PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1525257
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1525257
Global respiratory filters market was valued at approximately USD 561.58 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5.5% over the forecast period from 2024 to 2032. Respiratory filters are essential devices designed to remove contaminants from the air, ensuring that the air inhaled is clean and safe. They play a critical role in various applications to protect against harmful particles, gases, and vapors. These filters are key components in respirators, masks, and ventilation systems, and their primary applications include industrial settings, healthcare, and everyday items like air purifiers and HVAC systems.
The increasing prevalence of respiratory diseases, such as asthma and chronic obstructive pulmonary disease (COPD), coupled with the rising global geriatric population, are major factors driving the market's growth. Elderly individuals often experience compromised lung function and are more susceptible to respiratory infections, driving the demand for respiratory care, including ventilators and oxygen therapy. Respiratory filters are crucial in preventing the inhalation of airborne contaminants and pathogens, thereby reducing the risk of respiratory infections and complications among the elderly. The market is also driven by the growing launch of new-generation products, creating potential growth opportunities. Companies operating in the market are undertaking various strategic initiatives to enhance their market presence. Additionally, factors such as lack of physical activity, obesity, overconsumption of tobacco and alcohol, and unhealthy eating habits are likely to increase the incidence of respiratory disorders, contributing to market growth over the forecast period.
The global use of respiratory filters is anticipated to substantially increase due to the rising geriatric population over the forecast period. Elderly individuals are more susceptible to respiratory diseases like COPD and sleep apnea. Furthermore, the growing geriatric population in Asian countries is expected to drive market growth. The increasing initiatives by government and private organizations, such as the COPD Foundation, that encourage awareness regarding respiratory illnesses and available treatments, are creating significant potential opportunities in the market.
North America dominated the global market, holding the largest revenue share of 37.2% in 2022. The market growth in this region can be attributed to the availability of the latest technologies and product launches. Some of the market leaders in North America include GE Healthcare, CAIRE, Inc., Koninklijke Philips N.V., and Medtronic. The increasing prevalence of respiratory disorders is expected to further boost market growth. For instance, according to the CDC, the incidence of Tuberculosis (TB) among Americans increased from 0.71 in 2020 to 0.79 in 2021, while it grew from 11.71 in 2020 to 12.16 in 2021 among non-Americans. The growing number of patients with TB further boosts the demand for respiratory care devices, such as respiratory filters, driving market growth. Moreover, Asia Pacific is expected to witness the fastest CAGR of 6.2% over the forecast period. The region's high prevalence of respiratory diseases, increasing applications in home care settings, continuation of demographic and economic trends, and technological advancements are major factors contributing to regional market growth. Additionally, major market players are adopting strategic initiatives, such as collaborations, acquisitions, and new product launches, to strengthen their market position.