The global respiratory devices market is estimated to be valued at US$ 23701.98 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Respiratory devices include equipment such as therapeutic devices, monitoring devices, diagnostic devices and consumables & accessories used to treat respiratory diseases. They help in monitoring of respiratory disorders, treatment of asthma, COPD and acute respiratory distress syndrome (ARDS).
Market key trends:
One of the key trends in the respiratory devices market is the increasing prevalence of chronic respiratory diseases such as asthma and COPD. As per the Centers for Disease Control and Prevention (CDC), in 2020, around 25 million Americans were diagnosed with asthma alone. Moreover, according to the estimates of World Health Organization (WHO), around 65 million people suffer from moderate to severe COPD globally. Growing geriatric population who are more prone to such diseases is also fueling the demand for respiratory devices. Furthermore, technological advancements in devices such as introduction of portable and wireless devices for home healthcare and point-of-care settings is driving their adoption.
Strength: The respiratory devices market has strong growth opportunities due to the rising prevalence of chronic respiratory diseases and technological advancements in respiratory care devices.
Weakness: High costs associated with advanced respiratory care devices limit their adoption in developing regions.
Opportunity: Growth opportunities exist in untapped emerging markets and the development of affordable home-use respiratory devices.
Threats: Stringent regulatory approval processes and reimbursement policies pose threats to market growth. Competition from alternative treatment options also threatens market expansion.
The global Respiratory Devices Market Size is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing prevalence of respiratory diseases. Chronic obstructive pulmonary disease (COPD) accounted for over 3.23 million deaths in 2019, according to WHO. Growing geriatric population also drives the demand for respiratory devices.
Regional analysis: North America dominated the respiratory devices market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to the high healthcare expenditure and rising prevalence of respiratory diseases in the region. However, Asia Pacific is expected to exhibit the fastest growth through 2030 driven by growing medical tourism, favorable government initiatives, and expanding healthcare infrastructure in major countries.
Key players operating in the respiratory devices market are Masimo, Teleflex Incorporated, Fisher & Paykel Healthcare Limited, ResMed, Hamilton Medical, Medtronic, Koninklijke Philips N.V., ICU Medical, Inc., General Electric Company, Dragerwerk AG & Co. KGaA, Inogen, Inc., TytoCare Ltd., Belluscura, Mitocon Biomed, VYAIRE, Medline Industries, Inc., OMRON Corporation, TNI medical AG, and Xplore Health Technologies Pvt. Ltd. Major players are focusing on new product launches, partnerships, and expansion in developing regions to gain competitive advantage.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it