by The 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.
Market Overview:
Respiratory devices are used in the treatment and management of respiratory disorders such as chronic obstructive pulmonary disease (COPD), asthma, and sleep apnea. The major product types in the market include therapeutic devices, diagnostic devices, and monitoring devices. Therapeutic devices include devices for oxygen therapy such as oxygen concentrators, oxygen cylinders, and liquid oxygen devices. Diagnostic devices include spirometers, peak flow meters, and polysomnography devices. Monitoring devices mainly consist of pulse oximeters that measure blood oxygen saturation levels.
Market Dynamics:
The rising global burden of respiratory diseases such as COPD and asthma is a major driver of the respiratory devices market growth. As per the World Health Organization (WHO), COPD is currently the third leading cause of death globally. Around 65 million people suffer from moderate to severe COPD worldwide. Moreover, according to the National Institutes of Health, asthma affects around 358 million people globally. The increasing adoption of home healthcare practices for respiratory disorders is expected to boost the demand for home-use respiratory devices such as oxygen concentrators over the forecast period. Additionally, technological advancements in respiratory devices featuring improved portability, connectivity, and user-friendliness are also projected to support the market expansion through 2030.
Segment Analysis
The global respiratory devices market is dominated by therapeutic devices segment which holds over 50% share of the total market. Therapeutic devices help in treating respiratory diseases by supplying oxygen, humidifying inhaled air and helping exhale carbon dioxide. The therapeutic devices sub-segment of oxygen concentrators is dominating as it provides a convenient, portable and effective way to deliver oxygen therapy for conditions like chronic obstructive pulmonary disease (COPD).
PEST Analysis
Political: Governments across major markets have implemented favorable regulatory policies to approve new respiratory devices quickly and promote respiratory health awareness. Economic: Rising air pollution levels and growing prevalence of respiratory diseases have been driving healthcare spending on respiratory devices.
Social: Growing health consciousness and increasing adoption of portable home healthcare devices have boosted demand.
Technological: Adoption of innovations like Bluetooth integration, humidification control and oxygen sensors in devices is enhancing effectiveness of treatment.
Key Takeaways
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 such as COPD and asthma.
Regional analysis- The Asia Pacific region is expected to witness fastest growth in the respiratory devices market during the forecast period, owing to rising pollution levels, growing medical tourism, and increasing healthcare expenditure in developing countries such as China and India.
The North American region dominates the respiratory devices market, owing to the large patient population seeking respiratory support, high healthcare expenditure and availability of advanced devices in the region.
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. Therapeutic devices manufacturers dominate the market and Koninklijke Philips N.V. leads the oxygen concentrators segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
