Respiratory care is a healthcare specialty focused on improving cardiopulmonary functions and promoting health and wellness. Respiratory care devices are majorly classified into therapeutic, diagnostic & monitoring devices, and consumables & accessories. These devices are used to deal with medical conditions, such as asthma, chronic obstructive pulmonary disease (COPD), and other acute & chronic respiratory diseases, in hospitals and homecare settings. Anesthesia is a medical procedure used to provide sedation to the patients using anesthetics to control pain during the course of a surgery. The devices, such as anesthesia delivery machines and disposables, are commonly used during surgical procedures to control pain, breathing, blood pressure, blood flow, and heart rate & rhythm.
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Increase in prevalence of respiratory diseases, rapid urbanization, upsurge in number of surgical procedures, rise in pollution level, growth in geriatric population, and increase in tobacco consumption drive the anesthesia and respiratory devices market. In addition, factors such as innovations with regard to respiratory care devices and governmental support for the launch and approval of these devices further fuel the market growth. Moreover, high demand for therapeutic devices for homecare settings and increase in healthcare expenditures are expected to provide lucrative growth opportunities for the market. However, the presence of a large pool of undiagnosed population, risks associated with certain therapeutic and diagnostic devices for neonates, and low adoption rate of new technologies, owing to reluctance from the physicians for treatment, restrain the market growth.
The upsurge in number of surgical procedures globally, advancements in technology, high demand for therapeutic devices in homecare settings, and increase in the number of outpatient surgeries are the major factors that are projected to boost the market growth.
Advancements in technology, growth in geriatric population, and increase in tobacco consumption drive the market. In addition, heavy usage of anesthesia and prevalence of invasive surgeries fuel the growth of the market. Moreover, high demand for respiratory therapeutic devices in homecare settings and increase in healthcare expenditure are anticipated to provide lucrative growth opportunities for the market players. However, high equipment costs, large pool of undiagnosed population, and risks associated with certain respiratory therapeutic devices for neonates hamper the growth of the respiratory care devices market.
Among the component, respiratory device is the dominant segment in the market due to their high demand in homecare settings, increase in prevalence of respiratory diseases, and surge in geriatric population.
Among the end users, hospital is the dominant segment, owing to the use of large number of advanced anesthesia and respiratory devices. However, the clinics segment is projected to be the fastest growing segment, owing to recent increase in outpatient surgeries.
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The key players operating in the global anesthesia and respiratory devices market include Teleflex Incorporated, SunMed, Smiths Group Plc., ResMed Inc., Medtronic Plc., Masimo Corporation, Koninklijke Philips N.V., Invacare Corporation, Hamilton Medical AG, GE Healthcare, Fisher & Paykel Healthcare Limited, Drgerwerk AG & Co. KGaA, Chart Industries Inc., Becton, Dickinson and Company, Ambu S/A, and 3M Company.
Other prominent players in the value chain include Aircraft Medical, Verathon Inc., Karl Storz GmbH & Co. KG, Pentax, 3B Medical, Inc., Medline Industries Inc., Acare Technology Co., Ltd., Allied Healthcare Inc., Hill-Rom Holdings Inc., and Rotech Healthcare Inc.
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