising incidence of respiratory disorders, an aging population, and technological advancements in the industry.

Respiratory illnesses, encompassing a range of pathogenic disorders affecting breathing in living organisms, necessitate the use of respiratory care devices. These medical equipment play a pivotal role in treating, managing, diagnosing, and caring for patients with cardiopulmonary system disorders. Moreover, these devices are versatile, suitable for use in both home care and hospital settings, catering to the needs of a broad spectrum of patients.

Key Market Segments

Geographic Coverage

The global respiratory care medical devices market is geographically divided into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America takes the lead, encompassing the US, Canada, and Mexico. Europe, characterized by an aging population and increasing prevalence of respiratory diseases in older adults, is witnessing notable growth. The Asia Pacific region, with its rising asthma rates and technological advancements, is expected to experience the highest CAGR during the forecast period.

Top Impacting Factors

Growth Drivers

  1. Rapid Growth in Aging Population
  2. High Prevalence of Respiratory Diseases
  3. Increasing Healthcare Expenditure
  4. High Prevalence of Smoking

Challenges

  1. Lack of Awareness of Respiratory Conditions
  2. Excise Tax Levied on Devices

Trends

  1. Growing Demand for Point-of-Care Diagnostic Devices
  2. Integration of Artificial Intelligence (AI) in Respiratory Care
  3. Increasing Demand for Enhanced Portable Devices
  4. Technological Advancements in Mechanical Ventilators

COVID-19 Impact

The COVID-19 pandemic had a substantial impact on the respiratory care medical devices market, with increased demand for respiratory equipment due to breathing difficulties associated with the virus. Furthermore, COVID-19 can lead to respiratory issues, further boosting demand. The post-COVID environment is expected to continue supporting market growth as the treatment of respiratory diseases rebounds.

Companies Mentioned

For more information about this report visit https://www.researchandmarkets.com/r/7gis10

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SOURCE Research and Markets


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