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 for diagnostic and therapeutic purposes in treatment of respiratory diseases. The key product types includes ventilators, imaging devices, monitoring devices, diagnostic devices, and consumables & accessories. Ventilators are majorly used in critical care units for patients suffering from chronic obstructive pulmonary disease (COPD) and asthma. Monitoring devices helps in monitoring heart rate, oxygen saturation levels. Diagnostic devices such as spirometers are used to diagnose respiratory disorders.
Market Dynamics:
The growth of the market is majorly driven by increasing prevalence of respiratory diseases such as COPD, asthma, and sleep apnea. According to World Health Organization (WHO), approximately 235 million people suffer from asthma while over 329 million people suffer from COPD across the globe. Further, growing geriatric population prone to respiratory issues also contributes to market growth. For instance, according to Population Reference Bureau, number of Americans aged 65 and above is projected to reach 95 million by 2060 from 52 million in 2018. Moreover, technological advancements leading to development of portable devices with high sensitivity and accuracy further stimulates the demand for respiratory devices. However, high cost associated with therapeutic and critical care devices hampers the market growth.
Segment Analysis
The respiratory devices market is dominanted by therapeutic and monitoring devices segment. Within this segment, positive airway pressure (PAP) devices sub-segment accounts for the largest share due to increasing prevalence of sleep apnea. PAP devices help increase air pressure in the throat so the airways do not collapse during inhaling.
PEST Analysis
Political: Regulations regarding the usage and manufacturing of respiratory devices are becoming more stringent to ensure safety, efficacy and quality of the products.
Economic: Rising healthcare expenditure along with growing disposable incomes in developing nations is fueling the market growth.
Social: Increasing environmental pollution and aging population suffering from respiratory disorders is driving the demand for respiratory devices.
Technological: Continuous innovation and development of portable, user-friendly respiratory devices integrated with advanced technologies like sensors and connectivity solutions is boosting adoption.
Key Takeaways
The global Respiratory Devices Market Share is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing pollution and growing geriatric population worldwide. Regionally, North America dominates the market currently owing to developed healthcare infrastructure and widespread medical reimbursement policies in the US and Canada for respiratory conditions.
The North America respiratory devices market is projected to reach $15,586.98 Mn by 2030, growing at 7.6% CAGR. Rising prevalence of chronic respiratory diseases such as COPD and asthma is driving the North American market.
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. Leading players are focusing on new product launches, acquisitions and geographical expansion to expand their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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