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The respiratory care devices market report states that this market is fairly expected to reach US$31.8 billion by the year 2024. Currently, this market is at 20 .6 billion and is running at a compounded annual growth rate of 9.1%. The sudden rise in the demand for all kinds of portable respiratory based devices and the key players successfully expanding their areas are the main factors behind the growth of this type of market.
- The therapeutic devices are highly dominating this market since the year of 2019:This market has been classified into therapeutic type of devices, the consumables, monitoring based devices and the diagnostic natured devices based on the product type. In 2019, the therapeutic type of devices in comparison to all others gained the largest share. In the year 2018, the PAP type of devices which further comes under the bifurcations of respiratory therapy-based devices reported for the maximum share in the whole market.
- Hospital segment reported the largest share in the year 2019: Based on the end-user category, this market can be divided into three major segments which are ambulatory based care centres, home care settings and the hospitals. Among these, the hospitals reported the largest market share because of the financial-based capabilities that allowed them to effectively purchase the most expensive equipment. Also, they had the access to highly trained professionals who could operate these kinds of equipment which is the main reason behind their huge share in the market.
- North America was the reason with the highest presence: North America reported a strong network as well as the presence of a great number of manufacturers which is the main reason behind its huge market share. The presence of advanced type of healthcare-based infrastructure is also expected to grow very well in the years to come.
The classification of this type of market is mentioned as follows:
Based upon devices or products, this bifurcation these can be further divided into therapeutic devices that include nebulizers, oxygen concentrators, inhalers, oxide delivery units. Other categories are monitoring devices that include pulse oximeter and gas analysers. Then comes the diagnostic devices which include spirometers, peak flow meters and other devices. The last subcategory is the consumables as well as accessories that include the masks, nasal cannulas, Breathing circuits and many more.
- Based upon the indication, these can be classified into the chronic obstructive based pulmonary disease, infectious natured diseases, sleep apnoea, asthma and other diseases.
- Based upon the end user it can be categorized as home-based care settings, hospitals and ambulatory based care centres.
- Based upon the regions, these are categorized into North America which further includes the US and Canada. Then is the Asia Pacific which includes China, Japan and India. Then is Europe which includes Germany, UK, Italy, Spain, France and the rest of Europe. Then is Latin America which includes Brazil, Mexico and Rest of Latin America and then in the Middle East and Africa.
The respiratory care devices global market is highly expected to touch 21,300 million US dollars by the year 2022. The CAGR of this is expected to be 7.4%. These kinds of devices are very well used for issues like asthma, TB and many more. These devices are well known to provide care to the patients who are suffering from both chronic as well as the acute type of respiratory diseases.
