Market Trends of Canada Respiratory Devices Industry
This section covers the major market trends shaping the Canada Respiratory Devices Market according to our research experts:
Sleep Test Devices Segment is Expected to Witness a Significant Growth Over the Forecast Period.
Sleep apnea is a potentially serious sleep disorder in which breathing repeatedly stops and starts. Sleep apnea has a very high prevalence in Canada; however, a major portion of the patients are undiagnosed, which creates a huge economic burden in terms of workplace and road accidents, lost productivity, and comorbid diseases.
The increasing incidence of sleep apnea among Canada's children is also driving the growth of the studied market. For instance, an article published by the Journal of Otolaryngology in August 2021 reported that obstructive sleep apnea (OSA) is common in the pediatric population, with a prevalence of 1%-6% in Canada. Thus, the presence of a high prevalence of sleep apnea is driving the growth of the studied market.
Further, product launches and mergers, acquisitions, and partnerships among key market players in Canada are driving the growth of this segment. For instance, in October 2022, Frequency Exchange Corp., a Canadian wellness company, launched the Frequency Deliver System, which supports recovery from wellness and performance issues while sleeping. Bioenergetics-based Nikki emits frequencies that help restore cellular function within the body's network of 37 trillion cells. Nikki works at night to overcome the physical and emotional trauma she experiences during the day. Thus, such devices are driving the growth of the segment.
So, the growth of this segment over the next few years will be driven by how common sleep apnea is and how technology is changing.
Inhalers Segment is Expected to Witness a Significant Growth Over the Forecast Period.
Respiratory inhalers are used to inhale medicines that are an essential part of the treatment for chronic lung diseases. The rapidly increasing prevalence of respiratory disorders across the country is among the significant factors fueling the growth and demand of the respiratory inhaler market. In addition, the increasing demand for treatment options for respiratory disorders and the accessibility of well-developed technologies are also contributing to the growth of this segment. Also, more pollution in the air has made more people need inhalers, which is expected to drive the growth of this segment.
The increasing number of respiratory disorders in the country is driving the demand for this segment. For instance, in November 2022, the Breathe Lung Association reported that one in five Canadians has a serious respiratory disease, such as asthma, COPD, lung cancer, tuberculosis, cystic fibrosis, and respiratory distress syndrome. The source also reported that Canada has one of the highest asthma rates in the world. About 2.7 million Canadians live with asthma. Asthma is the most common work-related lung disease, the third-leading cause of lost work time, and the leading cause of school absenteeism and hospitalization for children. Thus, the increase in asthma and COPD cases is driving the demand for inhalers, thereby driving the growth of this segment.
Also, the geriatric population is more sensitive to respiratory disorders, and the increasing geriatric population in the country is also contributing to the growth of this segment. For instance, in July 2022, the United Nations report stated that there were 7.3 million people in Canada aged 65 and older, and this number is expected to increase to 10.2 million by 2040. Thus, the increasing geriatric population may lead to an increase in respiratory disorders, which may increase the demand for inhalers, thereby driving the growth of this segment.
Furthermore, new product launches and technological developments are fueling the growth of this segment. For instance, in October 2022, AstraZeneca launched the inhaler Breztri Aerosphere, which is now available in Canada after Health Canada's approval. Breztri (budesonide, glycopyrronium, and formoterol fumarate dihydrate) is indicated as a long-term maintenance therapy to reduce exacerbations of chronic obstructive pulmonary disease (COPD) and treat airflow obstruction in patients with COPD, including chronic bronchitis and/or emphysema. Thus, such new product launches are driving the growth of the studied market in the country.
Thus, due to the increasing respiratory disorders, increasing geriatric population, increasing air pollutants, and new product launches, these factors are driving the growth of this segment over the forecast period.
