Pulmonary or respiratory devices are used to remove mucus and secretions from the airways or the respiratory tract. These medical devices are focused on diagnosis, control, treatment, management, and evaluation of the problems associated with respiratory tract. The pulmonary devices market growth is mainly attributed to the rising number of COVID-19 cases worldwide and increasing prevalence of respiratory diseases. Moreover, strategic activities by the manufacturers such as type innovation, type launches, and approvals, as well as R&D investment for advancements in ventilatorsare further expected to foster the market growthduring the forecast period. However, unfavorable reimbursement scenario limitsthe growth of the market.
The impact of the COVID-19 crisis is expected to further accelerate the growth of the respiratory devices market in Europe. For instance, Apex Medical is focused towards providing CPAP ventilator solutions as COVID-19 treatment alternative as per the British Medicines and Medical Products Regulatory Agency (MHRA) to the patients with respiratory insufficiency. Additionally, In the United Kingdom (UK), for example, the government has asked automobile manufacturers including Ford, Honda, and Rolls-Royce to temporarily shift part of their assembly line focus from cars to developing respiratory equipment.
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The growth of the pulmonary devicesmarket is attributed to factors such asrising number of COVID-19 cases worldwide and increasing prevalence of respiratory diseases. However, the unfavorable reimbursement scenario associated with the respiratory devicesrestrain the growth of the market.Koninklijke Philips N.V, Caire Inc. (Chart Industries), Inogen Inc., Invacare Corporation, O2 Concepts, Nidek Medical Types, Inc., Drive DeVilbiss International, GCE Group, Besco Medical, and Inova labs Inc. (ResMed) are among the leading companies operating in the global pulmonary devicesmarket.
The global pulmonary devicesmarket,based on type, is segmented into therapeutic devices, consumables and accessories, diagnostic devices, and monitoring devices.The therapeutic devicessegment held the largest share of the market in 2019, and this growth is ascribed tothe increasing demand of inhalers and nebulizers by patients suffering with asthma and chronic obstructive pulmonary disorders. However, the consumables and accessoriessegment is estimated to register the highest CAGR during the forecast period. Also, the impact of the COVID-19 crisis is expected to further accelerate the growth of the respiratory devices market.Critical care devices are being manufactured in increased quantities to meet growing demand. The state of affairs resulting from the pandemic has resulted in alliances between healthcare and non-healthcare industries to manufacture respiratory care devices. Moreover, the US FDA has authorized the use of CPAP and similar devices to help cover the forecasted shortage of ventilators in COVID-19 treatment.
Infectious respiratory diseases directly drive demand for respiratory care. COVID-19 is the most recent and significant of these diseases; the pandemic has resulted in a surge in demand for personal protection equipment and ventilators, among others. The demand for ventilators has also grown due to the COVID-19 outbreak, resulting in governmental and industrial support for driving the pace of manufacturing. As of now, the virus has infected more than a quarter of a million people globally. With the continued spread of this virus, which can cause pneumonia and difficulty breathing, hospitals are facing a limited supply of ventilators. For instance, in Italy, hospitals have been overwhelmed with patients in respiratory failure, and medical staffs have to make difficult life-or-death decisions about which patients receive ventilators. As the shortage and prevalence of respiratory diseases increase, the global pulmonary device market is expected to grow at a steady pace.
For now, the impact of the COVID-19 crisis is expected to further accelerate the growth of the respiratory devices market. In addition, the threat will have a lasting impact on governments and regulatory agencies in terms of future preparedness when it comes to the next pandemic.Today, governments worldwide are playing catch-up, swiftly intervening in an attempt to create alliances with manufacturers to handle the COVID-19 threat. And, international regulatory agencies are considering accelerated approval of certain respiratory devices.
The report segments global pulmonary devices market as follows:
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