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What is the United States market-size (TAM) for the Respiratory Health Industry industry?
Hello! Thanks for your inquiry on the Respiratory Health Industry United States market-size (TAM). Specifically, you are interested in the Respiratory Care Products sold (amount in dollars) in the United States.
The short version is that the North American respiratory devices market share was valued at $3.3 billion for 2015. The US share in the North American in the respiratory device market is reported as 62.1%, what is equivalent to approximately $2 billion in 2015.
METHODOLOGY
To answer the inquiry, we consulted available excerpts of reputable market reports, which provide both the global market size in terms of revenue and the share of North America as a region and the US as a country. However, we found disparities in the figures provided. As it frequently happens, such inconsistencies often occur because of different definitions about what is included or not in a particular category, or different assumptions. Therefore, we decided to assume the intermediate figures provided by Global Market Insights, Inc.
GLOBAL MARKET
According to the Markets and Markets report "Respiratory Care Devices Market by Product (Therapeutic (Ventilator, Mask, PAP Device, Inhaler, Nebulizer), Monitoring (Pulse Oximeter, Capnograph), Diagnostic, Consumables), End User (Hospital, Home Care), Indication - Global Forecast to 2021", the global respiratory care devices market will reach US$24.07 Billion by 2021, up from US$15.14 Billion in 2016, with a growth equivalent to a CAGR of 9.7% in the 5-year period from 2016 to 2021.
A second source, Global Market Insights, Inc., provides smaller market size figures. Global Market Insights states that the therapeutic respiratory devices market size was valued at over US$8.5 billion in 2015, and is likely to grow at 11.7% CAGR during the forecast period 2015-2024, to reach US$23.65 billion by 2024.
A third source, Grand View Research provides the lowest estimates, stating that “the global respiratory protective equipment market was USD 4,822.4 million in 2014 and is expected to reach USD 8,538.4 million by 2022, growing at a CAGR of 7.5% from 2015 to 2022.”
Given the disparities in the estimates, let us assume an intermediate market size estimate, that of Global Market Insights, Inc., with a global therapeutic respiratory devices market size of US$8.5 billion in 2015
Global Market Insights, Inc also says that the global therapeutic respiratory devices market size is largely driven by the Positive Airway Pressure (PAP) devices segment: “Rising prevalence of sleep apnea coupled with growing geriatric population are the key contributing factors. Furthermore, rising preference of this equipment owing to easy portability and rapid relief are responsible for expected growth. PAP devices was followed by the oxygen concentrators market owing to rising demand in home healthcare and growing demand for oxygen therapy among patients.” PAP devices had a 55% market share in 2015, followed by oxygen concentrators; the nebulizers market had a market share of over 13%, also in 2015.
The therapeutic respiratory devices market is just a fraction of the global home healthcare market, which has been valued at US$228.90 billion in 2015.
US SHARE OF THE GLOBAL MARKET
According to the report by Global Market Insights, Inc, North America is by far the largest regional market of therapeutic respiratory devices with revenue estimated at over US$3 billion in 2015. From a global market size of US$8.82 billion in 2015, this corresponds to a share of approximately 34%. The US market for therapeutic respiratory devices is expected to grow at 10.8% CAGR during the period 2016-2024.
This market size share of the US is confirmed by another source, Grand View Research, which says “North America emerged as the leading regional market with demand share exceeding 35% in 2014.”
Finally, another source, Fractovia, confirms the US market size for Therapeutic Respiratory Devices, saying “North America respiratory devices market share was estimated at $3.3 billion for 2015 which was largest in terms of revenue. U.S. respiratory devices industry alone contributed about 62.1% of regional revenue share in 2015.” We note that the US share in the regional revenue seems too low, since the US has almost 90% of the combined populations of US and Canada.
CONCLUSION
The North American respiratory devices market share was valued at $3.3 billion for 2015. The US share in the North American in the respiratory device market is reported as 62.1%, what is equivalent to approximately $2 billion in 2015.
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