Growing incidences of respiratory diseases is expected to drive the growth of India respiratory care device market during the forecast period.
According to TechSci Research report, “India Respiratory Care Devices Market By Product Type (Therapeutic Devices, Monitoring Devices, Diagnostic Devices, Consumables & Accessories), By Indication (Chronic Obstructive Pulmonary Disease, Infectious Diseases, Asthma, Sleep Apnea, Others), By End User (Hospitals & Clinics, Ambulatory Care Centers, Others), By Region, By Company, Forecast & Opportunities, FY2027”, the India respiratory care devices market stood at USD1005.50 million in FY2021 and is expected to grow at a steady rate of 4.56% during the forecast period. This can be ascribed to the growing prevalence of various infectious diseases, with COVID-19 being the most recent and significant infectious disease that has considerably increased the demand for respiratory care devices.
However, lack of awareness which is leading to a large underdiagnosed and undertreated population can restrict the growth of India respiratory care device market over the next few years. Also, unfavorable reimbursement scenario can further slowdown the market growth through FY2027. Besides, high cost of therapeutic respiratory care devices such as ventilators, oxygen concentrators and availability of refurbished products in the market can further restrict the market growth in the coming years.
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The India respiratory care devices market is segmented based on product type, indication, end user, region, and company. Based on indication, the market can be fragmented into chronic obstructive pulmonary disease, infectious diseases, asthma, sleep apnea, others. The chronic obstructive pulmonary disease (COPD) segment is expected to dominate the market in the forthcoming years on account of upsurge in the prevalence of smoking and environmental factors.
In addition to this, increase in indoor as well as outdoor air pollution levels, high exposure to dust and chemicals are other factors driving the prevalence of COPD. Also, rising genetic disorders coupled with increasing geriatric population in the country is further boosting the segmental growth in the coming years. However, the share of infectious disease segment significantly increased in FY2021 due to the spread of pandemic in the country.
Based on end user, the market can be categorized into hospitals & clinics, ambulatory care centers and others. Among these, the hospitals held the largest market share with a share of around of 49.14% in the overall market owing to financial capabilities of hospitals to purchase expensive equipment. Besides, availability of trained professionals in hospitals to operate respiratory care devices is further contributing to the growing trend.
India Medtronic Private Limited, ResMed India Pvt. Ltd., Philips Healthcare India, Masimo Medical Technologies India Private Limited, Getinge India Pvt Ltd, Draeger India Private Limited, Hamilton Medical India Private Limited, Fisher & Paykel Healthcare India Pvt Ltd, Wipro GE Healthcare Pvt Ltd, Hill-Rom India Private, Ltd., BPL Medical Technologies Private Limited, Becton, Dickinson, and Company (CareFusion Corp.), Opto Circuits India Ltd., Omron Healthcare India Pvt. Ltd., and Nihon Kohden India Pvt. Ltd are some of the leading players operating in the India respiratory care device market.
Companies operating in the market are using organic go-to-market strategies such as product launches, mergers and acquisitions and research collaborations to boost their share and increase their geographic reach.
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“India respiratory care devices market is expected to witness steady growth during the forecast period on account of rapid technological advancements in the respiratory care devices development. Along with this, developing healthcare infrastructure is further expected to bode well for the growth of respiratory care devices market in the country. Moreover, availability of a large number of products for diagnosis, treatment and monitoring of diseases is further expected to create lucrative opportunities for the market growth of India respiratory care devices market over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based India management consulting firm.
“India Respiratory Care Devices Market By Product Type (Therapeutic Devices, Monitoring Devices, Diagnostic Devices, Consumables & Accessories), By Indication (Chronic Obstructive Pulmonary Disease, Infectious Diseases, Asthma, Sleep Apnea, Others), By End User (Hospitals & Clinics, Ambulatory Care Centers, Others), By Region, By Company, Forecast & Opportunities, FY2027”, has evaluated the future growth potential of India respiratory care devices market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India respiratory care devices market.
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