Number of pages: 100 | Report Format: PDF | Published date: December 06, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global respiratory assist devices market was pegged at US$ 9.95 billion in 2021 and is expected to witness a CAGR of 6.75% during the forecast period from 2022 to 2030.
Respiratory assist devices are medical equipment necessary to treat many chronic respiratory diseases such as COPD (Chronic Obstructive Pulmonary Disease), and asthma. Respiratory devices are designed to aid patients that require assistance in breathing, carbon dioxide removal, and therapy to prevent disuse atrophy of abdominal wall muscles. These devices aim to supply the lungs with enough oxygen and avoid obstructions, which help ensure smooth breathing.
Rising uptake of respiratory devices in hospitals, home healthcare setups and ambulatory services is the major factor increasing the revenue of the global respiratory assist devices market. Furthermore, growing investments and government grants in developing countries' healthcare sector are other factors influencing the market growth. Moreover, the worldwide increase in prevalence of lung diseases mostly in the geriatric population, is influencing market potential. Despite many factors increasing the market, challenges such as lack of reimbursement in developing nations and lack of awareness are affecting growth of the respiratory assist devices market globally.
The global respiratory assist devices market has been analyzed from three perspectives: by product, indication, and region.
Respiratory Assist Devices Market by Product
The global respiratory assist devices market based on products is segmented into monitoring and therapeutic devices. The monitoring devices market is sub-segmented into pulse oximeters, and capnographs. The therapeutic devices segment is further classified into ventilators, inhalers, and nebulizers. Therapeutic devices segment has the majority market share. In therapeutic devices segment, inhalers accounted highest market share. The demand for inhalers is rising due to increased asthma and COPD prevalence. Convenience in use and portability also add to a higher preference for inhalers. In the monitoring devices segment, pulse oximeters have the highest demand. The need for pulse oximeters to periodically check oxygen levels has increased dramatically during COVID-19 pandemic. The integration of pulse oximeters with smartphones has made it easier for patients to take preventive measures with continuous monitoring.
Respiratory Assist Devices Market by Indication
According to indication, the global respiratory assist devices market is classified into asthma, chronic obstructive pulmonary diseases, chronic bronchitis, pleural effusion, and others. The COPD (chronic obstructive pulmonary diseases) segment has dominated the global market. Increased prevalence of COPD is the key factor supporting segment growth. This increase in prevalence has influenced market players to introduce technologically advanced devices. For instance, Zephyr® Endobrachial Valve System by Pulmonx successfully claims to increase lung function, exercise tolerance, and quality of life in patients with COPD or emphysema. Further, online integration of these devices guides the patient and medical practitioners with any risk and improve access to relevant information.
Respiratory Assist Devices Market by Region
Regionally, the global respiratory assist devices market has been segmented into North America, Europe, Asia Pacific, and rest of the world. North American respiratory assist devices market occupies the largest revenue share due to high number of patients with respiratory disorders, favorable reimbursement policies, and many players in the region engaged in introducing technologically advanced products. A continuously increasing patient population characterizes European market for respiratory assist devices. Availability of improved homecare settings is increasing the demand for respiratory assist devices, increasing the market potential. Asia Pacific is experiencing fast industrialization and urbanization, causing an increase in air pollution. The prevalence of many chronic diseases, especially respiratory complications, is increasing as a result of the deteriorating air quality. In turn, it is predicted that demand for respiratory monitoring devices will increase significantly throughout the projection period in Asia Pacific. Additionally, it is anticipated that increased government expenditure on advanced healthcare infrastructure will favor market expansion.
Some prominent players operating in the global respiratory assist devices market are
The rising uptake of respiratory devices in all hospitals and healthcare centers and ambulatory services is the major factor in increasing the revenue of the global respiratory assist devices market. Increasing demand from home healthcare settings for the geriatric population and reducing the healthcare burden on hospitals also facilitate market growth.
The prominent players operating in the respiratory assist devices market are Phillips Healthcare N.V., Medtronic plc, GE Healthcare, Drägerwerk AG & Co. KGaA., Hamilton Medical, Masimo Corporation, Getinge AB, Nihon Kohden Corporation, Resmed, Inc., Adapthealth, LLC., Rotech Healthcare, Inc., Vyaire Medical AG, and Teleflex Incorporated, among others.
Challenges such as lack of reimbursement in developing nations and lack of awareness are affecting the growth of the global respiratory assist devices market.
Respiratory assist devices are medical equipment necessary to treat many chronic respiratory diseases such as COPD (Chronic Obstructive Pulmonary Diseases), asthma, bronchitis etc. Respiratory assist devices are designed to aid patients who require assistance in breathing, carbon dioxide removal, and therapy to prevent disuse atrophy of abdominal wall muscles.
The global respiratory assist devices market was valued at US$ 9.95 billion in 2021 and is expected to witness a CAGR of 6.75% during the forecast period from 2022 to 2030.
*Insights on financial performance are subject to availability of the information in public domain