Respiratory Care Devices Market – An Overview
Major health problems like Chronic obstructive pulmonary disease (COPD) which is the result of a susceptible lung being exposed to sufficient environmental stimuli and is caused principally by smoking tobacco as well as HAP (household air pollution). COPD is known as the silent killer especially in low- and middle-income countries (LMICs). Approximately 328 million people are known to suffer from COPD and in the next few years, COPD is expected to emerge as the prime cause of death. Progressive symptoms and functional impairments are associated with the relentless decline in lung function which is characteristic of COPD along with susceptibility to respiratory infections called ‘exacerbations’, which is a prime determinant of morbidity and mortality. COPD has a significant impact on the quality of life for those living with the condition, and on local economies for those affected, those caring for the affected, and health services. A population struggling for breath is, in consequence, unproductive. Awareness campaigns and health programs have the potential to revolutionize the diagnosis and management of COPD and COPD exacerbations, improving quality of life and health service costs and burden as well as facilitating a higher investment in product development in the respiratory care devices market space.
While the aforementioned has been a health concern for quite some time, the complication pertaining to the respiratory nature has been further exacerbated with the advent of COVID 19 which has been declared as a Public Health Emergency of International Concern on 30 January 2020 and later on March 11th, 2020, by the World Health Organization, which also declared it as pandemic causing an immense impact on the lives of people and the business and markets around the globe.These are the two prime factors that are expected to drive the growth of the global respiratory device market during the forecast period. Another factor that is expected to foster further development in the healthcare industry is the growing geriatric population around the world. To provide a perspective to the aforesaid it is important to note that United Nations (UN) has estimated that 1 out of 6 people will be over 65 years of age by 2059 which is an increase of 16% from 1 in every 11 individuals I.e. 9% (2019 estimates). Moreover, as far as a North America and Europe are concerned 1 out of 4 persons is estimated to be above the age of 65 years. Moreover, during 2018 the total number of children aged 5 years was surpassed by the total number of people above 65 years of age.
In 2019 there were around 703 million older persons aged 65 or over. South-Eastern and Eastern Asia was reportedly the home to the largest pool of older population of the world which was in the order of 260 million which followed by North America and Europe whose population was in the order of 200 million. Over the next 3 decades, the total number of older people is forecasted to more than double, reaching a figure of over 1.5 billion in 2050. The increase in the size of the elderly population will be experienced by all the regions between 2019 and 2050. Eastern and South-Eastern Asia are expected to witness the largest increase which is a growth from 261 million in 2019 to 573 million persons aged 65 years or over in 2050. Moreover, the regions of Northern Africa and Western Asia are expected to witness the fastest growth from 29 million in 2019 to 96 million in 2050. This latter also suggests that the share of regions of the Middle East and Africa and the APAC in the global respiratory care devices market is expected to significantly increase during the forecast period.
A few developments pertaining to the global Respiratory Care Devices Market that suggest favorable market conditions aiding the growth of the market.
October 2018 – Product Launch
Royal Philips (NYSE: PHG, AEX: PHIA), which is known to be the globally leading player in the health tech space had announced the launch of InnoSpire Go, Philips in the US. It was reported to be the lightest and smallest portable hand-held nebulizer system which has been designed to deliver medication in just four minutes. The product has been marketed with the capacity to reduce treatment time by up to 25 %. Moreover, the product is easy-to-use and virtually silent and has effectively allowed users to operate hospital-grade nebulizer technology for swift and effective medication delivery.
October 2018 – Product Launch
Aptar Pharma had reportedly launched a new portable and ready-to-use drug delivery solution designed for upper respiratory care called PureHale. It is reportedly a revolutionary and intuitive device which when employed in combination with saline or other natural ingredient formulations – helps relieve the symptoms of upper respiratory system conditions. The technology is known to enable the dispensing of fine mist that gently cleanses, moisturizes, and soothes the upper respiratory tract, in turn helping to reduce irritations caused by allergies, colds, coughs, dry nose/throat issues and respiratory problems
November 2018 – Product Launch
Medical International Research (MIR) which is based out of Italy and has been known to produce spirometers for a quarter of a century and has built up a sales presence in 100+ countries has reportedly developed a spirometer called Smart One which enables patients to use the device at home. Compared to Spirobank Smart’s six, the device is known to measure two parameters it also has a diary to track symptoms and a function to let patients send results by email to their attending physician.
July 2020 – Product Launch
Mitocon Biomed had reportedly launched a pulse oximeter, named Oxysat which has been completely developed in India at an affordable price, with 18 months replacement warranty. During the time of COVID 19 the need for detecting the preliminary marker of COVID-19 this launch is expected to fill in the shortages which had resulted in a downward draft in bilateral trade.
August 2020 – Product Launch
A startup that has been mentored by a Government of Telangana, India initiative called Hyderabad Security Cluster had reportedly developed smart ventilators that are integrated with artificial intelligence and machine learning.
