Respiratory Care Device Market by Product (Therapeutic Devices, Diagnostic Devices, Monitoring Devices, and Consumables & Accessories), Application (Chronic Obstructive Pulmonary Disease (COPD), Asthma, Sleep Apnea, Emphysema, and Infectious Diseases), End User (Hospitals, Home Care Settings, and Ambulatory Care Centers) – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global respiratory care device market was pegged at ~US$ 17.6 billion in2020. The market is expected to witness a CAGR of ~9.8% from 2021 to 2031.
Factors such as the incessant launch of technologically advanced respiratory care devices and the growing aging population coupled with the rising prevalence of respiratory diseases are driving the growth of the respiratory care device market. However, an unfavorable reimbursement scenario is likely to hinder the market growth to a certain extent.
For decades, chronic respiratory diseases have been among the top causes of morbidity worldwide. Studies have revealed that the incidence of chronic respiratory diseases is higher among the elderly population. Therefore, the rising geriatric population which is more prone to these infections is, in turn, impelling the market growth. According to WHO, by 2050, the world’s population aged 60 years and older is expected to total 2 billion, up from 900 million in 2015.
Rapid urbanization, industrialization, and traffic congestion have led to the deterioration of the environment. Such factors have adversely impacted the health of the population. Moreover, the rising number of people smoking cigarettes also has particularly led to an increasing number of respiratory diseases. Smoking is also being said as the leading cause of preventable death. According to the Centers for Disease Control and Prevention, tobacco use causes more than 7 million deaths per year globally. Thus, the high prevalence of tobacco and cigarette smoking population is driving the growth of the respiratory care device market.
Technological advancements have made the diagnosis and monitoring of diseases quite easier. Players in the respiratory care device market have increased emphasis on launching advanced products such as smart inhalers and wearable devices. For instance, in July 2020, Medical technology manufacturer Hillrom launched two new respiratory therapy devices: the Volara System, which provides hospital-grade oscillation and lung expansion (OLE) therapy, and the Synclara Cough System.
Patients rely on reimbursement while receiving respiratory care. Though respiratory care is reimbursed in full/partial form in many developed countries, the cost of diagnosis of some respiratory diseases is not reimbursed in many developing countries, which presents a major challenge to the growth of the respiratory care devices market.
Regionally, Asia-Pacific is anticipated to grow at a higher CAGR during the forecast period. Factors attributing to the growth in this region include increasing healthcare expenditure, rising medical tourism, and increasing private-public funding. Moreover, new product launches have played a key role in driving the respiratory care device market. For instance, in August 2020, Honeywell International Inc. established N95 mask production in India. The company anticipated production of up to 2 million disposable face masks monthly at its production facility in Pune, India. Similarly, in November 2019, to track the usage pattern of metered-dose inhalers (MDI) by patients, Lupin launched the ‘Adhero’ smart device in India. It is a reusable device with built-in sensors to track daily usage and consumption pattern.
Some of the prominent players operating in the global respiratory care device market include Koninklijke Philips N.V., ResMed, Masimo, Medtronic, General Electric Company, Air Liquide Medical Systems, Drägerwerk AG & Co. KGaA., Getinge AB., Fisher & Paykel Healthcare Limited, and Hamilton Medical, among others.