 | • レポートコード：MR2211MG08625 • 出版社/出版日：Market Monitor Global / 2022年11月 • レポート形態：英文、PDF、113ページ • 納品方法：Eメール（納期：2-3日） • 産業分類：機械・装置 |
| Single User | ￥481,000 (USD3,250) | ▷ お問い合わせ |
| Enterprise User | ￥625,300 (USD4,225) | ▷ お問い合わせ |
• お支払方法：銀行振込（納品後、ご請求書送付）
レポート概要
| 本調査資料は次の情報を含め、呼吸用加湿治療機器のグローバル市場規模と予測を記載しています。・呼吸用加湿治療機器のグローバル市場：売上、2017年-2022年、2023年-2028年 ・呼吸用加湿治療機器のグローバル市場：販売量、2017年-2022年、2023年-2028年 ・世界のトップ5企業、2021年 呼吸用加湿治療機器のグローバル市場規模は2021年に000Mドルと評価され、予測期間中に000％のCAGRで2028年までに000Mドルに達すると予測されています。米国市場は2021年に000Mドルと推定されており、中国は2028年までに000Mドルに達すると予測されています。「自動酸素調整」セグメントは今後6年間、000%のCAGRで2028年までに000Mドルに成長すると予測されています。 呼吸用加湿治療機器のグローバル主要企業は、Inspired Medical、Fisher & Paykel Healthcare、COMEN、Yuyue、Owgels、TNI medical (Masimo)、Micomme Medical、RMS Medical、Talent Medical Electronics、Vapotherm、Teleflex、Armstrong Medical、Hamilton Medical、Beijing Aeonmed、Beyond Medicalなどです。2021年にトップ5企業がグローバル売上シェアの約000%を占めています。 マーケットモニターグローバル（MMG）社は、呼吸用加湿治療機器のメーカー、サプライヤー、流通業者、および業界の専門家を調査しました。これには、販売量、売上、需要、価格変動、製品タイプ、最近の動向と計画、産業トレンド、成長要因、課題、阻害要因、潜在的なリスクなどが含まれます。 【セグメント別市場分析】 世界の呼吸用加湿治療機器市場：タイプ別、2017年-2022年、2023年-2028年 世界の呼吸用加湿治療機器市場：タイプ別市場シェア、2021年 ・自動酸素調整、手動酸素調整 世界の呼吸用加湿治療機器市場：用途別、2017年-2022年、2023年-2028年 世界の呼吸用加湿治療機器市場：用途別市場シェア、2021年 ・病院用、在宅医療用 世界の呼吸用加湿治療機器市場：地域・国別、2017年-2022年、2023年-2028年 世界の呼吸用加湿治療機器市場：地域別市場シェア、2021年 ・北米：アメリカ、カナダ、メキシコ ・ヨーロッパ：ドイツ、フランス、イギリス、イタリア、ロシア ・アジア：中国、日本、韓国、東南アジア、インド ・南米：ブラジル、アルゼンチン ・中東・アフリカ：トルコ、イスラエル、サウジアラビア、UAE 【競合分析】 また、当レポートは主要な市場参加者の分析を提供します。 ・主要企業における呼吸用加湿治療機器のグローバル売上、2017年-2022年 ・主要企業における呼吸用加湿治療機器のグローバル売上シェア、2021年 ・主要企業における呼吸用加湿治療機器のグローバル販売量、2017年-2022年 ・主要企業における呼吸用加湿治療機器のグローバル販売量シェア、2021年 さらに、当レポートは主要企業のプロファイルを提示します。 Inspired Medical、Fisher & Paykel Healthcare、COMEN、Yuyue、Owgels、TNI medical (Masimo)、Micomme Medical、RMS Medical、Talent Medical Electronics、Vapotherm、Teleflex、Armstrong Medical、Hamilton Medical、Beijing Aeonmed、Beyond Medical ************************************************************* ・調査・分析レポートの概要 呼吸用加湿治療機器市場の定義 市場セグメント 世界の呼吸用加湿治療機器市場概要 当レポートの特徴・ベネフィット 調査手法と情報源 ・世界の呼吸用加湿治療機器市場規模 世界の呼吸用加湿治療機器市場規模：2021年 VS 2028年 世界の呼吸用加湿治療機器市場規模と予測 2017年-2028年 ・競争状況 グローバルトップ企業 売上ベースでのグローバルトップ企業 企業別グローバルでの呼吸用加湿治療機器の売上 グローバルトップ3およびトップ5企業、2021年売上ベース グローバル企業の呼吸用加湿治療機器製品タイプ グローバルにおけるティア1、ティア2、ティア3企業 ・タイプ別市場分析 タイプ区分：自動酸素調整、手動酸素調整 呼吸用加湿治療機器のタイプ別グローバル売上・予測 ・用途別市場分析 用途区分：病院用、在宅医療用 呼吸用加湿治療機器の用途別グローバル売上・予測 ・地域別市場分析 地域別呼吸用加湿治療機器市場規模 2021年と2028年 地域別呼吸用加湿治療機器売上・予測 北米市場 - アメリカの呼吸用加湿治療機器市場規模2017年-2028年 - カナダの呼吸用加湿治療機器市場規模2017年-2028年 - メキシコの呼吸用加湿治療機器市場規模2017年-2028年 ヨーロッパ市場 - ドイツの呼吸用加湿治療機器市場規模2017年-2028年 - フランスの呼吸用加湿治療機器市場規模2017年-2028年 - イギリスの呼吸用加湿治療機器市場規模2017年-2028年 - イタリアの呼吸用加湿治療機器市場規模2017年-2028年 - ロシアの呼吸用加湿治療機器市場規模2017年-2028年 アジア市場 - 中国の呼吸用加湿治療機器市場規模2017年-2028年 - 日本の呼吸用加湿治療機器市場規模2017年-2028年 - 韓国の呼吸用加湿治療機器市場規模2017年-2028年 - 東南アジアの呼吸用加湿治療機器市場規模2017年-2028年 - インドの呼吸用加湿治療機器市場規模2017年-2028年 南米市場 - ブラジルの呼吸用加湿治療機器市場規模2017年-2028年 - アルゼンチンの呼吸用加湿治療機器市場規模2017年-2028年 中東・アフリカ市場 - トルコの呼吸用加湿治療機器市場規模2017年-2028年 - イスラエルの呼吸用加湿治療機器市場規模2017年-2028年 - サウジアラビアの呼吸用加湿治療機器市場規模2017年-2028年 - UAEの呼吸用加湿治療機器市場規模2017年-2028年 ・主要企業のプロファイル（企業概要、事業概要、主要製品、売上、ニュースなど） Inspired Medical、Fisher & Paykel Healthcare、COMEN、Yuyue、Owgels、TNI medical (Masimo)、Micomme Medical、RMS Medical、Talent Medical Electronics、Vapotherm、Teleflex、Armstrong Medical、Hamilton Medical、Beijing Aeonmed、Beyond Medical ... |
The Respiratory Humidification Therapy Device is an oxygen therapy device that can provide patients with a controllable and relatively constant oxygen inhalation concentration, even pure oxygen, and a high-flow inhaled gas treatment method with a certain temperature and humidity.
This report contains market size and forecasts of Respiratory Humidification Therapy Device in global, including the following market information:
Global Respiratory Humidification Therapy Device Market Revenue, 2017-2022, 2023-2028, ($ millions)
Global Respiratory Humidification Therapy Device Market Sales, 2017-2022, 2023-2028, (K Units)
Global top five Respiratory Humidification Therapy Device companies in 2021 (%)
The global Respiratory Humidification Therapy Device market was valued at US$ million in 2021 and is projected to reach US$ million by 2028, at a CAGR of % during the forecast period 2022-2028.
The U.S. Market is Estimated at $ Million in 2021, While China is Forecast to Reach $ Million by 2028.
Automatic Oxygen Adjustment Segment to Reach $ Million by 2028, with a % CAGR in next six years.
The global key manufacturers of Respiratory Humidification Therapy Device include Inspired Medical, Fisher & Paykel Healthcare, COMEN, Yuyue, Owgels, TNI medical (Masimo), Micomme Medical, RMS Medical and Talent Medical Electronics, etc. In 2021, the global top five players have a share approximately % in terms of revenue.
MARKET MONITOR GLOBAL, INC (MMG) has surveyed the Respiratory Humidification Therapy Device manufacturers, suppliers, distributors and industry experts on this industry, involving the sales, revenue, demand, price change, product type, recent development and plan, industry trends, drivers, challenges, obstacles, and potential risks.
Total Market by Segment:
Global Respiratory Humidification Therapy Device Market, by Type, 2017-2022, 2023-2028 ($ Millions) & (K Units)
Global Respiratory Humidification Therapy Device Market Segment Percentages, by Type, 2021 (%)
Automatic Oxygen Adjustment
Manual Oxygen Adjustment
Global Respiratory Humidification Therapy Device Market, by Application, 2017-2022, 2023-2028 ($ Millions) & (K Units)
Global Respiratory Humidification Therapy Device Market Segment Percentages, by Application, 2021 (%)
Hospital Use
Homecare
Global Respiratory Humidification Therapy Device Market, By Region and Country, 2017-2022, 2023-2028 ($ Millions) & (K Units)
Global Respiratory Humidification Therapy Device Market Segment Percentages, By Region and Country, 2021 (%)
North America
US
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Nordic Countries
Benelux
Rest of Europe
Asia
China
Japan
South Korea
Southeast Asia
India
Rest of Asia
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Turkey
Israel
Saudi Arabia
UAE
Rest of Middle East & Africa
Competitor Analysis
The report also provides analysis of leading market participants including:
Key companies Respiratory Humidification Therapy Device revenues in global market, 2017-2022 (Estimated), ($ millions)
Key companies Respiratory Humidification Therapy Device revenues share in global market, 2021 (%)
Key companies Respiratory Humidification Therapy Device sales in global market, 2017-2022 (Estimated), (K Units)
Key companies Respiratory Humidification Therapy Device sales share in global market, 2021 (%)
Further, the report presents profiles of competitors in the market, key players include:
Inspired Medical
Fisher & Paykel Healthcare
COMEN
Yuyue
Owgels
TNI medical (Masimo)
Micomme Medical
RMS Medical
Talent Medical Electronics
Vapotherm
Teleflex
Armstrong Medical
Hamilton Medical
Beijing Aeonmed
Beyond Medical
1 Introduction to Research & Analysis Reports
1.1 Respiratory Humidification Therapy Device Market Definition
1.2 Market Segments
1.2.1 Market by Type
1.2.2 Market by Application
1.3 Global Respiratory Humidification Therapy Device Market Overview
1.4 Features & Benefits of This Report
1.5 Methodology & Sources of Information
1.5.1 Research Methodology
1.5.2 Research Process
1.5.3 Base Year
1.5.4 Report Assumptions & Caveats
2 Global Respiratory Humidification Therapy Device Overall Market Size
2.1 Global Respiratory Humidification Therapy Device Market Size: 2021 VS 2028
2.2 Global Respiratory Humidification Therapy Device Revenue, Prospects & Forecasts: 2017-2028
2.3 Global Respiratory Humidification Therapy Device Sales: 2017-2028
3 Company Landscape
3.1 Top Respiratory Humidification Therapy Device Players in Global Market
3.2 Top Global Respiratory Humidification Therapy Device Companies Ranked by Revenue
3.3 Global Respiratory Humidification Therapy Device Revenue by Companies
3.4 Global Respiratory Humidification Therapy Device Sales by Companies
3.5 Global Respiratory Humidification Therapy Device Price by Manufacturer (2017-2022)
3.6 Top 3 and Top 5 Respiratory Humidification Therapy Device Companies in Global Market, by Revenue in 2021
3.7 Global Manufacturers Respiratory Humidification Therapy Device Product Type
3.8 Tier 1, Tier 2 and Tier 3 Respiratory Humidification Therapy Device Players in Global Market
3.8.1 List of Global Tier 1 Respiratory Humidification Therapy Device Companies
3.8.2 List of Global Tier 2 and Tier 3 Respiratory Humidification Therapy Device Companies
4 Sights by Product
4.1 Overview
4.1.1 By Type – Global Respiratory Humidification Therapy Device Market Size Markets, 2021 & 2028
4.1.2 Automatic Oxygen Adjustment
4.1.3 Manual Oxygen Adjustment
4.2 By Type – Global Respiratory Humidification Therapy Device Revenue & Forecasts
4.2.1 By Type – Global Respiratory Humidification Therapy Device Revenue, 2017-2022
4.2.2 By Type – Global Respiratory Humidification Therapy Device Revenue, 2023-2028
4.2.3 By Type – Global Respiratory Humidification Therapy Device Revenue Market Share, 2017-2028
4.3 By Type – Global Respiratory Humidification Therapy Device Sales & Forecasts
4.3.1 By Type – Global Respiratory Humidification Therapy Device Sales, 2017-2022
4.3.2 By Type – Global Respiratory Humidification Therapy Device Sales, 2023-2028
4.3.3 By Type – Global Respiratory Humidification Therapy Device Sales Market Share, 2017-2028
4.4 By Type – Global Respiratory Humidification Therapy Device Price (Manufacturers Selling Prices), 2017-2028
5 Sights By Application
5.1 Overview
5.1.1 By Application – Global Respiratory Humidification Therapy Device Market Size, 2021 & 2028
5.1.2 Hospital Use
5.1.3 Homecare
5.2 By Application – Global Respiratory Humidification Therapy Device Revenue & Forecasts
5.2.1 By Application – Global Respiratory Humidification Therapy Device Revenue, 2017-2022
5.2.2 By Application – Global Respiratory Humidification Therapy Device Revenue, 2023-2028
5.2.3 By Application – Global Respiratory Humidification Therapy Device Revenue Market Share, 2017-2028
5.3 By Application – Global Respiratory Humidification Therapy Device Sales & Forecasts
5.3.1 By Application – Global Respiratory Humidification Therapy Device Sales, 2017-2022
5.3.2 By Application – Global Respiratory Humidification Therapy Device Sales, 2023-2028
5.3.3 By Application – Global Respiratory Humidification Therapy Device Sales Market Share, 2017-2028
5.4 By Application – Global Respiratory Humidification Therapy Device Price (Manufacturers Selling Prices), 2017-2028
6 Sights by Region
6.1 By Region – Global Respiratory Humidification Therapy Device Market Size, 2021 & 2028
6.2 By Region – Global Respiratory Humidification Therapy Device Revenue & Forecasts
6.2.1 By Region – Global Respiratory Humidification Therapy Device Revenue, 2017-2022
6.2.2 By Region – Global Respiratory Humidification Therapy Device Revenue, 2023-2028
6.2.3 By Region – Global Respiratory Humidification Therapy Device Revenue Market Share, 2017-2028
6.3 By Region – Global Respiratory Humidification Therapy Device Sales & Forecasts
6.3.1 By Region – Global Respiratory Humidification Therapy Device Sales, 2017-2022
6.3.2 By Region – Global Respiratory Humidification Therapy Device Sales, 2023-2028
6.3.3 By Region – Global Respiratory Humidification Therapy Device Sales Market Share, 2017-2028
6.4 North America
6.4.1 By Country – North America Respiratory Humidification Therapy Device Revenue, 2017-2028
6.4.2 By Country – North America Respiratory Humidification Therapy Device Sales, 2017-2028
6.4.3 US Respiratory Humidification Therapy Device Market Size, 2017-2028
6.4.4 Canada Respiratory Humidification Therapy Device Market Size, 2017-2028
6.4.5 Mexico Respiratory Humidification Therapy Device Market Size, 2017-2028
6.5 Europe
6.5.1 By Country – Europe Respiratory Humidification Therapy Device Revenue, 2017-2028
6.5.2 By Country – Europe Respiratory Humidification Therapy Device Sales, 2017-2028
6.5.3 Germany Respiratory Humidification Therapy Device Market Size, 2017-2028
6.5.4 France Respiratory Humidification Therapy Device Market Size, 2017-2028
6.5.5 U.K. Respiratory Humidification Therapy Device Market Size, 2017-2028
6.5.6 Italy Respiratory Humidification Therapy Device Market Size, 2017-2028
6.5.7 Russia Respiratory Humidification Therapy Device Market Size, 2017-2028
6.5.8 Nordic Countries Respiratory Humidification Therapy Device Market Size, 2017-2028
6.5.9 Benelux Respiratory Humidification Therapy Device Market Size, 2017-2028
6.6 Asia
6.6.1 By Region – Asia Respiratory Humidification Therapy Device Revenue, 2017-2028
6.6.2 By Region – Asia Respiratory Humidification Therapy Device Sales, 2017-2028
6.6.3 China Respiratory Humidification Therapy Device Market Size, 2017-2028
6.6.4 Japan Respiratory Humidification Therapy Device Market Size, 2017-2028
6.6.5 South Korea Respiratory Humidification Therapy Device Market Size, 2017-2028
6.6.6 Southeast Asia Respiratory Humidification Therapy Device Market Size, 2017-2028
6.6.7 India Respiratory Humidification Therapy Device Market Size, 2017-2028
6.7 South America
6.7.1 By Country – South America Respiratory Humidification Therapy Device Revenue, 2017-2028
6.7.2 By Country – South America Respiratory Humidification Therapy Device Sales, 2017-2028
6.7.3 Brazil Respiratory Humidification Therapy Device Market Size, 2017-2028
6.7.4 Argentina Respiratory Humidification Therapy Device Market Size, 2017-2028
6.8 Middle East & Africa
6.8.1 By Country – Middle East & Africa Respiratory Humidification Therapy Device Revenue, 2017-2028
6.8.2 By Country – Middle East & Africa Respiratory Humidification Therapy Device Sales, 2017-2028
6.8.3 Turkey Respiratory Humidification Therapy Device Market Size, 2017-2028
6.8.4 Israel Respiratory Humidification Therapy Device Market Size, 2017-2028
6.8.5 Saudi Arabia Respiratory Humidification Therapy Device Market Size, 2017-2028
6.8.6 UAE Respiratory Humidification Therapy Device Market Size, 2017-2028
7 Manufacturers & Brands Profiles
7.1 Inspired Medical
7.1.1 Inspired Medical Corporate Summary
7.1.2 Inspired Medical Business Overview
7.1.3 Inspired Medical Respiratory Humidification Therapy Device Major Product Offerings
7.1.4 Inspired Medical Respiratory Humidification Therapy Device Sales and Revenue in Global (2017-2022)
7.1.5 Inspired Medical Key News
7.2 Fisher & Paykel Healthcare
7.2.1 Fisher & Paykel Healthcare Corporate Summary
7.2.2 Fisher & Paykel Healthcare Business Overview
7.2.3 Fisher & Paykel Healthcare Respiratory Humidification Therapy Device Major Product Offerings
7.2.4 Fisher & Paykel Healthcare Respiratory Humidification Therapy Device Sales and Revenue in Global (2017-2022)
7.2.5 Fisher & Paykel Healthcare Key News
7.3 COMEN
7.3.1 COMEN Corporate Summary
7.3.2 COMEN Business Overview
7.3.3 COMEN Respiratory Humidification Therapy Device Major Product Offerings
7.3.4 COMEN Respiratory Humidification Therapy Device Sales and Revenue in Global (2017-2022)
7.3.5 COMEN Key News
7.4 Yuyue
7.4.1 Yuyue Corporate Summary
7.4.2 Yuyue Business Overview
7.4.3 Yuyue Respiratory Humidification Therapy Device Major Product Offerings
7.4.4 Yuyue Respiratory Humidification Therapy Device Sales and Revenue in Global (2017-2022)
7.4.5 Yuyue Key News
7.5 Owgels
7.5.1 Owgels Corporate Summary
7.5.2 Owgels Business Overview
7.5.3 Owgels Respiratory Humidification Therapy Device Major Product Offerings
7.5.4 Owgels Respiratory Humidification Therapy Device Sales and Revenue in Global (2017-2022)
7.5.5 Owgels Key News
7.6 TNI medical (Masimo)
7.6.1 TNI medical (Masimo) Corporate Summary
7.6.2 TNI medical (Masimo) Business Overview
7.6.3 TNI medical (Masimo) Respiratory Humidification Therapy Device Major Product Offerings
7.6.4 TNI medical (Masimo) Respiratory Humidification Therapy Device Sales and Revenue in Global (2017-2022)
7.6.5 TNI medical (Masimo) Key News
7.7 Micomme Medical
7.7.1 Micomme Medical Corporate Summary
7.7.2 Micomme Medical Business Overview
7.7.3 Micomme Medical Respiratory Humidification Therapy Device Major Product Offerings
7.7.4 Micomme Medical Respiratory Humidification Therapy Device Sales and Revenue in Global (2017-2022)
7.7.5 Micomme Medical Key News
7.8 RMS Medical
7.8.1 RMS Medical Corporate Summary
7.8.2 RMS Medical Business Overview
7.8.3 RMS Medical Respiratory Humidification Therapy Device Major Product Offerings
7.8.4 RMS Medical Respiratory Humidification Therapy Device Sales and Revenue in Global (2017-2022)
7.8.5 RMS Medical Key News
7.9 Talent Medical Electronics
7.9.1 Talent Medical Electronics Corporate Summary
7.9.2 Talent Medical Electronics Business Overview
7.9.3 Talent Medical Electronics Respiratory Humidification Therapy Device Major Product Offerings
7.9.4 Talent Medical Electronics Respiratory Humidification Therapy Device Sales and Revenue in Global (2017-2022)
7.9.5 Talent Medical Electronics Key News
7.10 Vapotherm
7.10.1 Vapotherm Corporate Summary
7.10.2 Vapotherm Business Overview
7.10.3 Vapotherm Respiratory Humidification Therapy Device Major Product Offerings
7.10.4 Vapotherm Respiratory Humidification Therapy Device Sales and Revenue in Global (2017-2022)
7.10.5 Vapotherm Key News
7.11 Teleflex
7.11.1 Teleflex Corporate Summary
7.11.2 Teleflex Respiratory Humidification Therapy Device Business Overview
7.11.3 Teleflex Respiratory Humidification Therapy Device Major Product Offerings
7.11.4 Teleflex Respiratory Humidification Therapy Device Sales and Revenue in Global (2017-2022)
7.11.5 Teleflex Key News
7.12 Armstrong Medical
7.12.1 Armstrong Medical Corporate Summary
7.12.2 Armstrong Medical Respiratory Humidification Therapy Device Business Overview
7.12.3 Armstrong Medical Respiratory Humidification Therapy Device Major Product Offerings
7.12.4 Armstrong Medical Respiratory Humidification Therapy Device Sales and Revenue in Global (2017-2022)
7.12.5 Armstrong Medical Key News
7.13 Hamilton Medical
7.13.1 Hamilton Medical Corporate Summary
7.13.2 Hamilton Medical Respiratory Humidification Therapy Device Business Overview
7.13.3 Hamilton Medical Respiratory Humidification Therapy Device Major Product Offerings
7.13.4 Hamilton Medical Respiratory Humidification Therapy Device Sales and Revenue in Global (2017-2022)
7.13.5 Hamilton Medical Key News
7.14 Beijing Aeonmed
7.14.1 Beijing Aeonmed Corporate Summary
7.14.2 Beijing Aeonmed Business Overview
7.14.3 Beijing Aeonmed Respiratory Humidification Therapy Device Major Product Offerings
7.14.4 Beijing Aeonmed Respiratory Humidification Therapy Device Sales and Revenue in Global (2017-2022)
7.14.5 Beijing Aeonmed Key News
7.15 Beyond Medical
7.15.1 Beyond Medical Corporate Summary
7.15.2 Beyond Medical Business Overview
7.15.3 Beyond Medical Respiratory Humidification Therapy Device Major Product Offerings
7.15.4 Beyond Medical Respiratory Humidification Therapy Device Sales and Revenue in Global (2017-2022)
7.15.5 Beyond Medical Key News
8 Global Respiratory Humidification Therapy Device Production Capacity, Analysis
8.1 Global Respiratory Humidification Therapy Device Production Capacity, 2017-2028
8.2 Respiratory Humidification Therapy Device Production Capacity of Key Manufacturers in Global Market
8.3 Global Respiratory Humidification Therapy Device Production by Region
9 Key Market Trends, Opportunity, Drivers and Restraints
9.1 Market Opportunities & Trends
9.2 Market Drivers
9.3 Market Restraints
10 Respiratory Humidification Therapy Device Supply Chain Analysis
10.1 Respiratory Humidification Therapy Device Industry Value Chain
10.2 Respiratory Humidification Therapy Device Upstream Market
10.3 Respiratory Humidification Therapy Device Downstream and Clients
10.4 Marketing Channels Analysis
10.4.1 Marketing Channels
10.4.2 Respiratory Humidification Therapy Device Distributors and Sales Agents in Global
11 Conclusion
12 Appendix
12.1 Note
12.2 Examples of Clients
12.3 Disclaimer