The fight against respiratory illnesses is getting a boost from a powerful tool: Respiratory Devices Market. This market is experiencing significant growth. This surge in demand is expected to push the market valuation to a staggering USD 26,873.7 million by 2024. Industry analysts predict an outstanding Compound Annual Growth Rate (CAGR) of 9.90% through 2034, indicating a highly lucrative future for the respiratory device market.
Companies engaged in the manufacturing and distribution of respiratory devices are focusing on creating equipment that is not only efficient but also reasonably priced for the general public. Despite the emergence of alternative treatments and methodologies, the respiratory device market is expected to exceed a valuation of USD 69,072.5 million by the end of 2034.
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Governments in underdeveloped and developing nations are implementing medical inclusion policies, which are enabling a significant number of people to access respiratory devices. An outstanding growth of 9.90% CAGR through 2034 is expected, making the prospects of the respiratory device market very lucrative.
“To meet the growing demands, companies in the respiratory device market are putting immense research and development hours in curating breathing aids that are not only effective but also affordable to the general populace.” Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Respiratory Device Market Study:
- The positive airway pressure device segment dominates the market with a share of 31.30% in 2024.
- Based on the end users, the hospital segment leads the respiratory device market with a share of 40.70% in 2024.
- The respiratory device market in Germany is anticipated to progress at a CAGR of 12.10% through 2034.
- The respiratory device market in France is estimated to rise at an 11.90% CAGR through 2034.
- The respiratory device market in India has the potential to increase at 11.40% CAGR through 2034.
- The Canadian respiratory device market is predicted to rise by 10.30% CAGR through 2034.
- The respiratory device market in Mexico is very likely to develop at a CAGR of 10.10% through 2034.
Competitive Landscape in the Respiratory Device Market:
The market is well-established, with numerous companies competing for international dominance.
- Hospitals, ambulatory surgical centers, clinics, and other healthcare facilities rely heavily on these companies for their respiratory needs.
- These companies are investing billions of dollars into developing effective and affordable product offerings for the general public.
- Some of the leading companies in the market include Massimo Corporation, Teleflex Incorporated, Fisher & Paykel Healthcare Limited, ResMed Inc., Hamilton Medical AG, Medtronic plc, and Koninklijke Philips N.V.
Recent Developments from the Respiratory Device Market:
- ResMed launched the AirCurve 11 series with bilevel-positive airway pressure devices in Feb 2024.
- BOB, a tool unlocking respiratory data from devices, was developed by researchers from the University of Canterbury in Aug 2023.
- Dräger was awarded Frost & Sullivan’s Company of the Year Award in global respiratory care in Feb 2024.
- University Medical Devices secured $1.6 million in seed funding to launch MicroWash, a nasal specimen collection device, in Feb 2024.
- Clario acquired AI-powered software company ArtiQ in Apr 2024 to enhance data quality and patient experience in respiratory clinical trials.
- SunMed acquired Avanos Medical’s respiratory health business for $110 million in June 2023.
- ResMed acquired Somnoware, a software maker specializing in sleep and respiratory diagnostics, in Jul 2023.
- AirPhysio launched respiratory devices in Chennai, India in Oct 2022, partnering with Medsmart and Apollo Group for the rollout.
Top Key Companies in the Respiratory Devices Market:
- 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
- Drägerwerk AG & Co. KGaA
- Inogen Inc.
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Key Segments of the Respiratory Device Market:
Product Categories:
- Respiratory Consumables
- Respiratory Masks
- Nasal Cannulas
- Oxygen Tubing Sets
- Breathing Filters
- Nebulizers
- Compressed Jet Nebulizers
- Ultrasonic Nebulizers
- Oxygen Concentrators
- Home Oxygen Concentrators
- Portable Oxygen Concentrators
- Positive Airway Pressure (PAP) Devices
- Polysomnography Devices
- Ambulatory PSG Devices
- Clinical PSG Devices
- Pulse Oximeters
- Mechanical Ventilators
- Spirometers
End Users:
- Hospitals
- Ambulatory Surgical Centers
- Clinics
- Long-Term Care Centers
- Others
Regions:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
About the Healthcare Division at Future Market Insights
The healthcare domain at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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