Number of pages: 100 | Report Format: PDF | Published date: January 28, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
According to the deep-dive market assessment study by Growth Plus Reports, the respiratory care devices market was valued at US$ 19.83 billion in 2022 and is expected to register a revenue CAGR of 7.8% to reach US$ 38.99 billion by 2031.
Respiratory Care Devices Market Fundamentals
Respiratory care devices are medical devices designed to assist in managing and treating respiratory conditions. These devices are used to support or enhance the respiratory function of patients who have difficulty breathing or require respiratory therapy. From oxygen concentrators that provide supplemental oxygen to ventilators that assist with breathing, these devices offer vital support for patients with conditions such as chronic obstructive pulmonary disease (COPD), asthma, sleep apnea, or acute respiratory distress. Additionally, nebulizers, CPAP and BiPAP machines, and airway clearance devices aid in the delivery of medication, maintain airway patency and help clear mucus and secretions. With advancements in technology, respiratory care devices continue to evolve, providing more precise and personalized treatment options for individuals in healthcare facilities and in the comfort of their homes.
Respiratory Care Devices Market Dynamics
The global respiratory care devices market is driven by several factors contributing to its growth. Significant drivers for the global respiratory care devices market include the increased incidence and prevalence of respiratory diseases like COPD, asthma, and sleep apnea. According to the World Health Organization update, the 30 nations with the highest TB burden accounted for 87% of all new TB cases in October 2022. The WHO South-East Asian Region saw the highest percentage of new TB cases (46%), followed by the WHO African Region (23%), and the WHO Western Pacific Region (18%). Such a rise in TB cases raises the demand for respirators, which propels the market's expansion. Chronic obstructive pulmonary disease (COPD), which claimed 3.23 million lives in 2019, is the third most common cause of death globally, according to the World Health Organization (WHO). As ageing is frequently accompanied by reduced respiratory function and an increased risk of chronic illnesses, the aged population is more vulnerable to respiratory disorders.
Due to the increasing prevalence of respiratory problems among the elderly, the need for respiratory care devices is anticipated to increase as the world's population ages. There is a growing tendency towards in-home care for respiratory disorders, which is motivated by convenience, cost-effectiveness, and patient preference. With the aid of portable respiratory care equipment, patients can manage their respiratory problems more easily at home. As an illustration, Movair, a respiratory therapy company formerly known as International Biophysics Corporation, announced the U.S. commercial introduction of Luisa in October 2021. Luisa is a novel ventilator intended for use in homes, hospitals, and other institutions and portable applications for invasive and noninvasive ventilation. The adoption of respiratory care equipment outside of conventional healthcare facilities has expanded due to this move towards homecare settings. The infrastructure and services for respiratory care are being improved by governments and healthcare organizations worldwide. Initiatives aimed at raising awareness, providing better access to healthcare facilities, and supporting research and development in respiratory care devices positively impact market growth.
Furthermore, technology and improvements in artificial intelligence have dramatically changed the healthcare sector. Various market players are making investments and coming up with new ideas to develop respiratory equipment. For instance, Xplore Health Technologies introduced the Airofit Pro, a pioneering respiratory muscle training (RMT) device, in November 2022. The product is the result of a partnership with Airofit, a Danish company.
Respiratory Care Devices Market Ecosystem
The global respiratory care devices market is analyzed from the following perspectives: product, application, end user, and region.
Respiratory Care Devices Market by Product
Based on the type, the global respiratory care devices market is segmented into therapeutic devices, diagnostic devices, monitoring devices, and consumables & accessories.
The therapeutic device segment is sub-segmented into ventilators (ICU ventilators and portable ventilators), positive airway pressure (PAP) devices (automatic positive airway pressure (APAP) devices, bi-level positive airway pressure (BiPAP) devices, and continuous positive airway pressure (CPAP) devices), oxygen concentrators, nebulizers, humidifiers, reusable resuscitators, inhalers, and oxygen hoods. The diagnostic device segment is sub-segmented into polysomnography (PSG) devices, spirometers, peak flow meters, and other diagnostic devices. The monitoring device segment is sub-segmented into capnography, pulse oximeters, and gas analyzers. The consumables & accessories segment is sub-segmented into disposable resuscitators, breathing circuits, masks (N95 respirators, reusable masks, and disposable masks), tracheostomy tubes, nasal cannulas, and other consumables & accessories.
The therapeutic device segment accounts for the largest revenue share in the respiratory care device market. Rising demand for devices, such as PAP devices, ventilators, nebulizers, and oxygen concentrators, due to increasing cases of respiratory diseases, is propelling revenue growth in this segment. The market has witnessed significant technological advancements in respiratory devices, leading to more effective and efficient treatments. For instance, there have been advancements in inhalers, nebulizers, positive airway pressure devices, and portable oxygen concentrators. Besides, regulatory compliance and product approvals play a crucial role in the therapeutic respiratory devices market.
Respiratory Care Devices Market by Application
Based on the application, the global respiratory care devices market is segmented into chronic obstructive pulmonary disease (COPD), asthma, sleep apnea, emphysema, infectious diseases, and other applications.
The chronic obstructive pulmonary disease segment accounts for the largest revenue share in the global respiratory care devices market. Due to environmental factors and the rising frequency of smoking, COPD has a significant market share. Following asthma, this market segment is anticipated to develop at the fastest rate. Furthermore, people with COPD will be impacted by the recent COVID-19 outbreak. Although they do not have an increased risk of getting the condition, it can nevertheless have negative effects on these patients. Therefore, it is anticipated that the high incidence of COPD and the rising number of COPD-related deaths will fuel demand for respiratory care equipment over the projection period.
Respiratory Care Devices Market by End User
Based on the end user, the global respiratory care devices market is segmented into hospitals, home care settings, and ambulatory care centers.
Hospitals hold a significant share of the market in 2022. Hospitals serve as the primary setting for critical care and management of respiratory conditions. The demand for respiratory care devices in hospitals is driven by the increasing prevalence of respiratory diseases, the need for emergency and intensive care, and the availability of advanced healthcare infrastructure. The home care setting segment is projected to record a high revenue CAGR of 8.2% during the forecast period. This can be attributed to the growing need for cost-effective healthcare delivery, the rising number of product launches in the market, and the increasing preference of patients for receiving treatment at home.
Respiratory Care Devices Market by Region
Geographically, the global respiratory care devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for around 36% revenue share in the global respiratory care devices market. Due to the high prevalence of COPD, TB, asthma, and sleep apnea in the region, North America currently accounts for a sizable portion of the global market for respiratory devices. For instance, the CDC's 2022 update states that in the United States in 2021, 4.6% of individuals 18 and older had COPD, emphysema, or chronic bronchitis. Because of this, market growth is anticipated during the upcoming few years due to the high prevalence of respiratory disorders in the US. The development of technologically improved gadgets, product launches, and partnerships made possible by advanced research and development (R&D) facilities have resulted in significant market growth. The United States will invest USD 150 million in R&D for respiratory disorders in 2022, including COPD (USD 150 million), Asthma (USD 328 million), and Tuberculosis (USD 621 million), according to the NIH's May 2022 report. Therefore, the nation's increased investment in research into respiratory disorders is anticipated to spur the creation of novel respiratory devices, further supporting the market's expansion throughout the forecast period. The market's expansion is also anticipated to be aided by the rising efforts, product launches, and tactics used by industry participants in India. For instance, Vivos Therapeutics began the registration process with Health Canada in December 2021 to manufacture and market devices for sleep disorders, snoring, and sleep apnea to maintain and enhance Canadians' health.
Respiratory Care Devices Market Competitive Landscape
The prominent players operating in the global respiratory care devices market are: -
Respiratory Care Devices Market Strategic Developments
Respiratory care devices play a crucial role in supporting individuals with respiratory conditions, helping them breathe more easily and improving their overall quality of life. These devices encompass a wide range of technologies and functions, each designed to address specific respiratory needs.
The global respiratory care devices market during the forecast period is expected to grow at a revenue CAGR of 7.8%.
Koninklijke Philips N.V., ResMed Inc., Masimo Corporation, Medtronic Plc, and General Electric Company are the major players in the respiratory care devices market.
The Asia Pacific is the key growth region in the global respiratory care devices market.
Respiratory care devices can be expensive, especially advanced technologies such as ventilators. The high cost of these devices can limit their accessibility, particularly in regions or healthcare systems with limited financial resources. Affordability issues may hinder the widespread adoption and use of respiratory care devices.
*Insights on financial performance are subject to the availability of information in the public domain