The growing prevalence of COPD and obstructive sleep apnea is driving the growth of the global respiratory devices market. For instance, according to a report by Global Initiative for Chronic Obstruction Disease’s 2018 report, COPD is expected to result in 4.5 million global deaths annually by 2030.
Moreover, the increasing geriatric population is also expected to aid in the growth of the market. According to the World Health Organization, by 2020, the number of people aged 60 years and older will outnumber children younger than 5 years. In 2050, 80% of older people will be living in low- and middle-income countries. On the other hand, tempering in respiratory devices is expected to hinder the growth of the market. For instance, in July 2019, researchers from CyberMDX reported identifying a susceptibility related to the GE Aestiva and GE Aespire devices, which could lead to unauthorized gas composition input, manipulation of barometric pressure settings and anesthetic agent type selection, remote silencing of alarms, and, alteration of date and time settings.
Whereas increasing R&D of multifunctional polymer composites is projected to provide lucrative growth opportunities for players in the global respiratory devices market. For instance, in February 2020, researchers from National Research Institute, Poland, reported the development of a multifunctional polymer composite from polypropylene and poly (ethylene terephthalate) for filtering respiratory protective devices.
1. In November 2019, AdaptHealth Corp., a provider of CPAP and BiPAP machines and supplies and respiratory equipment, entered into a definitive agreement to acquire the Patient Care Solutions (PCS) business from McKesson Corporation.
2. In January 2020, Masimo Corporation signing of a definitive agreement to acquire the Connected Care assets from NantHealth, Inc.
North America is expected to dominate the global respiratory devices market and this is attributed to the high prevalence of respiratory disease in the region which is creating demand for respiratory devices. According to the Asthma and Allergy Foundation of America, approximately 25 million Americans have asthma. This equals to about 1 in 13 Americans, including 8 percent of adults and 7 percent of children. About 20 million U.S. adults age 18 and over have asthma. Asthma is more common in adult women than adult men.
Respiratory medical devices are typically used to improve the quality of life of individuals that are suffering from conditions that limit their ability to participate in normal activities. Respiratory medical devices and supplies help to provide relief for patients with respiratory conditions such as asthma, COPD, chronic obstructive pulmonary disease, and lung cancer, among other debilitating conditions.