Global Therapeutic Respiratory Devices Market

Therapeutic Respiratory Devices Market Size, Share, Growth Analysis, By Product(Nebulizer, Humidifiers, Oxygen concentrators, Positive Airway Pressure Devices), By Technology(Electrostatic Filtration, HEPA Filter Technology, Hollow Fiber Filtration, Microsphere), By End Use(Hospital, Homecare Settings, Emergency Centers), By Application(COPD, Obstructive Sleep Apnea, Asthma, Respiratory Distress Syndrome), By Filters(Nebulizer filters, Humidifier Filters, Positive Airway Pressure Devices Filter, Oxygen concentrator filters), By Region - Industry Forecast 2024-2031


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

Therapeutic Respiratory Devices Market Insights

Global 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).

Therapeutic respiratory devices are intended to help patients in need of support for breathing, carbon dioxide removal and therapy to prevent abdominal wall muscles from atrophying due to lack of use. The factors fueling market expansion are surge in ageing population, increase in respiratory disease prevalence, and swift technology advancements. Additionally, the market is anticipated to rise as more people use therapeutic respiratory equipment such nebulizers, humidifiers, and oxygen concentrators. As these devices offer medical intervention in both acute and chronic patient care, respiratory therapeutic devices are more preferred by doctors and patients for the treatment of respiratory illnesses. The prevalence of smoking-related respiratory diseases is rising along with the number of smokers. The market share is therefore driven by rising rates of various respiratory disorders and technical improvements in therapeutic devices.

US Therapeutic Respiratory Devices Market is poised to grow at a sustainable CAGR for the next forecast year.

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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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