Market Trends of Asia-Pacific Respiratory Devices Industry
This section covers the major market trends shaping the APAC Respiratory Devices Market according to our research experts:
Ventilator Segment is Expected to Hold Significant Market Share Over the Forecast Period
The ventilator segment is expected to witness significant growth in the respiratory devices market over the forecast period owing to the factors such as the rising prevalence of asthma, COPD, allergic rhinitis, brain injuries, cardiac arrest, and strokes among the population.
A ventilator is an equipment that delivers mechanical ventilation by moving breathable air into and out of the lungs to deliver breaths to a patient who is unable or insufficiently breathing. Modern ventilators are microprocessor-controlled computers; however, patients can also be ventilated using a simple, hand-operated bag valve mask. Ventilators are most employed in intensive care, home care, emergency medicine, and anesthesiology. In addition, ventilators are used in the treatment of various respiratory diseases, and the growing prevalence of these diseases is expected to boost the segment's growth.
The rising burden of COPD, coupled with the growing geriatric population who are more prone to develop chronic obstructive pulmonary disease due to the age-associated changes in the structure and function of the lung, is also expected to increase the demand for different respiratory devices, thereby bolstering the segment growth. For instance, according to an article published in the Journal of Thoracic Disease in June 2021, it has been observed that the prevalence rate of COPD was higher among people aged 40 years or over. Also, as per the data published by Statistics Korea, in September 2022, the population aged 65 years or over is expected to reach 17.5% of the total population in 2022, and South Korea is predicted to become one of the most aged societies by 2025 when the elderly population will reach 20.6% of the total population. Thus, the expected increase in the aging population is anticipated to augment the market growth.
Furthermore, the rising product launches increase the availability of innovative respiratory devices, which is also expected to fuel the segment's growth. For instance, in May 2022, Max ventilator launched multifunctional noninvasive ventilators which come with inbuild oxygen therapy and humidifier in India. Also, in June 2021, ISRO launched a portable critical care ventilator, Prana (Programmable Respiratory Assistance for the Needy Aid), and is based on the automated compression of an Ambu (Artificial Manual Breathing Unit) bag.
Therefore, owing to the factors such as the high burden of COPD, and the growing aging population in the region, the studied segment is expected to grow over the forecast period.
India is Estimated to Have Significant Share in the Asia-Pacific Respiratory Devices Market Over the Forecast Period
India is expected to witness significant growth in the respiratory devices market in the Asia-Pacific region over the forecast period owing to the factors such as the growing incidence of respiratory disorders, increasing government initiatives, and the presence of market players in the country.
The rising burden of respiratory diseases such as asthma and COPD is the key factor driving the market growth in the country. For instance, according to an article published in Lung India in August 2022, it has been observed that the prevalence of asthma ranged from 2% in Karnataka to 18.2% in Rajasthan. In addition, as per the same source, the prevalence of asthma among children was 7.9%. Also, as per an article published in Bulletin WHO in December 2021, it has been observed that the prevalence of COPD in India was highest in South India, followed by Northern India. Thus, the high burden of respiratory diseases raises the demand for inhalers and other respiratory devices, thereby propelling the market growth in the country.
Furthermore, the rising company activities in developing technologically advanced respiratory devices and increasing product launches are also expected to fuel the market growth in the country. For instance, in November 2021, Cipla Limited launched Spirofy, India's first pneumotach-based portable, wireless Spirometer, on World COPD Day. Also, in June 2021, DetelPro launched DetelPro Oxy10, a pulse oximeter having an LED display that helps users easily check the results. In addition, the auto-shut-off feature of the DetelPro pulse oximeter kicks in after 8 seconds of inactivity.
Therefore, owing to the aforementioned factors, such as the high burden of asthma and COPD and increasing product launches, the studied market is expected to grow over the forecast period.
