Regionally, the global pediatric nebulizer mask market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing prevalence of chronic respiratory diseases among pediatric population, and rising number of companies developing inhaled drug devices. Moreover, the market in North America is expected to grab the largest share during the forecast period ascribing to the continuous innovations in technology in the medical sector. In addition, adequate reimbursement policies for the devices, and high healthcare expenditure are also projected to fuel the market growth in the region. According to the Centers for Medicare & Medicaid Services (CMS), the national healthcare expenditure in the United States grew 9.7% to USD 4.1 trillion in 2020, and accounted for 19.7% of Gross Domestic Product (GDP).
The global pediatric nebulizer mask market is further classified on the basis of region as follows:
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Our in-depth analysis of the global pediatric nebulizer mask market includes the following segments:
By End User
June 2021- B.Well launched PRO-115 compressor nebulizer, which is a friendly looking respiratory device in form of a toy. The product is claimed to be of high efficiency, conforming to the European standard EN13544 for nebulizers.
July 2020- OMRON introduced NE C106, which is a cost effective, all-age-group compatible nebulizer for addressing respiratory conditions at home.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: The major factors driving market growth are growing incidences of respiratory disorders among children, and increasing demand for home healthcare devices.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022-2031.
Ans: The major players in the market are OMRON Corporation, VYAIRE MEDICAL, INC, GF Health Products Inc., Rossmax International Ltd., DeVilbiss Healthcare LLC, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, portability end user, and by region.
Ans: The pneumatic nebulizer segment is anticipated to hold largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
Ans: Availability of alternate treatment options is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the growing prevalence of chronic respiratory diseases among pediatric population in the region.