- Growing Demand for Home Care therapeutic Devices.
- High Growth in Developing Countries Across APAC and Latin America.
- Point-of-Care Diagnostics - an Upcoming Opportunity.
Overview of This Study:
This study involved four major activities for estimating the current size of the Global Respiratory Care Devices Market. Exhaustive secondary research was conducted to collect information on the market as well as its peer and parent markets.
The next step focused on validating these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the sizes of segments and sub-segments.
Global Key Players:
The prominent players operating in this market include Philips Healthcare (Netherlands), ResMed Inc. (US), Medtronic plc (Ireland), Masimo Corporation (US), Fisher & Paykel Healthcare (New Zealand), Drager AG (Germany), Invacare Corporation (US), Nihon Kohden (Japan), Getinge AB (Sweden), Air Liquide (France), Invacare Corporation (US), Vyaire Medical (US), GE Healthcare (US), Nonin Medical Inc. (US), Apex Medical Corp. (Taiwan), Smiths Group (UK), Omron Healthcare Inc. (US), Allied Healthcare Products, Inc. (US), Teleflex Incorporated (US), Drive DeVilbiss Healthcare (US), 3B Medical, Inc. (US), Medline Industries, Inc. (US), Acare Technology Co. (Taiwan), Hill-Rom Holdings, Inc. (US), and Rotech Healthcare, Inc. (US). These players adopted the strategies of partnerships, agreements , and acquisitions to expand their presence in the global respiratory care devices market.
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What the Market Looks Like?
This market is expected to reach USD 29.9 billion by 2025 from USD 16.0 billion in 2019, at a CAGR of -12.5% during the forecast period of 2020 to 2025.
Due to the outbreak of coronavirus globally, there is a sudden rise in the demand for respiratory care devices. Thus, the respiratory care devices market witnessed a CAGR of 261.1% between 2019 and 2020. In 2020, the respiratory care devices market reached USD 58.1 billion.
Philips Healthcare is a leading provider of medical tools for different healthcare specialties and the largest division of Koninklijke Philips N.V. (Royal Philips). Philips Respironics, a subsidiary of Philips Healthcare, primarily focuses on providing respiratory care devices. Philips Healthcare has a significant global footprint owing to its strong sales and distribution network. It significantly invests in R&D activities to add innovative technologies and products to its portfolio, which, in turn, helps it to strengthen its presence in the market. For instance, the R&D expenditure increased from USD 2.08 billion in 2018 to USD 2.11 billion in 2019.
Medtronic is one of the leading medical technology companies engaged in manufacturing a range of respiratory care devices and therapies. The company has a wide product portfolio of medical devices in different product categories, which provides it with a diversified revenue stream. A diversified revenue stream offsets the companys exposure to risks associated with a particular business in the medical devices market. To garner a major share of the respiratory care devices market, Medtronic is strategically concentrating on acquiring key players in the medical products industry and related markets.
ResMed provides a broad portfolio of respiratory care products and has a wide geographic presence across North America, the Asia Pacific, and Europe. ResMed is well-positioned in the respiratory care devices market and focuses on developing new and innovative products. In accordance with this, over the last five years, the company developed and launched several respiratory care products, such as AirFit P30i and CPAP devices.
These products further expanded and complimented the company’s respiratory care product portfolio and strengthened its share in the respiratory care devices market. The company is also engaged in enhancing its geographical presence in high growth regions by acquiring regional companies. For example, in March 2019, ResMed acquired HB Healthcare Safety (South Korea), a provider of home-based medical equipment for sleep and respiratory care devices.
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