How is COVID-19 Epidemic Affecting Respiratory Care Device Market?by Pramod Kumar Digital Marketing Professional
The global respiratory care device market was valued at $15,009.6 million in 2015, and it is expected to grow at a CAGR of 9.5% during 2016 – 2022.
Life cannot be lived without food, but merely eating it is not sufficient; the food must also be converted to energy. This is where respiration comes in, because it is during this process that the food is ‘burned’ in the presence of oxygen to produce adenosine triphosphate or (ATP), which is the basic unit of animal energy. Now, several factors can hamper respiration, which are broadly known as respiratory and pulmonary diseases. Due to environmental as well as genetic factors, the prevalence of such diseases, primarily lung cancer, chronic obstructive pulmonary disease (COPD), and asthma, is increasing.
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Several diagnostic and therapeutic instruments as well as accessories and consumables come under the ambit of respiratory care devices. Among these, therapeutic devices have been the most widely procured by healthcare settings as well as individual patients practicing the do-it-yourself (DIY) approach. These devices further include positive air pressure devices, ventilators, humidifiers, nebulizers, and masks. Of these, ventilators are extremely important and common at large hospitals, as they deliver what is called life support, to patients incapable of breathing on their own.
Among the various places where respiratory care devices are used are homecare settings and hospitals, of which hospitals are presently on a procurement spree, considering that the number of people with the coronavirus infection is rising. As per an article by the Wall Street Journal, ventilator manufacturing is rapidly picking up in Latin America (LATAM), in the wake of the COVID-19 menace. Similarly, the Financial Express reports that though the Indian Railways has developed a low-cost ventilator, mass production is facing issues. This means that while the demand for such machines is high in India, the supply is low.
Hence, with the growing prevalence of lung diseases, the demand for respiratory therapeutic and diagnostic devices will continue to surge.
Created on Jun 29th 2021 05:34. Viewed 82 times.