Technavio market research analysts forecast the global venturi masks market to grow at a CAGR of more than 16% during the forecast period, according to their latest report.
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Technavio has published a new report on the global venturi masks market from 2017-2021. (Graphic: Business Wire)
The market study covers the present scenario and growth prospects of the global venturi masks marketfor 2017-2021. The report also lists COPD and asthma as the two major application segments, of which the COPD segment accounted for 50% of the total market share in 2016.
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Technavio analysts highlight the following four market drivers that are contributing to the growth of the global venturi masks market:
- Increasing prevalence of chronic respiratory disorders
- Increasing adoption of homecare
- Increasing older population
- Marketing strategies of vendors
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Increasing prevalence of chronic respiratory disorders
The prevalence of chronic respiratory disorders such as COPD, asthma, and obstructive sleep apnea (OSA) is increasing at a significant rate in both developed and developing countries. The prevalence of asthma is increasing rapidly in low and middle-income countries.
According to Ramakrishna Edupulapati, a lead analyst at Techavio for orthopedics and medical devices research, "The rapid growth in the prevalence of respiratory diseases is due to the increase in smoking; increased exposure to risk factors such as indoor and outdoor air pollution, occupational dust, and fumes; and increase in older population. Oxygen therapy is crucial for the management of these diseases, which in turn, increases the demand for venturi masks."
Increasing adoption of homecare
The healthcare industry has witnessed a paradigm shift from hospital care to homecare over the last decade. This trend is especially evident among the elderly population and people with chronic diseases. Technological advances and improvement in healthcare services are influencing many people to access home-based medical care to improve patient outcome and reduce healthcare expenditure.
"The availability of venturi masks with improved designs that are comfortable and easy to use is making it easier for patients to opt for homecare. Homecare also reduces the burden of high cost and lengthy hospital stays. Therefore, the preference for homecare is expected to drive the demand for venturi masks during the forecast period," adds Ramakrishna
Increasing older population
There is a global increase in the elderly population comprising of people aged 65 years and above. The prevalence of chronic lung disorders such as COPD and pneumonia is high among the older population, as the strength of respiratory muscles decreases with age. In the US, at least 10% of the elderly population is diagnosed with COPD, every year. Hence, the rapid rise in the global elderly population will have a significant impact on the growth of the global venturi masks market.
Marketing strategies of vendors
The increasing competition in the global venturi masks market promotes vendors to adopt different marketing strategies to gain a competitive edge over its competitors. Vendors implement innovative strategies like conducting continuous awareness programs, organizing sales teams around physician specialties, and online marketing to enhance their market penetration. Many companies are implementing promotional activities to educate end-users about new products. They also focus on attracting homecare consumers by offering them attractive loans and monthly installment schemes, which will further drive the global venturi masks market.
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