Respiratory devices help treat breathing-related disorders by delivering drugs and therapies directly to the lungs. Major respiratory devices include positive airway pressure devices, nebulizers, respiratory humidifiers, oxygen concentrators, ventilation devices, and inhalers. The growing prevalence of respiratory diseases such as asthma, COPD, and sleep apnea is a major factor driving the demand for respiratory devices. Additionally, the ongoing COVID-19 pandemic has increased the need for remote patient monitoring and home healthcare solutions due to restricted hospital visits and reduced patient capacity of healthcare facilities amid social distancing norms. This offers significant opportunities for home use of respiratory devices.
Market Opportunity
The ongoing COVID-19 pandemic has boosted the demand for home healthcare solutions due to restricted hospital access and capacity constraints. This offers significant opportunities for companies offering home use of respiratory devices. Growing need for portable and easy-to-use respiratory devices with remote monitoring capabilities for home healthcare is expected to drive the demand over the forecast period. Moreover, supportive regulatory frameworks encouraging home healthcare adoption for chronic respiratory conditions will further support the market growth. New product launches tailored for home use incorporating advanced connectivity and remote monitoring capabilities is expected to gain strong traction in the market over the coming years.
Porter’s Analysis
Threat of new entrants: The respiratory devices market requires high R&D investment and regulatory approvals which creates significant entry barriers for new companies.
Bargaining power of buyers: Individual consumers have low bargaining power due to specialized nature of devices but institutional buyers can negotiate on price and contracts.
Bargaining power of suppliers: A few major companies dominate the supply of key components which gives them stronger position in price negotiations.
Threat of new substitutes: Technological advancements are leading to newer alternatives but compatibility issues limit immediate substitution.
Competitive rivalry: Major players compete on innovation, quality, and customer service to gain market share in this consolidating industry.
SWOT Analysis
Strength: Established brands and patented technologies provide first-mover advantage. Innovation in portable devices increases compliance.
Weakness: Higher costs impact affordability in low income regions. Supply chain disruptions during pandemic exposed vulnerabilities.
Opportunity: Rising pollution and sedentary lifestyle fuel the demand. Untapped rural markets in developing nations offer scope for penetration.
Threats: Stringent regulatory norms and lengthy approval process delay market entry. Economic slowdowns lower discretionary healthcare spends.
Key Takeaways
The Global Respiratory Devices Market Size in the Asia Pacific region is expected to grow at the highest CAGR during the forecast period due to the large patient pools, rising pollution levels, growing affordability and increasing focus of market players.
The North American market currently holds the largest share due to supportive healthcare infrastructure and reimbursement policies favouring respiratory disorder treatments. Major players are continuously innovating products to gain competitive edge in this highly remunerative region.
Key players operating in the respiratory devices market are TCS, Wipro, Cognizant, Infosys, IBM, Qualitest, CGI, Mindtree, Cygnet Infotech, Maveric Systems, QA Mentor, A1QA, QA Source, QASource, Capgemini, Accenture, HCL Technologies, Atos, DXC Technology, Tech Mahindra. These companies focus on technologically advanced solutions along with customized services as per needs of regional markets and customer segments. Strategic collaborations enable them to enhance production capabilities and expand geographic presence.
Explore more information on this topic, Please visit -
https://www.ukwebwire.com/respiratory-devices-market-size-and-trends-analysis/
Explore more trending article related this topic -
Comments
0 comment