DUBLIN--(BUSINESS WIRE)--The "North America Respiratory Care Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product, Indication and End User" report has been added to ResearchAndMarkets.com's offering.
The North America respiratory care devices market is expected to grow from US$ 7,319.58 million in 2022 to US$ 12,139.81 million by 2028; it is estimated to grow at a CAGR of 8.8% from 2022 to 2028.
Infectious respiratory diseases are creating a rising burden on the healthcare system across North America. The diseases can be induced due to several factors associated with immune deficiency.
Most infectious respiratory diseases are spread from person to person through mucus and saliva and are caused by microorganisms that can infect the respiratory system. The severity of contagious respiratory diseases ranges from mild to severe. Tuberculosis (TB), COVID-19, influenza, diphtheria, measles, pneumonia, pertussis, and respiratory syncytial virus (RSV) are a few examples of infectious respiratory diseases.
Among the infectious respiratory diseases, TB was on the top of the list for high prevalence before the COVID-19 pandemic. Moreover, according to the Centers for Disease Control and Prevention (CDC) data, TB incidence (cases per 100,000 population) among Americans increased from 0.71 in 2020 to 0.79 in 2021.
Among non-Americans, it increased from 11.71 in 2020 to 12.16 in 2021. Also, overall TB incidence in the US increased by 9.4% in 2021, following a significant decrease in 2020. Masks, respirators, nebulizers, polysomnography devices, and BiPAP devices are highly used during and post TB treatment.
Thus, the increasing cases of TB propel the usage of respiratory care devices and drive the market growth. In recent years, COVID-19 has taken a significant place in the list of infectious respiratory diseases. The rising number of COVID-19 cases caused profound disruption and led to a high mortality rate.
Additionally, the impact of the COVID-19 pandemic is historic and pushed the medical R&D sector to a new, rapidly moving pace. For instance, in May 2020, McKinsey & Company surveyed COVID-19 implications for life sciences R&D. For the survey, 300 R&D functional leaders were convened as a respondent to explore the implications of the pandemic on the medical R&D sector.
The survey outcome revealed that R&D spent an average of 40-50% of their time on crisis management. The figure rises to 80% for contract manufacturing organizations (CMO) and other medical leaders. Due to the high usage of nebulizers in treating infectious respiratory diseases, the demand for nebulizers has rapidly grown in the last few years, eventually propelling the respiratory care devices market.
Many pharmaceuticals focus on developing effective therapies, which can be administered via nebulizers. For instance, in May 2021, Vectura and Inspira Pharmaceutical announced a collaboration to establish a potential COVID-19 therapy. Vectura will test IPX formulation to lungs through Vectura's FOX vibrating mesh nebulizer. FOX vibrating mesh nebulizer has boosted the market in the preceding years.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the respiratory care devices market growth at a notable CAGR during the forecast period.
Key Market Dynamics
Market Drivers
- Increasing Prevalence of Infectious Respiratory Diseases
- Rapidly Increasing Cases of Asthma and COPD
- Rising Number of Products Launches and Approvals
- Growing R&D Investment for North America Respiratory Care Devices Market
Market Restraints
- Cutthroat Competition among Market Players
- Unfavourable Reimbursement Scenario
Market Opportunities
- Growing Demand for Home Care Therapeutic Devices
- Technological Advancement in North America Respiratory Care Devices Market
Future Trends
- Growing Adoption of Mobile/Digital North America Respiratory Care Devices Market
- Paradigm Shift Towards Value-Based Technology Solutions
Competitive Landscape
- Koninklijke Philips N.V.
- ResMed Inc.
- Medtronic
- Masimo
- THERMO FISHER SCIENTIFIC INC
- Dragerwerk AG & Co. KGaA
- Invacare Corporation
- Getinge AB.
- Nihon Kohden Corporation
- Air Liquide
- Teleflex Incorporated
For more information about this report visit https://www.researchandmarkets.com/r/i6qm91
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