According to a recent report by Future Market Insights (FMI), a leading market research firm, the Global Breathing Circuits Industry is poised for significant growth. The report projects the market to reach a substantial valuation of approximately US$ 1,163.32 million by the end of 2022 and climb further to a remarkable US$ 1,758.18 million by 2032, reflecting a steady Compound Annual Growth Rate (CAGR) of 4.2%.
By the close of 2032, the industry is forecasted to reach a remarkable valuation of around US$ 1,758.18 million, showcasing a robust upward trend. The report underscores the dominant role of open-breathing circuits in 2021, capturing an impressive market share of about 43.6%, signaling a promising trajectory for the industry.
The surge in global demand for breathing circuits is attributed to the escalating prevalence of chronic inflammation, primarily fueled by factors such as smoking. The rising incidence of chronic conditions like coughing, bronchial cancer, and asthma is expected to drive the demand for advanced breathing circuit solutions.
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Factors Fuelling Growth of the Global Breathing Circuits Industry
Growth of the Global Breathing Circuits Industry is mainly bound to various macro-economic and micro-economic factors. The increasing prevalence of bronchial cancer, chronic coughing, and asthma has led to a surge in demand in the healthcare industry. Increasing preference for smoking is further expected to impact the growth of the global market. Smoking leads to chronic inflammation and further increases the asthmatic effect in the patients. These factors lead to the increasing adoption of breathing circuits in hospitals, clinics, and ambulatory surgical centers.
In its recent report, the CDC revealed that 18.4 million in the age bracket of 18 years and over, which represents 7.6% of adults have asthma. The increasing prevalence of various diseases such as asthma and bronchial cancer has revved up demand for devices that facilitate deep breathing in the healthcare industry. Attributed to such factors, breathing circuits in the healthcare industry will continue to witness increasing adoption.
Breathing circuits are equipped with features such as innovative face masks, tubes, and heat, which provide ideal care and comfort to the patients. Healthcare professionals are also witnessed to be using breathing circuits for drug delivery to patients. Increasing demand for delivering medications to children, old age patients, and infants during emergencies will continue to contribute towards the global market growth of breathing circuits.
On the other hand, several factors are likely to impact the global market growth of breathing circuits negatively. Breathing circuits used in ambulatory surgical centers, hospitals, and clinics are equipped with unidirectional valves and increasingly absorb CO2. Due to these factors, the patients resist breathing through breathing circuits. Further, increasing complexities while operating breathing circuits can be fatal during emergency cases. In addition, the preference for practicing yoga to enhance health conditions is further expected to impact the growth of the global market negatively. Attributed to such factors, sales of breathing circuit devices will continue to drop in the global market over the forecast period.
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Hospitals to Represent a Major End User
The increasing prevalence of breathing problems such as asthma has revved up adoption of the open breathing circuits in the healthcare industry. Based on the product type, the open breathing circuits segment is projected to generate significant revenues, recording more than US$ 2,000 Mn by 2022-end. On the other hand, the semi-open breathing circuits segment is projected to reflect a robust CAGR throughout the forecast period. In terms of revenue, the hospital’s end users segment is projected to represent the fastest growth, accounting for more than US$ 2,000 Mn by 2017-end.
The anesthesia application segment is projected to represent robust revenue growth, recording more than US$ 2,000 Mn by 2022-end. In contrary to this, the respiratory dysfunction application segment is projected to reflect the highest CARG through 2022.
Global Breathing Circuits Industry Players
Major players operating in the global market of breathing circuits are C. R. Bard Inc., Ambu A/S, Armstrong Medical Industries, Inc., Altera Corp., Beijing Aeonmed Co., Ltd., Becton, Dickinson and Company, Fisher & Paykel Healthcare Corporation Limited, Bio-Med Devices, Flexicare Medical Ltd., Dragerwerk AG & Co. KGaA, Teleflex Incorporated, General Electric Company and Smiths Group plc.
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Key Segments Covered in the Global Breathing Circuits Industry
By Product:
- Open Breathing Circuits
- Semi Open Breathing Circuits
- Closed Breathing Circuits
By Application:
- Anesthesia
- Respiratory Dysfunction
- Other Applications
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Clinics
- Home Care Settings
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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