The demand for airway cleaners is expanding with the improvement in the reimbursement structure and the growing concerns on a healthy living. In order to meet the growing requirement, the companies operating in the market have pulled up their socks.
Companies in the airway clearance systems market are mainly focusing on expanding in other regions, launching innovative airway clearance technology according to the customer needs in order to gain a relatively larger share of the pie in the market. Large-scale companies are collaborating among each other or with small scale ones to strengthen their market position and create sustainable positioning. For instance, in May 2015, Koninklijke Philips signed an agreement with Massachusetts Institute of Technology (MIT) to move its U.S.-based R&D headquarters to Cambridge in order to enhance its technological expertise. The other companies operating in the market are Hill-Rom Holdings, Inc., Allergan plc, Thayer Medical, General Physiotherapy Inc., and VORTRAN® Medical Technology, among others.
According to the report, the global airway cleaner systems market is projected to exhibit a CAGR of 7.6% from 2017 to 2025. Rising from a valuation of US$ 434.0 Mn in 2016, the market is expected to reach a valuation of US$ 838.7 Mn by the end of 2025.
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Growing Elderly Population to Prove Beneficial for the Global Market
Over the last few decades, the life expectancy of people has increased significantly. Aging wanes the immune system of a person, hence, people in the higher age group are extremely susceptible to contracting diseases. According to the National Institute of Aging, 8% of the world’s population is aged 65 years and above. The number of old people in developing countries is likely to increase over 250% between 2010 and 2050 in comparison to the 71% in the developed countries. Aging upsurges the incidence rate of respiratory disease. This is anticipated to drive the global respiratory devices market over the course of the forecast period.
Reforming insurance strategies would play a crucial role in increasing the demand for respiratory services across the globe. Government authorities are focusing on cost cutting of respiratory treatment management plans, which are executed on insurance carriers. These plans have been formulated by governments to benefit healthcare insurance providers. This would facilitate more focus on specific life-saving services such as oncology, imaging, and others.
Need to Comply with Strict FDA Regulations to Act as a Roadblock to Market Growth
Variations in the premarket and post-market approval policies by FDA for medical devices may affect the growth of the airway clearance devices market. Investigation devices exemption policies for clinical trial of medical devices may hamper the growth of the airway clearance devices market. While COPD prevalence is high in the Middle East and Asia Pacific, the adoption of airway clearance devices is comparatively less than other developed regions due to high product type cost. In contrast to this, economic recession, dearth of awareness regarding respiratory diseases and related symptoms, large number of undiagnosed cases and issues related to reimbursement are some of the major factors restraining the growth of the global airway clearance devices market.
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