The global therapeutic respiratory devices market is poised for substantial expansion, driven by the escalating prevalence of respiratory diseases worldwide. According to a recent market analysis report, the market is projected to achieve a market value of USD 50.6 billion in 2023, with estimations soaring to an impressive USD 80.2 billion by 2033, reflecting a robust Compound Annual Growth Rate (CAGR) of 4.7%.
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The surge in demand for advanced respiratory solutions stems from the increasing prevalence of chronic obstructive pulmonary disease (COPD), sleep apnea, and various other respiratory ailments. Factors contributing to this growth include:
- Rising Prevalence of Respiratory Diseases: Chronic obstructive pulmonary disease (COPD) and sleep apnea are among the leading respiratory ailments propelling the demand for therapeutic devices.
- Focus on Improved Healthcare Infrastructure: Governments and healthcare organizations globally are prioritizing enhanced healthcare infrastructure and accessibility to medical facilities, thereby escalating the need for these devices.
- Increased Investment in Research and Development (R&D): The COVID-19 pandemic highlighted the pivotal role of respiratory support devices, prompting escalated investments in research and development for more sophisticated and efficacious solutions.
This growth trajectory underscores the significance of innovation and advancement in addressing the evolving healthcare landscape, particularly concerning respiratory health.
Key Takeaways:
- Existence of modern healthcare facilities in the United States and Canada, the therapeutic respiratory devices market in North America gained over 36% market share in 2021.
- The Asia Pacific is predicted to expand the quickest throughout the forecast period, owing to factors such as increased asthma incidence in adults and children, as well as technology improvements.
- Additionally, the market expansion would be aided by rising healthcare awareness and improved healthcare infrastructure.
- The clinical trial of Tempol for the treatment of COVID-19 by Adams Respiratory Therapeutics Inc has surpassed enrollment expectations.
- COPD is estimated to affect 10% of adults aged 75 and older in the United States, according to the Journal of the Italian Society of Gerontology and Geriatrics.
- According to statistics issued by the Global Initiative for Asthma (GINA), an estimated 100 million people with asthma are expected to be diagnosed by 2025.
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Competitive Landscape:
- Aerin Medical
- BMC Medical Co., Ltd.
- CareFusion Corporation
- Covidien Plc
- Drägerwerk AG & Co. KGaA
- Fisher & Paykel Healthcare Limited
- GE Healthcare
- Hamilton Medical
- Invacare Corporation
- Koninklijke Philips N.V.
- Medtronic
- Nidek Medical Products, Inc.
- Teleflex Incorporated
- Smiths Medical
Acquisitions and mergers, the launch of new products and services, partnerships and joint ventures, MoU agreements, V.C. and funding activities, R&D activities, and geographic expansion, among other noteworthy activities by key players in the therapeutic respiratory devices market, are among the key strategic developments in the competitive landscape.
- Acapella, a select blue vibratory PAP therapy device, was released by Smiths Medical in April 2021. It is a drug-free supplementary therapy for people with asthma, COPD, cystic fibrosis, and lung illness that aids in the evacuation of secretions.
- Koninklijke Philips N.V. finalized the acquisition of BioTelemetry, Inc., a firm located in the United States, in February 2021. This aided in the expansion of Philips’ product line, resulting in increased sales of therapeutic respiratory devices.
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Key Segments:
By Product:
- Positive Airway Pressure (PAP) Devices
- Continuous Positive Airway Pressure (CPAP) Devices
- Auto-titrating Positive Airway Pressure (APAP) Devices
- Bi-level Positive Airway Pressure (BiPAP) Devices
- Oxygen Concentrator
- Fixed Oxygen Concentrators
- Portable Oxygen Concentrators
- Ventilators
- Adult Ventilators
- Neonatal Ventilators
- Inhalers
- Metered Dose Inhaler (MDI)
- Dry Powder Inhaler (DPI)
- Soft Mist Inhaler (SMI)
- Nebulizers
- Compressor-based Nebulizers
- Piston-based Hand-held Nebulizers
- Ultrasonic Nebulizers
- Humidifiers
- Heated Humidifiers
- Passover Humidifiers
- Integrated Humidifiers
- Built-in Humidifiers
- Standalone Humidifiers
- Others
By Application:
- COPD
- Obstructive Sleep Apnea
- Asthma
- Respiratory Distress Syndrome
- Cystic Fibrosis
- Others
By End-use:
- Hospital
- Homecare Settings
- Emergency Centers
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