Therapeutic Respiratory Devices Market Will Surpass USD 19.59 Billion by 2026
According to the report, The global therapeutic respiratory devices market in 2019 was approximately USD 10.64 Billion. The market is expected to grow at a CAGR of 9.10% and is anticipated to reach around USD 19.59 Billion by 2026.
The market for therapeutic respiratory devices is facing immense demands around the globe as a result of the growing need for ventilators due to increasing cases of COVID-19. For instant, in Italy, hospitals have been overwhelmed by patients suffering from respiratory failure, and medical staff are having to make difficult life-or-death decisions about which patients receive ventilators. Growing geriatric population base, increasing prevalence of respiratory diseases, and rapid technological advances are factors driving market growth. In addition, increased adoption of therapeutic respiratory devices, such as humidifiers, nebulizers and oxygen concentrators, is expected to fuel market growth. Also, today, governments around the world are playing catch-up, responding quickly to an attempt to build alliances with manufacturers to deal with the threat of COVID-19. Global enforcement bodies are now seeking the rapid clearance of such respiratory devices. All these factors are creating opportunities for the vendors and manufacturers across the globe.
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The growing prevalence of the COVID-19 pandemic have a positive impact on the global therapeutic respiratory devices market. In addition to this, the rising geriatric population pool, growing prevalence of respiratory disorders, and rapid technological advancements are all factors driving market development. Also, increased adoption of therapeutic respiratory devices, such as humidifiers, nebulizers, and oxygen concentrators, is expected to fuel market growth over the forecast period. Key players operations in the target market is focusing on the huge production of the respiratory devices especially ventilators in order to meet the requirement of the end-users due to the Coronavirus outbreak. All these factors are fuelling growth of the target market at significant rate in the coming years.
The global therapeutic respiratory devices market is segmented on the basis of product type, technology, filter, and region. On the basis of product type the target market is categorized into nebulizers, humidifiers, oxygen concentrators, positive airway pressure devices, ventilators, capnographs, and gas analyzers. Based upon technology segment the target market is divided into electrostatic filtration, hepa filter technology, hollow fiber filtration, and microsphere separation. The target market is sub segmented into nebulizer filters, humidifier filters, positive airway pressure devices filter, and oxygen concentrator filters, and ventilator filters on the basis of filter.
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Some of the essential players operating in the therapeutic respiratory devices market, but not restricted to include GE Heathcare, Chart industries, Carefusion Corporation, Philips Healthcare, Smiths Medical, Covidien PLC, Invacare,Fisher and Paykel, Mindray, and Compumedics Ltd. Key companies in the global therapeutic respiratory devices market are trying to focus on the geographic expansions, advanced product launches along with strategic partnerships including mergers and acquisitions.
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