Respiratory Care Devices Market Strategies & Forecast by 2031
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.
Respiratory Care Devices Market Analysis
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 Overview
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.
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Respiratory Care Devices Market: Strategic Insights
Respiratory Care Devices Market
-
CAGR (2023 - 2031)
9.3%
-
Market Size 2023
US$ 21.31 Billion
-
Market Size 2031
US$ 43.26 Billion
Market Dynamics
GROWTH DRIVERS
- The rising prevalence of chronic respiratory disorders create huge demand for respiratory care devices
FUTURE TRENDS
- Increasing product launches and approvals along with growing R&D investments in respiratory care devices favor market growth
OPPORTUNITIES
- Technological Advancement in Respiratory Care Devices Create Lucrative Opportunities
Key Players
- 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
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Product
- Therapeutic Devices
- Monitoring Devices
- Diagnostics Devices
- Consumables & Accessories
Indication
- Chronic Obstructive Pulmonary Disease
- Sleep Apnea
- Asthma
- Infectious Diseases
End User
- Hospitals
- Home Care
- Ambulatory Care
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Respiratory Care Devices Market: Strategic Insights
-
CAGR (2023 - 2031)9.3% -
Market Size 2023
US$ 21.31 Billion -
Market Size 2031
US$ 43.26 Billion
Market Dynamics
- The rising prevalence of chronic respiratory disorders create huge demand for respiratory care devices
- Increasing product launches and approvals along with growing R&D investments in respiratory care devices favor market growth
- Technological Advancement in Respiratory Care Devices Create Lucrative Opportunities
Key Players
- 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
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Therapeutic Devices
- Monitoring Devices
- Diagnostics Devices
- Consumables & Accessories
- Chronic Obstructive Pulmonary Disease
- Sleep Apnea
- Asthma
- Infectious Diseases
- Hospitals
- Home Care
- Ambulatory Care
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Respiratory Care Devices Market Drivers and Opportunities
Increasing Prevalence of Infectious Respiratory Diseases to Favor Market
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 Advancement in Respiratory Care Devices Create Lucrative Opportunities
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:
- Smart inhaler capable of providing feedback and support: Pharmaceutical companies can collaborate or partner with innovative start-ups which offer real-time feedback on the inhaler technique and use acoustic technology for drug delivery to the patients.
- Innovative and durable oxygen concentrators: Health technology companies and innovators can partner to explore opportunities to produce improved, stable, and easy-to-operate oxygen concentrators for hospital and home purposes.
Respiratory Care Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Respiratory care devices market analysis are product, indication, and end user.
- Based on product, the Respiratory care devices market is segmented into therapeutic devices, monitoring devices, diagnostics devices, and consumables and accessories. Therapeutic devices are further segmented into positive Airway Pressure (PAP) Devices, Oxygen Concentrators, Ventilators, Inhalers, Nebulizers, Humidifiers, and Others. The therapeutic devices segment held the largest market share in 2023.
- By indication, the market is segmented into neurogenerative chronic obstructive pulmonary disease (COPD), sleep apnea, asthma, infectious diseases, and others. The chronic obstructive pulmonary disease (COPD)segment held the largest share of the market in 2023.
- In terms of end user, the market is classified into hospitals, home care, and ambulatory care.. The hospitals segment held a significant share of the market in 2023.
Respiratory Care Devices Market Share Analysis by Geography
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.
Respiratory Care Devices Market Report Scope
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 |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Respiratory Care Devices Market News and Recent Developments
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:
- ResMed launched its AirCurve 11 series bilevel positive airway pressure devices in the U.S. It uses inspiratory positive airway pressure (IPAP) and expiratory positive airway pressure (EPAP). Combined with digital technology, AirCurve 11 was designed to help providers treat sleep apnea while patients start and stay on therapy. (Source: ResMed, Newsletter, February 2024)
- Getinge launched its Servo-c mechanical ventilator in India. The Servo-c is designed to address patients’ respiratory needs, offering lung-protective therapeutic tools. Through this launch, the company wants to make healthcare solutions accessible and affordable to hospitals in India. (Source: Getinge, Newsletter, February 2024)
- Inspira Technologies OXY B.H.N Ltd. launched a single-use disposable blood oxygenation kit for its INSPIRA ART medical device series. The Kit is also intended to be compatible with various other life support machines, tapping into the disposable perfusion systems market. (Source: Inspira Technologies, Press Release, January 2024)
Respiratory Care Devices Market Report Coverage and Deliverables
The “Respiratory Care Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Respiratory care devices market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Respiratory care devices market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Respiratory care devices market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Respiratory care devices market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Indication, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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%