COVID-19 has massively dented the poor healthcare infrastructure in the Asia Pacific region, highlighting the colossal need for upgrades and sophistication. Moreover, the high death toll and persistent rise in a number of Corona infected individuals have induced the demand for digital respiratory medical devices in the region. The year 2020 would emerge as a strategic inflection point in the governments’ spending on healthcare in forthcoming years to curb the pandemic impact. The spending would rise massively in the adoption of new health tech devices.
Moreover, the rising prevalence of diseases such as asthma, cardiovascular diseases, the aging population, and other respiratory disorders lead to the use of therapeutic and diagnostics and monitoring systems. There are emerging factors for the market growth of respiratory medical devices. In 2050, elder individuals are expected to account for 24% of the population in Asia, according to the United Nations.
According to MarkNtel Advisors’ research report “Asia-Pacific Digital Respiratory Device Market Analysis, 2020”, the market size of digital respiratory Devices in the Asia Pacific is anticipated to grow at a CAGR of around 30% during 2020-25.
Hospital Segment is Expected to Grab the Highest Market Share
Countries such as India and China are encouraging digital health to enhance the healthcare facilities with the help of the government in Asia-Pacific. Moreover, the hospitals can purchase high priced instruments and operate these medical devices for the treatment of patients with the help of trained medical professional staff. Also, the use of digital spirometer in hospitals is rapidly gaining momentum for combating respiratory problems such as smoking-related issues and postoperative respiratory problems. Thus, the hospital segment is anticipated to witness the highest growth during the forecast period.
Rising Demand for Diagnosing and Monitoring Devices
Asia-Pacific region has the largest number of COPD cases and most of the cases are undiagnosed. However, awareness among individuals about the COPD is augmenting. Companies such as GSK launched a mobile-based COPD self-testing tool, which alerts patients to take hospital treatment in case of breath testing score is less than 70%. Therefore, it is expected the diagnostic and monitoring device segment would propel through 2025.
Asthma Segment Remains at Forefront, with a considerable rise in Market Share Anticipated
Asthma is one of the leading factors for the growth of digital respiratory medical devices as respiratory infections triggered asthma symptoms in 90% of children. Only 67% of the children with asthma symptoms had asthma diagnosed by a doctor. Moreover, the soaring number of asthma patients in countries such as Australia, New Zealand is supporting the growth of the segment. According to the Australian Institute of Health & Welfare, the prevalence of asthma in Australia is around 11%. Thus, the occurrence of respiratory diseases among children as well as the aging population, the demand for digital respiratory devices is growing and is expected to grow during 2020-25 as revealed by the MarkNtel Advisors’ research report “Asia-Pacific Digital Respiratory Device Market Analysis, 2020”.
Moreover, the growth of digital respiratory devices is also attributed to the growing use of wearable technology among the population such as wristband and watches that monitors the patient’s health on a real-time basis.
According to MarkNtel Advisors’, the key players with a considerable market share in the Asia-Pacific digital respiratory Device Market include Philips, 3M Healthcare, Astra Zeneca Plc., Novartis AG, GE Healthcare, Masimo Corporation, Cipla Ltd., Resmed Ltd., Teva Pharmaceuticals Industries Ltd., Acorda Therapeutics, etc. In 2019, a New Zealand based medical company named Fisher Paykal launched a nasal cannula –F&P Optiflow 3S for competing in the market and strengthening its position in the therapeutic respiratory care device.
“Asia-Pacific Digital Respiratory Device Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for respiratory medical device providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Product (Therapeutic Devices, Diagnostics Monitoring Devices, Consumables and Accessories Respiratory Therapy Wearable Medical Device, Disposals),
2. By End-User (Home Care and Hospitals & Clinics),
3. By Indication (Chronic Obstructive Pulmonary Disease, Sleep Apnea, Asthma, Infectious Disease),
4. By Country (China, India, Japan, Australia, New Zealand, South Korea and Rest of Asia, Pacific), By Company (Philips, 3M Healthcare, Astra Zeneca Plc., Novartis AG, GE Healthcare, Masimo Corporation, Cipla Ltd., Resmed Ltd., Teva Pharmaceuticals Industries Ltd., Acorda Therapeutics, etc.)
Key questions answered in the Market Research Report:
1. What is the market size of digital respiratory medical devices in various countries in the Asia Pacific?
2. How COVID-19 would impact the future market outlook of the digital respiratory medical devices market in the Asia Pacific?
3. What are the current and future market trends of the digital respiratory medical device industry?
4. How the industry has been evolving in terms of end-user demand and application areas?
5. How the competition has been shaping across the countries followed by their comparative factorial indexing?
6. What are the key growth drivers and challenges for the digital respiratory medical device industry?