Pulmonary Devices Market is surging with CAGR of 10.1% from 2020 to 2027

 

According to our latest study on “Pulmonary Devices Market Forecast to 2027– COVID-19 Impact and Global Analysis– by type, application, and end user,”the market was valued at US$ 18,598.56 million in 2019 and is projected to reach US$ 39,965.01 million by 2027; it is expected to grow at a CAGR of 10.1% during 2020–2027. The report highlights trends prevailing in the global pulmonary devices market,and the drivers and hindrances pertaining to the market growth.

 

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.

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.