The North America pulmonary devices market is expected to reach US$ 16,637.44 million by 2027 from US$ 7,581.04 million in 2019; it is estimated to grow at a CAGR of 10.3% from 2020 to 2027.
Increasing prevalence of respiratory diseases and growing number of COVID-19 in the region are the key factors driving the growth of pulmonary devices. However unfavorable reimbursement scenario is the major factor hindering the market growth in North America.
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Pulmonary or respiratory devices are used to remove mucus and secretions from the airways or the respiratory tract. These medical devices are focused on diagnosis, control, treatment, management, and evaluation of the problems associated with respiratory tract.
Manufacturers in the pulmonary devices market are ramping up their focus on the adoption of various strategies, such as product innovation, product launches, and approvals, as well as R&D investment for advancements in ventilators, along with merger and acquisition as their developmental strategies to maintain the competitive environment in the market.
NORTH AMERICA PULMONARY DEVICES MARKET SEGMENTATION
- Therapeutic Devices
- Consumables and Accessories
- Diagnostic Devices
- Monitoring Devices
- Chronic Obstructive Pulmonary Disease (COPD)
- Sleep Apnea
- Infectious Diseases
international regulatory agencies are considering accelerated approval of specific respiratory devices. For instance, in the UK, the government has asked automobile manufacturers, including Ford, Honda, and Rolls-Royce, to temporarily shift part of their assembly line focus from cars to developing respiratory equipment. Once an agreement is reached, the UK’s Medicines and Healthcare products Regulatory Agency (MHRA) must ensure that the automakers adhere to the set rules and regulations. Thus, the rapid spread of COVID-19 leading to pulmonary failure has led to a growing demand for ventilators and respiratory devices, thereby driving the market growth.
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The COVID-19 pandemic effect is still very active among various countries in the Europe. As with any specialized equipment simply commandeering a factory and ordering it to manufacture respirators is not a reality, the existing equipment are retooled and quality control perfected under these circumstances to operate as alternative solutions for invasive ventilators. Various companies are working towards providing these solutions to the healthcare centers in the Europe and are thus likely to create a good business even during the pandemic.
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