Pulmonary Devices Market Size and Growth 2031

The pulmonary devices market size was estimated to be US$ 21.6 billion in 2021 and US$ XX billion in 2023 and is expected to reach US$ 40.6 billion by 2031; it is estimated to record a CAGR of 7.6% in 2023–2031. The rising cases of respiratory disorders and strategic initiatives by companies are driving factors. Increasing preference for home care products will likely remain key to pulmonary devices market trends.  

Pulmonary Devices Market Analysis

Lung diseases are among the most common medical conditions across the world. Worldwide millions suffer from various types of respiratory diseases and the most common factors responsible for the same are smoking, genetic factors, and infections. Medical conditions such as asthma and chronic obstructive pulmonary disease (COPD), chronic bronchitis, cystic fibrosis, and lung cancer are among the significant public health burdens. As per the World Health Organization (WHO), worldwide, COPD is the seventh leading cause of poor health. Therefore, manufacturers in the pulmonary devices market are ramping up their focus on adopting various strategies, such as product innovation, product launches, and approvals, to maintain a competitive environment in the market. For instance, in India, Lupin Limited launched Vilfuro-G, a fixed-dose triple combination drug for managing chronic obstructive pulmonary disease (COPD).

Pulmonary Devices Market Overview

Asia Pacific is the fastest-growing market for Pulmonary Devices. The growth is mainly urged by the higher prevalence of respiratory and heart diseases seeking inpatient care and growing research activities. China is among the most populated countries in the world, and it is a country that has a maximum number of patients living with respiratory and cardiac-associated disorders.

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Pulmonary Devices Market: Strategic Insights

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Pulmonary Devices Market Drivers and Opportunities

Rising Cases of Respiratory Disorders

The prevalence of asthma, cystic fibrosis, chronic obstructive pulmonary disease (COPD), and other respiratory diseases is increasing across the globe. For example, Asthma contributes to 1% of all deaths in most countries worldwide. In addition, one of the major causes of respiratory diseases such as COPD and asthma is the rise in air pollution.

Increasing Product Development Activities – An Opportunity 

The growing number of product approvals and developments will strengthen the demand for pulmonary devices in the coming years. For instance, Medical device start-up Circadia Health received FDA approval in June 2020 for an AI-powered Circadia C100 device. This device is placed at the bedside and allows for continuous, remote, medical-grade monitoring of their breathing. Furthermore, in February 2024, Pulmonx initiates the CONVERT II study of the AeriSeal System in COPD patients.

The adoption of pulmonary devices has increased significantly across various North American, European, and Asian countries.

Pulmonary Devices Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Pulmonary Devices market analysis are type, application,  and end user.

• Based on the type, the pulmonary devices market is segmented into consumables and accessories, therapeutic devices, diagnostic devices, and monitoring devices. In 2023, the therapeutic devices segment held the largest share of the market. However, the consumables and accessories segment is expected to grow at the fastest rate during the forecast period.
• Based on application, the pulmonary devices market is segmented into asthma, COPD, sleep apnea, infectious disease, and others. The COPD segment held the highest share of the pulmonary devices market in 2023. Moreover, the same segment is anticipated to witness growth at a significant rate during the forecast period.
• Based on end user, the pulmonary devices market is segmented into hospitals, home care settings and ambulatory care centers. In 2023, the hospitals segment held the largest share of the market. However, the home care settings segment is expected to grow at the fastest rate during the forecast period.

Pulmonary Devices Market Share Analysis by Geography

The geographic scope of the pulmonary devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.  

The North America pulmonary devices market is segmented into the US, Canada, and Mexico. The US held the largest share of the North American pulmonary devices market in 2023. The projected growth of the pulmonary devices market in North America is attributed to factors such as the presence of leading market players and their product developments, the growing geriatric population, and the rising prevalence of pulmonary diseases and infections. For instance, UK-based ChestPal company launched its new digital stethoscope, ChestPal Pro, for healthcare practitioners in the US. This device offers automatic detection and classification of crackles and wheezes, designed to aid clinicians in making accurate and swift diagnoses, potentially reducing emergency room visits for respiratory conditions.

Pulmonary Devices Market Regional Insights

The regional trends and factors influencing the Pulmonary Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Pulmonary Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Pulmonary Devices Market Report Scope

Pulmonary Devices Market Players Density: Understanding Its Impact on Business Dynamics

The Pulmonary 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 Pulmonary Devices Market are:

1. Koninklijke Philips N.V.
2. Caire Inc. (Chart Industries)
3. Inogen Inc.
4. Invacare Corporation
5. O2 Concepts
6. Nidek Medical Types, Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

Pulmonary Devices Market News and Recent Developments

The pulmonary devices market is evaluated by gathering qualitative and quantitative data from primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for pulmonary devices:

• Vitalograph, respiratory diagnostic devices developer, launched its VitaloPFT Pulmonary Function Testing Series, which is aimed at use in secondary care. This new series provides advanced respiratory diagnostic solutions to primary and secondary care units that demand complex pulmonary function testing. (Source: Serum Institute of India (Vitalograph/Press Release, March 2023)
• Xplore Health Technologies launched a first-of-its-kind respiratory muscle training (RMT) device, Airofit Pro. The product comes in collaboration with Airofit, Denmark. It is the world’s first personal data-driven smart respiratory training system priced at Rs 34,990. The device can train inspiratory and expiratory muscles, another unique feature. (Source: Reveal Lasers, Press Release, October 2023)

Pulmonary Devices Market Report Coverage and Deliverables

The “Pulmonary Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles