Report : South and Central America Respiratory Care Devices Market Forecast to 2028 – COVID-19 Impact and Regional Analysis –by Product (Therapeutic Devices, Monitoring Devices, Diagnostics Devices, and Consumables & Accessories), Indication [Chronic Obstructive Pulmonary Disease (COPD), Sleep Apnea, Asthma, Infectious Diseases, and Others], and End User (Hospitals, Home Care, and Ambulatory Care)
At 7.5% CAGR, the South and Central America Respiratory Care Devices Market is speculated to be worth US$ 1,971.06 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South and Central America respiratory care devices market was valued at US$ 1,274.70 million in 2022 and is expected to reach US$ 1,971.06 million by 2028, registering an annual growth rate of 7.5% from 2022 to 2028. Increasing prevalence of infectious respiratory diseases, rapidly increasing cases of asthma and COPD, rising number of product launches and approvals and growing r&d investment for respiratory care devices are the critical factors attributed to the market expansion.
Infectious respiratory diseases are creating a rising burden on the healthcare system worldwide. Infectious respiratory disease 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. Infectious respiratory diseases consist of an exhaustive list of diseases, such as tuberculosis (TB), COVID-19, influenza, diphtheria, measles, pneumonia, pertussis, respiratory syncytial virus (RSV), etc. In recent years, the COVID-19 recorded the highest mortality rate. Among the above-mentioned infectious respiratory diseases, TB was on the top of the list for high prevalence before the COVID-19 pandemic. With the TB patient pool increasing, the demand for respiratory care devices used during TB treatment increases. For instance, masks, respirators, nebulizers, polysomnography devices, BiPAP devices, etc., are highly used during and post TB treatment. Thus, the increasing cases of TB lead to an increased 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 and accounted for the greatest number of deaths. 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 COVID-19 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. As per the insight analysis by ICON plc, an Ireland-based leading contract research organization, the respiratory care devices market is witnessing enormous global demand, resulting from the need for ventilators, masks, and other consumables due to the rising COVID-19 cases. Due to the high usage of nebulizers in these 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 is to test IPX formulation to lungs through Vectura's FOX vibrating mesh nebulizer. FOX vibrating mesh nebulizer has boosted the respiratory care devices market in the preceding years.
On the contrary, cutthroat competition among market players and unfavorable reimbursement scenario of South and Central America respiratory care devices market.
Based on product, Based on product, the market is segmented into therapeutic devices, monitoring devices, diagnostics devices, and consumables & accessories. The market for the therapeutics devices segment is sub segmented into positive airway pressure (PAP) devices, oxygen concentrator, ventilators, inhalers, nebulizers, humidifiers, and others. The market for the monitoring device segment is sub segmented into pulse oximeters, scenography, and gas analyzers. The market for the diagnostic devices segment is further segmented into spirometers, polysomnography devices, peak flow meters, and other diagnostic devices. The market for the consumables & accessories segment is sub segmented into masks, disposable resuscitators, tracheostomy tubes, breathing circuits, and other consumables and accessories. The Therapeutics devices segment held 60.88% market share in 2022, amassing US$ 775.97 million. It is projected to garner US$ 1,215.12 million by 2028 to expand at 7.8% CAGR during 2022–2028.
Based on indication, the South and Central America respiratory care devices market is divided into chronic obstructive pulmonary disease (COPD), sleep apnea, asthma, infectious diseases, and others. The into chronic obstructive pulmonary disease (COPD), segment held 39.75% market share in 2022, amassing US$ 506.64 million. It is projected to garner US$ 798.12 million by 2028 to expand at 7.9% CAGR during 2022–2028.
Based on end user, the South and Central America respiratory care devices market is divided into hospitals, home care, and ambulatory care. The hospitals segment held 56.10% market share in 2022, amassing US$ 715.15 million. It is projected to garner US$ 1,111.10 million by 2028 to expand at 7.6% CAGR during 2022–2028.
Based on country, the South and Central America respiratory care devices market has been categorized into the Brazil, Argentina and Rest of South and Central America. Our regional analysis states that Brazil captured 71.65% market share in 2022. It was assessed at US$ 913.37 million in 2022 and is likely to hit US$ 1,437.96 million by 2028, exhibiting a CAGR of 7.9% during the forecast period.
Key players dominating the South and Central America respiratory care devices market are Koninklijke Philips N.V. ; ResMed Inc. ; Medtronic ; Masimo ; THERMO FISHER SCIENTIFIC INC ; Dragerwerk AG & Co. KGaA ; Getinge AB. ; Nihon Kohden Corporation ; Air Liquide ; and Teleflex Incorporated among others.
- In June 2021, Royal Philips recalled breathing devices and ventilators after it found possible health risks linked to the polyester-based polyurethane (PE-PUR) sound abatement foam used in these products. The recalled products are Bi-Level Positive Airway Pressure (Bi-Level PAP), Continuous Positive Airway Pressure (CPAP) and mechanical ventilator devices.
- In May 2021, Medline has signed a definitive agreement to acquire select assets under the Hudson RCI brand of Teleflex’s Respiratory business for $286m in cash.
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