Respiratory Care Devices Market

Market Leader - Respiratory Care Devices Market

The respiratory care devices market is expected to reach USD 27.6 billion by 2026 from USD 18.4 billion in 2021, at a CAGR of 8.5% during the forecast period of 2021 to 2026. Due to the outbreak of the corona virus globally, there is a sudden rise in the demand for respiratory care devices. The major factor driving the growth of the respiratory care devices market is the high prevalence of respiratory diseases as a result of the rapid growth in the global geriatric population, high prevalence of tobacco smoking, urbanization and growing levels of pollution, and changing lifestyle. However, factors such as the presence of an unfavorable reimbursement scenario and the availability of low-cost products from local manufacturers are expected to restrain the growth of this market during the forecast period.

The prominent players operating in this market include Philips Healthcare (Netherlands), ResMed Inc. (US), Medtronic plc (Ireland), Masimo Corporation (US), Fisher & Paykel Healthcare (New Zealand), Drager AG (Germany), Invacare Corporation (US), Nihon Kohden (Japan), Getinge AB (Sweden), Air Liquide (France), Invacare Corporation (US), Vyaire Medical (US), GE Healthcare (US), Nonin Medical Inc. (US), Apex Medical Corp. (Taiwan), Smiths Group (UK), Omron Healthcare Inc. (US), Allied Healthcare Products, Inc. (US), Teleflex Incorporated (US), Drive DeVilbiss Healthcare (US), 3B Medical, Inc. (US), Medline Industries, Inc. (US), Acare Technology Co. (Taiwan), Hill-Rom Holdings, Inc. (US), Medline Industries (US), Rotech Healthcare, Inc. (US), AdaptHealth (US), and GE Healthcare (US). These players adopted the strategies of partnerships, agreements, and acquisitions to expand their presence in the global respiratory care devices market.

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Philips Healthcare is a leading provider of medical tools for different healthcare specialties and is the largest division of Koninklijke Philips N.V. (Royal Philips). Philips Respironics, a subsidiary of Philips Healthcare, primarily focuses on providing respiratory care devices. Philips Healthcare has a significant global footprint owing to its strong sales and distribution network. It significantly invests in R&D activities to add innovative technologies and products to its portfolio, which helps it to strengthen its presence in the market. The company invested USD 2.1 billion in R&D in 2020. The company also made significant partnerships to expand its presence in the respiratory care devices market. For instance, in May 2020, Philips partnered with Masimo (US). The partnership aimed at integrating Masimo’s measurement technologies into select intellivue MX-Series multi-parameter monitors to help clinicians examine ventilation status and cerebral oximetry. In 2020, the Connected Care segment played a crucial role in fulfilling customer needs created by the COVID-19 pandemic. The Connected Care segment catered to the production and deliverance of the company’s core systems, inclusive of ventilators and respiratory monitors, during the COVID-19 pandemic. The company had necessary informatics investments and a critical portfolio in highly changing delivery models that helped Philips to rapidly scale up and support end users with required products in the hospital and home.

Medtronic is one of the leading medical technology companies engaged in manufacturing a range of medical devices and therapies. The company has a wide product portfolio of medical devices in different product categories, which provides it with a diversified revenue stream. A diversified revenue stream offsets the companys exposure to the risks associated with a particular business in the medical devices market.

To garner a major share of the respiratory care devices market, Medtronic is strategically concentrating on inorganic growth strategies. For instance, in July 2020, the company partnered with Foxconn (Taiwan) in order to produce 10,000 Puritan Bennett 560 ventilators in the US to curb the rising demand for respiratory care devices. Medtronic has witnessed a higher demand in certain product lines as a result of COVID-19, such as ventilators, pulse oximetry, capnography, advanced parameter monitoring, and extracorporeal life support products. Thus, in March 2020, the company increased its ventilator production capacity by more than 40% in response to the urgent needs of patients and healthcare systems confronting COVID-19. Moreover, the company also increased the production of Puritan Bennett high acuity ventilator portfolio, which resulted in a 16% growth of respiratory, gastrointestinal, & renal (RGR) segments’ net sales for the fiscal year 2021.

Furthermore, the company has organized its global resources to support patients and physicians during the COVID-19 pandemic, including a rapid expansion in the manufacturing and distribution of critical products in the fight against COVID-19. Also, Medtronic is partnering with key government agencies and other organizations, and the company is providing direct support to the communities globally. For instance, Medtronic, UnitedHealth Group, Boston Scientific, and the University of Minnesota collaborated on a project to deploy 3,000 light ventilators to combat the COVID-19 outbreak.

ResMed provides a broad portfolio of respiratory care products and has a wide geographic presence across North America, the Asia Pacific, and Europe. The company is well-positioned in the respiratory care devices market, and it focuses on developing new and innovative products. In line with this, over the last five years, the company developed and launched several respiratory care products, such as AirFit P30i and CPAP devices, at regular intervals. These products further expanded and complimented the company’s respiratory care product portfolio and strengthened its share in the respiratory care devices market. The company is also engaged in enhancing its geographical presence in the high-growth regions by acquiring regional companies. For example, in March 2019, ResMed acquired HB Healthcare Safety (South Korea), a provider of home-based medical equipment for sleep and respiratory care devices.

The reported sales of ResMed increased to USD 2.96 billion in 2020 from USD 2.61 billion in 2019. The increase in revenue was primarily driven by the continued impact of COVID-19 or a resurgence of COVID-19. It has created more demand for ventilators. ResMed is working with government bodies, hospitals, health authorities, physicians, and patients globally to assess their needs and deliver the ventilation therapy that is essential to treat the respiratory complications of COVID-19. The company’s primary focus is to maximize the availability of ResMed ventilators and other respiratory support devices for the patients to help them throughout the treatment.

The company focuses on both organic and inorganics growth strategies to maintain its presence in the respiratory care devices market. Moreover, ResMed is emphasizing strategies for expanding its business operations and capitalizing on the growth of the sleep apnea and respiratory care markets, as well as growth in out-of-hospital care settings. For instance, in 2019, ResMed acquired a digital health platform for inhalers through acquiring Propeller Health, which strengthened the portfolio to treat COPD patients through their therapy journey across different stages of their disease. Such initiatives help the company to offer products in diverse applications.

Related Reports:

Respiratory Care Devices Market by Product (Therapeutic (Ventilator, Mask, PAP Device, Inhaler, Nebulizer), Monitoring (Pulse Oximeter, Capnograph), Diagnostic, Consumables), End User (Hospital, Home Care), COVID-19 Impact-Global Forecast to 2026

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Report Code
MD 1583
RI Published ON
10/22/2021
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