May 28, 2024
Respiratory Devices Market

Breathing Life Into Human Health: The Growing Respiratory Devices Market

The global respiratory devices market is driven by the increasing air pollution and rising prevalence of respiratory diseases. Respiratory devices such as nebulizers, inhalers, ventilators, and oxygen concentrators help patients breathe more easily by delivering medications directly to the lungs or assisting breathing. Key products include continuous positive airway pressure devices for sleep apnea, oxygen concentrators for chronic obstructive pulmonary disease, and ventilators for respiratory failure. The use of respiratory devices allows for more effective treatment of chronic respiratory conditions and acute respiratory distress.

The global respiratory devices market provides lifesaving interventions for hundreds of millions of people worldwide. As pollution levels rise and smoking continues in many parts of the world, the need for respiratory devices is growing. The market offers a diverse range of products that improve lung function, from inexpensive disposable masks to highly technical ventilators. Whether delivering medication, supplemental oxygen, or full breathing assistance, these devices play an indispensable role in respiratory healthcare.

The global Respiratory Devices Market is estimated to be valued at US$ 27304.69 Bn  in 2024 and is expected to exhibit a CAGR of 13.%  over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends

The key trends in the respiratory devices market include the increasing demand for portable and wireless devices, technological advancements towards non-invasive ventilation, and rising emphasis on therapeutic applications of respiratory care devices. Portable oxygen concentrators and nebulizers are gaining popularity due to their convenience. Non-invasive ventilation techniques are replacing invasive procedures, reducing healthcare costs and improving outcomes. Additionally, respiratory devices are helping manage chronic conditions through long-term oxygen therapy and adherence monitoring, expanding their role in therapeutic care. These trends will continue to reshape the respiratory devices industry in the coming years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the respiratory devices market requires huge capital investment to establish manufacturing facilities and gain regulatory approvals.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players in the market providing a wide range of respiratory devices to choose from.

Bargaining power of suppliers: The bargaining power of suppliers is low given the presence of many component suppliers and the fragmented nature of supply chains in the industry.

Threat of new substitutes: The threat of new substitutes is low as there are limited product substitutes for respiratory devices used for diagnostic and therapeutic purposes.

Competitive rivalry: The competitive rivalry is high among the key players such as TCS, Wipro, Cognizant, Infosys, IBM due to their focus on new product launches and strategic collaborations.

Key Takeaways

The global Respiratory Devices Market Growth is expected to witness high growth.

Regional analysis: Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. Factors such as rising medical tourism, healthcare infrastructure development and growing penetration of healthcare insurance are contributing to the rapid growth of respiratory devices market in Asia Pacific countries like India and China.

Key players: Key players operating in the Respiratory Devices Market are TCS, Wipro, Cognizant, Infosys, IBM. These companies focus on new product launches and strategic collaborations to strengthen their market positioning. For instance, in 2021, TCS partnered with IQVIA to develop digital health solutions for respiratory diseases.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it