The Respiratory care devices market size is projected to reach US$ 43.26 billion by 2031 from US$ 21.31 billion in 2023. The market is expected to register a CAGR of 9.3% during 2023–2031. Growing adoption of mobile/digital respiratory care devices and paradigm shift towards value-based technology solutions are likely to remain key trends in the market.
The rising prevalence of respiratory diosrders such as COPD, asthma, influenza, and others and increasing number of product launches and approvals along with suring R&D investments in respiratory care devices are the major factors driving the respiratory care devices market growth. Additionally, growing demand for hocare therapeutic devices and technological advancement in respirarory care devices are expected to create lucrative opportunities for the market growth. Moreover, growing adoption of mobile/digital respiratory care devices and paradigm shift towards value-based technology solutions are the trending factors contributing to the market growth.
Respiratory care devices market is driven by the rising prevalence of respiratory diosrders such as COPD, asthma, influenza, and others and increasing number of product launches and approvals along with suring R&D investments in respiratory care devices. Additionally, growing demand for hocare therapeutic devices and technological advancement in respirarory care devices are expected to create lucrative opportunities for the market growth. North America dominated the respiratory care devices market and the US leading the North America market. During the COVID-19 pandemic, the US Food and Drug Administration (FDA) undertook significant actions to increase the availability of respiratory equipment, including ventilators, pulse oximeter, oxygen concentrator and other devices and accessories. However, Asia Pacific is anticipated to register the significant growth rate owing to the growing investments from international players in China and India, improving government support in countries, surge in the geriatric population, growing pollution levels, and advancing healthcare infrastructure. Therefore, the region holds huge potential for the respiratory care devices market players to grow during the forecast period.
Infectious respiratory diseases are creating a rising burden on the healthcare system worldwide. Infectious respiratory disease can be induced due to several factors associated with immune deficiency. Most infectious respiratory diseases are spread from person to person through mucus and saliva and are caused by microorganisms that can infect the respiratory system. The severity of contagious respiratory diseases ranges from mild to severe. Infectious respiratory diseases consist of an exhaustive list of diseases, such as tuberculosis (TB), COVID-19, influenza, diphtheria, measles, pneumonia, pertussis, respiratory syncytial virus (RSV), etc. In recent years, the COVID-19 recorded the highest mortality rate globally. Among the above-mentioned infectious respiratory diseases, TB was on the top of the list for high prevalence before the COVID-19 pandemic. For instance, According to the World Health Organization (WHO), TB is the 13th leading cause of death and the 2nd leading infectious disease after COVID-19. In October 2021, the WHO stated that in 2022, approximately 10.6 million people were infected with TB worldwide, including 5.8 million men, 3.5 million women, and 1.3 million children.
Technological advancements make it easier for specialists to diagnose and patients to administer self-care. For instance, inhalers dispense nearly 90% of the medications prescribed for respiratory illness. Smart inhalers are the newest tool to help respiratory disease patients get their drugs and relay vital information back to doctors. Smart inhalers are embedded with AI technology to collect data and monitor a patient's condition. Technology is being tested to alert users to potential environmental triggers and a reminder to take their medication on time. Clinicians and doctors can use the data collected by these smart inhalers to understand each patient's needs better. Also, market participants can focus on the following trends to tap into these growth opportunities:
Key segments that contributed to the derivation of the Respiratory care devices market analysis are product, indication, and end user.
The geographic scope of the Respiratory care devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market owing to the rapid spread of COVID-19, rising prevalence of chronic obstructive pulmonary diseases (COPD) and asthma, increasing elderly population, and growing research & development of respiratory care devices are a few of the major factors responsible for boosting the market growth. In Canada and Mexico, the market is likely to experience growth opportunities due to growing respiratory disorder cases and the continuous launch of various respiratory care devices by leading organizations. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
The regional trends and factors influencing the Respiratory Care Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Respiratory Care Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 21.31 Billion |
| Market Size by 2031 | US$ 43.26 Billion |
| Global CAGR (2023 - 2031) | 9.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Respiratory Care Devices Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Respiratory Care Devices Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Respiratory care devices market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Respiratory care devices market are listed below:
The “Respiratory Care Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America region dominated the Respiratory care devices market in 2023
The rising prevalence of respiratory diosrders such as COPD, asthma, influenza, and others and increasing number of product launches and approvals along with suring R&D investments in respiratory care devices the driving factors impacting the Respiratory care devices market
Growing adoption of mobile/digital respiratory care devices and paradigm shift towards value-based technology solutions are the future trends of the Respiratory care devices market
The leading players operating in the Respiratory care devices market includes Koninklijke Philips N.V., ResMed Inc, Medtronic, Masimo, THERMO FISHER SCIENTIFIC INC., Dragerwerk AG & Co. KGaA, Invacare Corporation, Getinge AB., Nihon Kohden Corporation, Air Liquide, Teleflex Incorporated among others
The estimated value of the Respiratory care devices market by 2031 is US$ 43.26 Bn
The expected CAGR of the Respiratory care devices market is 9.3%