Global Therapeutic Respiratory Devices Market

Therapeutic Respiratory Devices Market Size, Share, Growth Analysis, By Product(Nebulizer, Humidifiers), By Technology(Electrostatic Filtration, HEPA Filter Technology), By End Use(Hospital, Homecare Settings), By Application(COPD, Obstructive Sleep Apnea), By Filters(Nebulizer filters, Humidifier Filters) - Industry Forecast 2024-2031


Report ID: SQMIG35A2647 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 155 | Figures: 78

Therapeutic Respiratory Devices Market Dynamics

Therapeutic Respiratory Devices Market Driver

  • The demand for therapeutic respiratory devices is driven by the increase in respiratory conditions such asthma and chronic obstructive pulmonary disease.
  • Furthermore, it is anticipated that the market for these therapeutic respiratory devices will grow quickly which can be attributed to factors, including the high rate of cigarette smoking, high pollution levels and increased susceptibility to airborne illnesses, and accidents that result in chest and nasal injuries that cause respiratory difficulties.
  • One of the significant driver of this market is the rising prevalence of sleep apnea. Additionally, it was estimated that 12 million Americans have obstructive sleep apnea, with a diagnosis rate of almost one in 22. Due to the rising cases of cardiovascular illnesses, hypertension, and obesity, it is anticipated that the prevalence of sleep apnea would continue to increase during the projected period. These factors are projected to fuel market expansion.

Therapeutic Respiratory Devices Market Restraint

  • Rising cost of therapeutic respiratory devices and lack of patient compliance will impede market growth during the forecast period.
  • Lack of knowledge leads to a substantial underdiagnosed and undertreated population as well as the negative consequences of specialised therapeutic respiratory equipment will limit the market growth.
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FAQs

Therapeutic Respiratory Devices Market size was valued at USD 47 billion in 2019 and is poised to grow from USD 48.88 billion in 2023 to USD 64.5 billion by 2031, growing at a CAGR of 4% in the forecast period (2024-2031).

The market is fragmented with presence of key players who employ various growth strategies including mergers and acquisitions, collaborations, product releases, and partnership with local players to maintain dominance. Some of the key players include BD, General Electric Company, Chart Industries, Koninklijke Philips N.V, Compumedics Limited, ICU Medical, Inc. and Invacare Corporation. Innovation and development of new products is the key strategies of these major players to increase the consumer base. 'Inogen, Inc.', 'GlaxoSmithKline plc', 'Novartis International AG', 'AstraZeneca plc', 'Boehringer Ingelheim GmbH', 'Philips Healthcare', 'ResMed Inc.', 'Medtronic plc', 'Smiths Medical', 'Masimo Corporation', 'Fisher & Paykel Healthcare Corporation Limited', 'Drägerwerk AG & Co. KGaA', 'Hamilton Medical AG', 'Vyaire Medical Inc.', 'Invacare Corporation', 'DeVilbiss Healthcare LLC', 'Drive DeVilbiss Healthcare', 'Chart Industries Inc.', 'Teleflex Incorporated', 'Koninklijke Philips N.V.'

The demand for therapeutic respiratory devices is driven by the increase in respiratory conditions such asthma and chronic obstructive pulmonary disease.

In the therapeutic respiratory device market, intelligent ventilators, portable PAP machines, smart inhalers, and nebulizers are all growing in popularity and assisting in giving clinicians real-time monitoring and data transfer. The market for therapeutic respiratory devices is anticipated to grow quickly during the forecast period due to the high prevalence of respiratory illnesses in India, Brazil, China, and Japan.

North America dominated the market in 2021.This can be attributed to a sizable elderly population as well as the increased prevalence of chronic respiratory illnesses. Additionally, the major share of the North American market is due to the availability of reimbursement in the U.S. healthcare centres accounts, growing public awareness of healthcare issues, improved healthcare infrastructure, an increase in the number of outpatient surgeries, and economic growth that is aided by expanding insurance coverage. According to the United States Death Statistics, in 2021 respiratory disorders claimed the lives of 44,630 people. The market for therapeutic respiratory devices is also anticipated to grow in the next years as a result of rising healthcare costs and an increase in respiratory illnesses in the United States.

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Global Therapeutic Respiratory Devices Market

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