The global market for respiratory devices is fragmented in nature with a high level of competition and is estimated to remain in the similar scenario in the next few years, states a new market research study published by Transparency Market Research. The key players in the market, namely Koninklijke Philips N.V, ResMed, and Vyaire Medical, Inc. are focusing on the expansion of the product portfolio, which will enhance the overall growth of the market in the next few years.
In addition to this, the leading players are adopting in-organic and organic growth strategies that is likely to offer potential growth opportunities throughout the forecast period. Several new players are projected to enter the global respiratory devices market, thus accelerating the growth of the market in the near future. Furthermore, the rising research and development activities is projected to enhance the competitive environment of the market in the near future.
According to the market research study by Transparency Market Research, in 2017, the global market for respiratory devices was worth US$ 17 Bn and is projected to reach a value US$ 31.0 Bn by the end of 2026. The market is expected to register a healthy 6.50% CAGR between 2018 and 2026.