The increasing prevalence of respiratory disorders such as chronic obstructive pulmonary disease patients (COPD), TB, asthma, etc. remains the major driver of the industry. Chronic respiratory diseases are chronic diseases that affect the airways and other parts of the lungs. Respiratory symptoms are among the major causes of consultation with doctors and physicians in primary health care centers. Some of the major preventable chronic respiratory disorders are asthma, chronic obstructive pulmonary disease (COPD), allergic rhinitis, sleep apnea, and tuberculosis (principally, multi-drug resistant tuberculosis). According to the Australian Bureau of Statistics, Around 2.7 million Australians (one in nine or 11.2% of the total population) had asthma in 2017-18. Thus, owing to these factors, the demand for respiratory devices are expected to grow substantially, over the forecast period.
Key Market Trends
Sleep Test Device Segment is Expected to Show Better Growth in the Forecast Years
Sleep test devices are expected to register an exponential growth, due to the increasing availability of portable instruments, such as CleveMed’s SleepView [home sleep monitor], which integrates several studies (oximetry, position, and cardiovascular and respiratory studies). Also, some of the sleep testing devices can be rented, which is resulting in the market expansion and this will further fuel their adoption. Furthermore, with the increasing prevalence of respiratory disorders such as Asthma and COPD, the demand of respiratory devices is also expected to rise, which will propel the market growth, over the forecast period.
The companies are implementing certain strategic initiatives, such as a merger, new product launch, acquisition and partnerships that help them in strengthening their market position. The majority of the respiratory devices is being manufactured by the global key players. Market leaders with more funds for research and a better distribution system have established their position in the market, which has helped the market grow.
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