Chronic obstructive pulmonary disease (COPD) is not curable, but can be managed with appropriate medication. Various awareness programs have been initiated by healthcare providers and health organisations/societies such as environmental programs, medication maintenance programs and online education programs for public and healthcare professionals, which encourage people to adopt early medication. This factor is expected to play a key role in increased revenue of the global respiratory devices market over the forecast period. Healthcare providers and organisations are teaming up to improve and prevent respiratory diseases across the globe. AstraZeneca and 10 industry leaders are teaming up to prevent and control prevalence of respiratory disease in China.
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North America to Lead the Global Market with Growing Disposable Income and Increasing Geriatric Population
Improvement in healthcare policies in various countries, such as the U.S., has enhanced the affordability for various diagnostic and treatment services, and in turn amplified the life expectancy of the people. The burgeoning ageing population will raise the number of people diagnosed with COPD and asthma. Overall management of asthma and COPD is very crucial and problematic after 65 years of age. People above 65 years who are diagnosed with asthma and COPD are unable to consume liquid medication. Airway clearances are thus turning out to be the ultimate choice as they convert liquid medication into aerosol or mist. Moreover, the rise in per capita income is influencing individuals to spend more on health care, as concerns regarding healthcare is increasing with increasing living standards. The other factors that are benefiting the North America airway clearance systems market are the expansion of third-party payer coverage by manufacturers, growth of home care and institutional market, high incidence rate of chronic diseases, employment of the Affordable Care Act, and the lowering cost of the treatment settings. However, it is yet to be seen that whether the strict regulation scenario act as a hurdle or not.
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Europe to Witness Decent Growth in Upcoming Years
The cost structure of home care and hospitals or institutional services in Europe varies considerably owing to the quality of services offered by respiratory care service providers or manufacturers, which comprise other type of monitoring and hospitality services. The cost of OPEP and PEP devices ranges from US$ 45 to US$ 100. Nevertheless, the cost might get as high as US$ 20,000 in case of HCFWO. Home airway clearance devices are cheap as compared to in-lab study. The market for airway clearance systems is very competitive and has presence of Tier 1 and Tier 2 companies along with many small companies. These companies will be participating in several distribution partnerships to achieve a considerable market share during the course of the forecast period. Established market players have shaped a brand image and value over the years, which have made market penetration very complex for new players. Key players are shifting their focus towards the developent new and technologically advanced PEP, OPEP, IPV, and HCFWO devices to better serve the customers, while facing intense competition at a regional level. Hill Rom, PARI, Electromed, Philips Respironics, and several others are some of the major players in the European market.