Respiratory Care Device Procurement on Historic High during COVID Times

Asthma affects 235 million people around the world, while 210 million suffer from chronic obstructive pulmonary disease (COPD). The key risk factors for these and other respiratory diseases are air pollution, tobacco smoking, genetic factors, and certain pre-existing conditions. Thus, with the increase in the number of patients suffering from such disorders, the footfall at primary-, secondary-, and tertiary-care hospitals is increasing. As a result, pulmonology departments are getting bigger and bigger, with more pieces of equipment and a larger staff.

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P&S Intelligence says that due to such factors, the respiratory care device market will likely grow to $28.2 billion by 2022 from $15.0 billion in 2015, at a 9.5% CAGR between 2016 and 2022. Such devices are not only found in pulmonology departments, but almost everywhere in a medical center, including patient rooms, operating rooms, observation rooms, diagnostic laboratories, sleep laboratories, intensive care units (ICUs), and emergency rooms. This is because breathing issues are not limited to those suffering from a specific respiratory disorder, but to patients with several types of diseases, those undergoing surgeries, and those in trauma centers.

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Though after the COVID crisis is over, the procurement might slow down, but it will certainly not stop, because the patient footfall due to other reasons will start picking up. For instance, in emergency care settings, patients often display labored breathing or none at all, which is why ascertaining the functioning of the lungs is important. For this, capnographs, pulse oximeters, and gas analyzers are widely used. Similarly, even during and after surgery, many patients are supplied oxygen via mechanical means, as they are often unable to breathe on their own.

On account of the rising prevalence of respiratory disorders, COVID-19 presently, North America is expected to remain the most-significant respiratory care device market in the years to come. In March 2020, President Donald Trump enforced the Defense Product Act of 1950, which empowers the Federal government to force private companies to produce medical equipment. Moreover, the incidence of cardiac diseases is also rather high in the region, which is a key factor driving the hospitalization rate here. In addition, the concrete framework for medical reimbursement in the region allows most people to avail of expensive healthcare services, including those that involve the usage of various respiratory care devices.

Thus, with the rising hospitalization rate, the demand for different types of respiratory care devices will also increase.