Respiratory Care Devices Market: Driver, Restraint, Opportunity & Challenge
Posted by MV Mukund on June 5th, 2024
Overview of This Study:
This research employed a large number of primary and secondary sources. In order to determine the segmentation kinds, industry trends, major players, competitive landscape, important market dynamics, and major player strategies, the research procedure entailed analyzing a variety of industry-affecting aspects.
Major Revenue Growth Dynamics:
Revenue from respiratory care devices was projected to reach .8 billion globally in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 7.8% to .8 billion by 2028.
Download PDF Brochure for More Details@
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=368
Driver: Rising Prevalence of Respiratory Diseases
Prolonged exposure to tobacco smoking, indoor and outdoor air pollution, and occupational dust and fumes are some of the main causes of COPD. COPD is associated with other concomitant chronic illnesses, such as diabetes mellitus, musculoskeletal disability, and cardiovascular disease. In addition to interfering with the management of COPD, these disorders may also have an effect on patients' health. Asthma claimed the lives of 0.5 million people in 2019 and affected around 262 million people worldwide, according to the WHO. Morbidity and mortality in asthma remain significant problems, and no medication can bring the disease back to baseline.
Globally, there will likely be an increase of 100 million asthmatic sufferers by 2025. One in twelve Americans suffer with asthma, and over ten million adults over 45 in Europe suffer from the illness. Up to 1,000 people are thought to pass away from asthma-related causes every day.
Restraint: Unfavorable reimbursement scenario
For therapy, a lot of patients depend on reimbursements. The issue of unpaid bills for different diagnostic tests is currently plaguing the diagnostic sector overall and respiratory care diagnostics specifically. The 2020 Medicare Physician Fee Schedule was made public by the Centers for Medicare & Medicaid Services (CMS) on November 1st. The final payment rates for home sleep testing are in line with the CMS's initial modifications, according to the CMS. With a 2% decrease from the previous year, Medicare's national payment rates for CPT 95800 (sleep study, heart rate, oxygen saturation, and simultaneous recording); respiratory analysis, by airflow or peripheral arterial tone; and sleep time) was largely unchanged.
Medicare's global service payment for CPT 95806 (unattended, simultaneous monitoring of respiratory airflow, heart rate and respiratory effort, oxygen saturation, respiratory airflow, and thoracoabdominal movement) is still 15% less than it was the year before. The distinction between the two codes is that CPT 95800 can call for the equipment to measure sleep duration and may involve the use of peripheral arterial tone technology.
Opportunity: Point-of-care Diagnostics
At or close to the location of patient care, point-of-care (POC) testing is carried out. The main drivers creating a niche market potential for POC devices in respiratory diagnostics are improvements in test accuracy and the growing number of diagnostic tests available for various illnesses.
Growing patient self-testing is one of the main factors propelling the POC respiratory illness diagnostics market. In the upcoming years, technological developments that are facilitating microfabrication processes and devising downsizing are anticipated to bolster the trend of POC testing and the treatment of respiratory disorders. Government agencies in rich and developing nations alike have realized that POC technology offers a perfect opportunity to grow public healthcare networks and meet patients' unmet medical needs. Furthermore, POC testing is becoming more and more preferred as the number of qualified technicians in the centralized system declines.
Request Sample Pages@
https://www.marketsandmarkets.com/requestsampleNew.asp?id=368
Challenges: Lack of patient compliance
A major problem impeding the market's growth is patient noncompliance with CPAP therapy. Patients with respiratory and sleep-related diseases have historically had trouble adhering to their treatment plans, primarily because of a variety of problems like comfort and cost. Another reason why patients are unwilling to pay for treatment is the extremely low reimbursement rates in regions like Asia (China and India) and the Rest of the World. It is discovered that non-compliance is more common among CPAP users. According to studies, the claustrophobic character of CPAP therapy makes it difficult for between 30% and 50% of patients to continue receiving it.
Geographical Growth Dynamics:
The respiratory care devices market was dominated by the North American segment.
The regions of North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa comprise the worldwide respiratory care devices market. The respiratory care devices market was dominated by North America in 2022. The North American market for respiratory care devices is anticipated to increase as a result of the region's sophisticated healthcare infrastructure and high healthcare spending. Throughout the projection period, the US's high prevalence of asthma is anticipated to fuel demand for respiratory care devices.
