New York, May 13, 2024 (GLOBE NEWSWIRE) -- Market Overview
The Global Respiratory Care Devices Market size is expected to reach USD 27.8 billion by 2024 and is further anticipated to reach USD 60.5 billion by 2033 at a CAGR of 9.0 % according to Dimension Market Research.
Respiratory care devices are the healthcare tools used for patients with conditions like asthma, and pneumonia, which help them to breathe better and live more comfortably at home or in the hospital. They are known to improve breathing by delivering oxygen directly into the lungs. This market includes many devices like ventilators, nebulizers, oxygen concentrators, inhalers & more, used for revival purposes. These devices play an important role in emergency medical situations and critical care settings, where quick communication is required to stabilize patients with respiratory failure.
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Important Insights
- The Respiratory care device market is expected to grow by USD 30.5 billion by 2033 from 2024 with a CAGR of 9.0 % during the same forecasted period i.e. 2024 to 2033.
- The therapeutic devices segment is expected to lead with the largest revenue share in 2024 which includes ventilators, nebulizers, oxygen devices, humidifiers, capnography, and more which are useful for treating respiratory conditions by assisting or enhancing breathing.
- Hospitals are a major driver of the respiratory care devices market with a significant share in 2024, due to repeated hospitalization of elderly patients suffering from respiratory disease, frequent purchasing from hospital clinics, rapid improvements in healthcare infrastructure, and improved access to healthcare services.
- North America is projected to lead the market with a 34.1% revenue share in 2024, due to rising respiratory diseases and the digital adoption of medical devices.
- Asia-Pacific, particularly in China and India, the market is expected to grow rapidly due to affordable treatments, limited infrastructure, and a skilled physician workforce.
Trends
- Awareness regarding respiratory health along with rising healthcare spending, particularly in emerging economies, is driving the adoption of respiratory care devices.
- Home-based healthcare services are growing in this market due to rising healthcare costs, technological advancements, and patient preference for home care.
Competitive Landscape
- Manufacturers are making a lot of respiratory devices because more people need them. There are also many new drugs developing for lung diseases like asthma.
- Companies are making better devices with new technology, particularly ones for babies, kids, and adults with portable features. The market for breathing devices is getting bigger due to the adoption of all these new products.
- Some of the major players in the market include Massimo Corporation, Teleflex Incorporated, ResMed Inc., and more.
Some of the prominent market players:
- Massimo Corporation
- Teleflex Incorporated
- Fisher & Paykel Healthcare Limited
- ResMed Inc.
- Hamilton Medical AG
- Medtronic plc.
- Koninklijke Philips N.V.
- Smith’s Medical
- General Electric Healthcare Limited
- Inogen Inc.
- Others
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Global Respiratory Care Devices Market Scope
| Report Highlights | Details |
| Market Size (2023) | USD 27.8 Bn |
| Forecast Value (2032) | USD 60.5 Bn |
| CAGR (2023-2032) | 9.0% |
| North America Revenue Share | 34.1% |
| Historical Data | 2018 - 2023 |
| Forecast Data | 2024 – 2033 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Product, By Application |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Regional Analysis
North America is projected to lead the respiratory care device market with a 34.1% revenue share in 2024, driven by increasing respiratory diseases and the digital adoption of medical devices. The growth of this region is attributed to healthcare awareness, improved access to insurance, and the development of advanced healthcare facilities. Meanwhile, in Asia-Pacific, particularly in China and India, the market is expected to grow rapidly due to affordable treatments, limited infrastructure, and a skilled physician workforce.
By Region
North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
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Market Analysis
The hospital segment is anticipated to lead with a high revenue share of 31.5% in 2024, due to the constant hospitalization of aged people for many respiratory problems. Patients often procure medications from hospital pharmacies for these conditions, further expanding the growth of the market. Also, public-private partnerships, rapid enhancements in healthcare infrastructure, and improved healthcare service accessibility contribute to its growth. Furthermore, home care is the second largest segment which is anticipated to expand at the fastest CAGR during the forecasted period due to the financial benefits of home care equipment and services compared to hospital visits.
Global Respiratory Care Devices Market Segmentation
By Product
- Therapeutic Devices
- Monitoring Devices
- Consumables and Accessories
- Others
By Application
- Hospitals
- Homecare
- Surgical Centers
- Clinics
- Others
Growth Drivers
- The respiratory care device market is growing due to an increase in respiratory illnesses and the introduction of advanced respiratory devices to provide comfort during these conditions.
- lung disorders, asthma, and similar conditions require respiratory devices to breathe better which contributes to the growth of this market.
- Certain devices like resuscitators, pulse oximeters, and spirometers are expected to see increased demand due to a shift towards home healthcare.
Restraints
- Slow adoption of modern technology among professionals, government hospitals, and untrained personnel in certain areas, hampers the growth of this market.
- High costs associated with respiratory care devices limit their use in regions with poor healthcare budgets or in facilities.
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Opportunities
- The increasing population with conditions like asthma, sleep apnea, and other severe problems is driving the demand for these devices as patients need effective treatment and management options for these issues.
- Digital technology leads to the development of innovative devices with enhanced features, improved efficiency, and greater patient comfort like portable and wearable respiratory devices.
Recent Developments in the Respiratory Care Devices Market
- February 2024: ResMed announced its latest bilevel sleep respiratory devices, employing both inspiratory and expiratory positive airway pressure which aim to assist healthcare providers in managing sleep apnea more effectively, promoting patient adherence to therapy.
- August 2023: Researchers from the University of Canterbury developed a tool that makes respiratory data more accessible for clinicians and patients.
- March 2023: Avanos Medical, Inc. has agreed to sell its Respiratory Health business to SunMed Group Holdings, LLC, a prominent company in Michigan that makes and distributes medical devices for breathing and anesthesia care across different healthcare settings.
- June 2023: Vitalograph, the producer of respiratory diagnostic devices, launched its VitaloPFT Pulmonary Function Testing Series, aimed for use in secondary care.
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