Popularity of Homecare Breathes Life into the Respiratory Devices Market
The new report states that the market is expected to be primarily driven by the rising patient population suffering from sleep disorders such as Obstructive Sleep Apnea (OSA), and respiratory diseases such as Chronic Obstructive Pulmonary Disease (COPD), which is commonly caused by smoking.
Roughly 300 million people around the world suffer from OSA, the prevalence of which increases with age, reaching 30% to 80% in the elderly population. The affected population has therefore grown during recent years in proportion with the globally ageing population.
COPD similarly affects a massive global population of around 400 to 600 million people, with about 12 million patients in the US alone. These common conditions suffered by a huge population therefore represent a potential goldmine for anesthesia and respiratory device companies.
Recent years have also seen an increase in disposable incomes in emerging countries, alongside increasing numbers of hospitals and the growing demand for home healthcare devices. The shift of healthcare delivery from hospitals to homecare marks an immense change in the modern healthcare industry, caused by technological advancements, changing demographics and government initiatives to reduce healthcare expenditure.
In order to meet the growing need for medical care at home, home healthcare devices have become more easily available, and include glucose meters, dialysis machines, and advanced-technology respiration devices. Innovations in design and technology have led to user-friendly devices that can treat patients without disturbing their normal routine. These are increasingly being adopted worldwide, in an effort to improve individuals quality of life, and reduce public healthcare spending.
The demand for home healthcare equipment impacts positively upon the respiratory devices market, encouraged by the new respiratory devices such as portable nebulizers, and Continuous Positive Air Pressure (CPAP) and Bilevel Positive Air Pressure (BiPAP) machines designed for use at home.
The global anesthesia and respiratory devices market is forecast to grow at a Compound Annual Growth Rate (CAGR) of 4.7% during the period 2010-2017, to exceed $14 billion by 2017.