The South and Central America respiratory care devices market is expected to grow from US$ 1,274.70 million in 2022 to US$ 1,971.06 million by 2028; it is estimated to grow at a CAGR of 7.5% from 2022 to 2028.
The expedited digital, smart, and portable solutions are trending in the market. Market players focus on technology convergence, integrating digital and sensor technologies to create smart, portable, and connected medical devices, and improving clinical outcomes and patient engagement during disease management. AI-based mobile medical applications may help diagnose and manage respiratory diseases and reduce costs by eliminating the requirement for basic medical tests. Further, smart medical devices, including inhalers, offer personalized care and insights. They are expected to raise the adoption of a home-based disease management regime in the coming years, following the current trend of remote care. Further, telemedicine (TM) is an advanced and upcoming method of healthcare delivery in which care can be provided remotely. The minimal requirement for establishing a patient–doctor relationship using telemedicine is a synchronous video feed through a secure Internet connection. Sleep apnea management is majorly well-suited to telemedicine because of the lack of any needed physical examination findings to make the diagnosis. Many insurers need an initial face-to-face consultation before authorizing a sleep study to document signs, symptoms, and medical co-morbidities for justifying the procedure. Since it is a new method, there is a shortage of sleep medicine physicians, and wait times also exceed three months to obtain a consultation. There are several ways that telemedicine consultations can increase access to doctors while simultaneously reducing the cost of the services. Additionally, the prevalence of OSA is increasing. Treatment of OSA can be expensive, which might be reduced with telemedicine modalities, including telediagnosis, teleconsultation, teletherapy, and telemonitoring of patients receiving CPAP treatment. Sleep TM's primary objective is to get high-quality sleep recordings outside of a sleep lab. Home polysomnography (PSG) eliminates the need for patients to wait on lengthy in-lab PSG waiting lists. PSG in the sleep laboratory is still the gold standard for diagnosing OSA. Therefore, the increasing adoption of digital and mobile solutions in developed nations is an imminent trend that would penetrate the respiratory care devices market during the forecast period.
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.
South and Central America Respiratory Care Devices Market Revenue and Forecast to 2028 (US$ Million)
South and Central America Respiratory Care Devices Market Segmentation
The market for South and Central America respiratory care devices market is segmented into product, indication, end user and country. 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. By indication, the market is segmented into chronic obstructive pulmonary disease (COPD), sleep apnea, asthma, infectious diseases, and others. Based on end user, the South and Central America respiratory care devices market is divided into hospitals, home care, and ambulatory care. Based on country, the South and Central America respiratory care devices market is segmented into Brazil, Argentina and Rest of South and Central America.
South and Central America Respiratory Care Devices Market—Companies Mentioned
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 are a few major companies operating in the South and Central America respiratory care devices market.