Respiratory Care Devices Market in terms of revenue was estimated to be worth $21.8 billion in 2023 and is poised to reach $31.8 billion by 2028, growing at a CAGR of 7.8% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growth in this market can primarily be attributed to the Focus on improving patient outcomes and rising R&D investments resulting in technologically advanced devices. Respiratory therapists use several approaches to improve patients’ respiratory health and overall outcome. For instance, incentive spirometry is an exercise to assist patients by taking long and deep breaths to gauge how well the lungs expand. Since it needs deep breaths, it will enhance the patient’s ability to clear mucus from the lungs. Such activities are taught by therapists to patients, which propels the demand for respiratory care devices.
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The pulse oximeters segment holds the major share of the respiratory care monitoring devices market.
Based on product, the respiratory care monitoring devices market is segmented into pulse oximeters, capnographs and gas analyzers. The pulse oximeters segment accounted for the largest share of the respiratory care monitoring devices market in 2022. A large share of the pulse oximeters segment can be attributed to the development of innovative products, such as fingertip pulse oximeters & Bluetooth-enabled pulse oximeters, and their growing uptake.
The hospitals segment holds the major share of the respiratory care devices market.
Based on end user, the respiratory care devices market is segmented into hospitals, home care settings, ambulatory care centers (ACCs), other end users. The hospitals segment holds the major share of the respiratory care devices market. Growing public-private partnerships to improve access to healthcare services—along with rapid developments in healthcare infrastructure and improving access to healthcare services—are expected to be the key factors driving the growth of the respiratory care devices market for hospitals in emerging economies in the coming years.
North America segment accounted for the largest share of the respiratory care devices market.
The global respiratory care devices market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America dominated the respiratory care devices market in 2022. The presence of advanced healthcare infrastructure and high healthcare expenditure in the North America are factors expected to drive the growth of the respiratory care devices market in the country. The high prevalence of asthma is expected to drive the demand for respiratory care devices in the US during the forecast period.
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Respiratory Care Devices Market Dynamics:
Drivers:
- Rising prevalence of respiratory diseasesa. Rapid growth in global geriatric populationb. Urbanization and growing pollution levelsc. High prevalence of tobacco smokingd. Changing lifestyles
- Increasing incidence rate of preterm births
- Growing outbreaks of infectious diseases affecting respiratory system
- Growing population with sleep disorders
- Improved patient outcomes using respiratory care devices
- Rising r&d investments for technological advancement of medical devices
Restraints:
- Unfavorable reimbursement scenario for respiratory care diagnostics
- Availability of low-cost products from local manufacturers
- High cost of cpap machines
Opportunities:
- Growing demand for home care therapeutic devices
- High respiratory care market growth opportunities in asia pacific and latin america
- Improving poc diagnostics
- Growing awareness about ill effects of untreated sleep apnea
Challenge:
- Low awareness and lack of diagnosis of respiratory diseases
- Harmful effects of certain respiratory care devices on neonates
- Lack of patient compliance with cpap therapy
Industry trends:
- Rising demand for enhanced compact and portable devices
- Key focus of market players on geographical expansions
- Growing demand for multimodal ventilation
- Rising adoption of non-invasive ventilation
Key Market Players:
The major players in the respiratory care devices market include Koninklijke Philips N.V. (Netherlands), General Electric Healthcare (US), ResMed Inc. (US), Fisher & Paykel Healthcare Corporation Limited (New Zealand), Medtronic plc (Ireland), Masimo Corporation (US), Drägerwerk AG & Co.(Germany), Getinge AB (Sweden), Nihon Kohden Corporation (US), Vyaire Medical (US), Hill-Rom, Inc. (US), AdaptHealth LLC (US), Rotech Healthcare, Inc. (US), Teleflex Incorporated(Japan), Air Liquide (France), Invacare Corporation (US), ICU Medical Inc. (US), Hamilton Medical AG (Switzerland), Apex Medical Corporation (Taiwan), Apex Medical Corporation (US), HUM GmbH (Germany), Nonin Medical (US), Allied Healthcare Products, Inc. (US), Drive DeVilbiss Healthcare (US), OMRON Healthcare, Inc. (Japan).
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