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
Market Size Value in US$ 18,114.31 Million in 2021 Market Size Value by US$ 32,761.82 Million by 2028 Growth rate CAGR of 8.9% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Respiratory Care Devices Market: Strategic Insights
| Market Size Value in | US$ 18,114.31 Million in 2021 |
| Market Size Value by | US$ 32,761.82 Million by 2028 |
| Growth rate | CAGR of 8.9% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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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
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%
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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