Respiratory Care Devices Market Report

Global Respiratory Care Devices Market:

The global respiratory care devices market size reached US$ 21.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 42.4 Billion by 2032, exhibiting a growth rate (CAGR) of 7.4% during 2024-2032. The rising incidences of lung cancer and other severe respiratory conditions, along with the introduction of miniature devices, are primarily driving the market growth.

Global Respiratory Care Devices Market Analysis:

• Major Market Drivers: The surging prevalence of respiratory diseases, including chronic obstructive pulmonary disease, asthma, tuberculosis, etc., is primarily driving the market growth. Moreover, the inflating need for breathing support devices to facilitate artificial breathing among both premature newborns and the elderly is also acting as another significant growth-inducing factor.
• Key Market Trends: The growing focus of key players on healthcare settings is stimulating the respiratory care devices market share. Additionally, manufacturers are increasingly emphasizing on improving the comfort and convenience of respiratory care devices to enhance patient compliance.
• Geographical Trends: According to respiratory care devices market analysis, the development of healthcare infrastructures, and the surging healthcare expenditure capacities in numerous regions, including North America, Asia Pacific, and Europe, are proliferating the demand for respiratory care devices. The ageing population and favorable reimbursement policies across European regions are further creating a positive outlook for the overall market.
• Competitive Landscape: Some of the major market players in the respiratory care devices industry include Philips Healthcare, ResMed, Chart Industries Inc., Hamilton Medical, Medtronic, Masimo, Drägerwerk, Invacare Corporation, Allied Healthcare Products Inc, 3B Medical Inc., Air Liquide, Fisher & Paykel Healthcare, GE Healthcare, Vyaire Medical Inc., and Rotech Healthcare Inc., among many others.
• Challenges and Opportunities: The surging regulatory compliances, cost of manufacturing, technological complexity, and market competition are some of the major challenges negatively impacting the market growth. However, advances in technology, such as portable and wearable respiratory devices, are creating new opportunities for the global market. These devices offer greater convenience and flexibility for patients.
   

Global Respiratory Care Devices Market Trends:

Growing Prevalence of Respiratory Diseases

Respiratory diseases, such as chronic obstructive pulmonary disease (COPD), asthma, sleep apnea, etc., are significant global health issues that affect individuals worldwide. The increasing prevalence of these diseases, the expanding aging population, the elevating air pollution levels, and lifestyle changes are driving the demand for respiratory care devices. According to the National Center for Health Statistics, in 2022, there were nearly 4.6% of adults who have been diagnosed with chronic obstructive pulmonary disease (COPD), emphysema, or chronic bronchitis in the United States. Moreover, according to the report published by WHO in 2023, the number of people affected by asthma reached 262 million and caused 45,5000 deaths. Respiratory care devices play a crucial role in the management and treatment of respiratory diseases. These devices help improve lung function, relieve symptoms, and enhance the quality of life for patients with respiratory conditions. Apart from this, the rising adoption of unhealthy lifestyles, coupled with the consumption of alcohol and the growing number of chain smokers, are expected to inflate the need for respiratory care devices in the coming years.

Increasing Government Initiatives

Government bodies around the world are taking steps to address the rising incidences of respiratory diseases and improve access to respiratory care. Moreover, the launch of policies aimed to improve the prevention, diagnosis, and treatment of respiratory diseases by regulatory bodies of various countries is also adding to the respiratory market demand. For instance, the Centers for Disease Control and Prevention (CDC) have developed the Hospital Respiratory Protection Program Toolkit to help healthcare facilities in implementing respiratory protection programs. The toolkit provides guidance on how to establish and maintain a comprehensive respiratory protection program for protecting healthcare workers from tuberculosis and influenza. Government bodies are further launching smoking cessation programs, vaccination campaigns, and pollution control measures to reduce the incidence of respiratory diseases.

Rising Geriatric Population

The geriatric population is more likely to develop respiratory conditions, such as chronic obstructive pulmonary disease (COPD), pneumonia, and sleep apnea. For instance, according to the World Health Organization (WHO), one in sixty people in the world will be aged 60 years or above by 2030. The old age population across the world will be increased by 2050. The aging process can also weaken the respiratory muscles and reduce lung function, making elderly individuals more susceptible to respiratory issues. Respiratory care devices, such as oxygen therapy devices, nebulizers, and CPAP machines, are commonly used to treat respiratory conditions among the elderly population. Moreover, manufacturers are developing innovative devices to meet the specific needs of elderly patients, such as portable and easy-to-use devices that can be used at home. For instance, Xplore Health Technologies introduced Airofit Pro, a revolutionary respiratory muscle training (RMT) device, in November 2022.

Global Respiratory Care Devices Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional levels for 2024-2032. Our report has categorized the market based on product, indication, and end-user.

Breakup by Product:

• Therapeutic Devices
  • Positive Airway Pressure (PAP) Devices
  • Ventilators
  • Nebulizers
  • Humidifiers
  • Inhalers
  • Others
• Monitoring Devices
  • Pulse Oximeters
  • Gas Analyzers
  • Others
• Diagnostic Devices
  • Spirometers
  • Polysomnography Devices
  • Peak Flow Meters
  • Others
• Consumables and Accessories
  • Masks
  • Disposable Resuscitators
  • Breathing Circuits
  • Tracheostomy Tubes
  • Nasal Cannulas
  • Others
     

The report has provided a detailed breakup and analysis of the market based on the product. This includes therapeutic devices (positive airway pressure (PAP) devices, ventilators, nebulizers, humidifiers, inhalers and others), monitoring devices (pulse oximeters, gas analyzers and others), diagnostic devices (spirometers, polysomnography devices, peak flow meters, and others), and consumables and accessories (masks, disposable resuscitators, breathing circuits, tracheostomy tubes, nasal cannulas and others).

 In respiratory care devices, the demand for therapeutic, monitoring devices, and diagnostic devices is increasing, as they aid in ensuring a smooth respiration process by providing an adequate amount of oxygen to the lungs and preventing any blockage in the process. Consumables and accessories, including masks and tubing, are adopted with oxygen therapy devices, CPAP machines, and nebulizers to deliver oxygen or medication to the patient.

Breakup by Indication:

•  Chronic Obstructive Pulmonary Disease (COPD)
•  Asthma
•  Sleep Apnea
•  Infectious Disease
•  Others
   

The report has provided a detailed breakup and analysis of the market based on the indication. This includes chronic obstructive pulmonary disease (COPD), asthma, sleep apnea, infectious disease, and others.

COPD is a chronic inflammatory lung disease that causes obstructed airflow from the lungs. While asthma refers to a chronic condition characterized by inflammation and narrowing of the airways, leading to wheezing, coughing, chest tightness, and shortness of breath. It is often triggered by allergens, irritants, or respiratory infections. Besides this, sleep apnea is a sleep disorder characterized by pauses in breathing or shallow breathing during sleep. All these diseases are augmenting the need for respiratory care devices market.

Breakup by End-User:

• Hospitals
• Home Care Settings
• Ambulatory Care Centers
• Others
   

The report has provided a detailed breakup and analysis of the market based on the end-user. This includes hospitals, home care settings, ambulatory care centers, and others.

The respiratory care devices market demand is experiencing a significant growth in hospitals, homecare settings, ambulatory care centers, etc. As the serious respiratory conditions require both in-patient and outpatient settings. Apart from this, home care settings are also gaining extensive traction, as more patients prefer to receive care at home rather than in hospitals.

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.

According to the respiratory care devices market outlook, the demand for the devices is experiencing a significant increase in North America, Europe, and Asia Pacific, owing to various factors, including the high prevalence of chronic illnesses, the ageing population, the development of healthcare infrastructures, and government initiatives. The rising R&D activities in North America are also acting as the prominent growth inducing factors. For instance, according to the National Health Expenditure Account (NHEA), healthcare spending in the United States increased significantly by 4.1% in 2022 and reached US$ 4.5 Trillion.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Philips Healthcare
• ResMed,
• Chart Industries Inc.
• Hamilton Medical
• Medtronic
• Masimo
• Drägerwerk
• Invacare Corporation
•  Allied Healthcare Products Inc
• 3B Medical Inc.
• Air Liquide
• Fisher & Paykel Healthcare
• GE Healthcare
• Vyaire Medical Inc.
• Rotech Healthcare Inc.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Global Respiratory Care Devices Market News:

• April 2024: OMRON Healthcare, Co., Ltd. announced the acquisition of Luscii Healthtech, a fast-growing scale-up in the field of digital health and remote consultation service platforms.
• August 2023: 3B Scientific, a key producer and marketer in medical simulation products and anatomical models, for healthcare education acquired iNNOGING Medical.

Respiratory Care Devices Market Report Scope: 

Key Questions Answered in This Report:

• How has the global respiratory care devices market performed so far and how will it perform in the coming years?
• What are the key regional markets in the global respiratory care devices industry?
• What has been the impact of COVID-19 on the global respiratory care devices industry?
• What is the breakup of the market based on the product?
• What is the breakup of the market based on the indication?
• What is the breakup of the market based on the end-user?
• What are the various stages in the value chain of the global respiratory care devices industry?
• What are the key driving factors and challenges in the global respiratory care devices industry?
• What is the structure of the global respiratory care devices industry and who are the key players?
• What is the degree of competition in the global respiratory care devices industry?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the respiratory care devices market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global respiratory care devices market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the respiratory care devices industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.