PUBLISHER: Allied Market Research | PRODUCT CODE: 1566763
PUBLISHER: Allied Market Research | PRODUCT CODE: 1566763
The respiratory care devices market was valued at $22.9 billion in 2023, and is projected to reach $47.9 billion by 2033, growing at a CAGR of 7.6% from 2024 to 2033.
Respiratory care device is a medical device that supports breathing by delivering controlled amounts of oxygen to patients who cannot breathe adequately on their own. These devices are crucial in the treatment and management of various respiratory conditions, such as chronic obstructive pulmonary disease (COPD), asthma, sleep apnea, and respiratory infections. They play a vital role in both acute and chronic respiratory care and improving patients' quality of life.
The growth of the global respiratory care devices market is majorly driven by alarming rise in prevalence of respiratory diseases and need for cutting-edge respiratory care devices. Increase in air pollution, sedentary lifestyles, smoking & tobacco use, and lack of physical activity have led to increase in cases of respiratory diseases. According to a study published by the World Health Organization in March 2023, chronic obstructive pulmonary disease (COPD) was registered to be the third leading cause of death worldwide in 2019, causing 3.23 million deaths. Tobacco smoking accounts for over 70% of COPD cases in high-income countries. Moreover, surge in geriatric population significantly contributes toward the growth of the global market. This is attributed to the fact that aging is associated with multiple structural changes in the respiratory system, resulting in increased susceptibility to respiratory diseases. As per the World Health Organization, the number of people aged 60 years and older was 1 billion in 2019. This number is estimated to increase to 1.4 billion by 2030 and 2.1 billion by 2050. With increasing aged population, the incidence of respiratory conditions is expected to rise significantly. Furthermore, increase in trend toward home-based respiratory care allows patients to manage chronic conditions comfortably at home, reducing the need for hospital visits. Integration of smart technology in respiratory care devices, such as Bluetooth connectivity, remote monitoring, and data analytics, further allows for better management and tracking of respiratory health. However, high cost associated with these devices hampers the market growth. Acquiring and deploying
these devices further incur additional expenses, which deter the growth of the market. Moreover, lack of appropriate health facilities to meet population needs in most countries and limited access restrain the market growth. On the contrary, increase in government initiatives to provide access to cutting-edge respiratory care services is expected to offer remunerative opportunities for the expansion of the market during the forecast period. In addition, manufacturers are integrating diagnostic features such as built-in pulse oximetry and spirometry in respiratory care devices that will enable comprehensive respiratory monitoring, which is expected to open new avenues for the growth of the market during the forecast period.
The global respiratory care devices market is segmented into product, end user, and region. On the basis of product, the market is fragmented into therapeutic devices, monitoring devices, diagnostic devices, and consumables & accessories. Depending on end user, it is segregated into hospitals and home care. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Competition Analysis
Competitive analysis and profiles of the major players in the global respiratory care devices market include Masimo, Fisher & Paykel Healthcare Limited., Koninklijke Philips N.V., Dragerwerk AG & Co. KGaA, Becton, Dickinson and Company, Medtronic, ResMed, Hamilton Medical, Chart Industries, and Invacare Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
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◦ Continuous Positive Airway Pressure (CPAP) Devices
◦ Bilevel PAP (BPAP) devices
◦ Automatic positive airway pressure (APAP) devices
◦ Nasal masks
◦ Full-face masks
◦ Nasal pillow masks
◦ Oral masks
◦ Adult ventilator
◦ Infant/neonatal ventilator
◦ Fixed oxygen concentrators
◦ Portable oxygen concentrators
◦ Pediatric pulse oximeters
◦ Wrist-worn pulse oximeters
◦ Hand-held pulse oximeters
◦ Fingertip pulse oximeters
◦ Table-top/bedside pulse oximeters