In the year 2023, the therapeutic respiratory devices market is expected to be worth $50.6 billion. The market is expected to reach US$ 80.2 billion by 2033, at a CAGR of 4.7% from 2023 to 2033. The therapeutic respiratory devices market is expected to grow as the prevalence of respiratory disorders such as COPD and sleep apnea increases. Escalating need for emergency treatment for long-term medical conditions and protracted treatment related to lung diseases in children and adults is fueling the growth of the therapeutic respiratory devices market during the forecast period.
The past few years have witnessed a surge in the cases of respiratory disorders like asthma and chronic obstructive pulmonary disease (COPD). This is expected to boost the demand for the therapeutic respiratory devices in the global market. Further, high pollution levels, the high rate of cigarette smoking, and increased vulnerability to airborne illnesses as well as accidents that lead to chest and nasal injuries and respiratory difficulties, are expected to foster growth for the therapeutic respiratory devices market during the projected period.
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Again, rapid urbanization, the frequent occurrence of respiratory diseases, technological advancement, and greater acceptance of respiratory therapeutic devices also contribute to the target market growth. All of the aforementioned aspects, along with others, further propel the growth of the therapeutic respiratory devices market during the forecast period.
“Increasing incidences of respiratory illnesses coupled with the growing geriatric population will stimulate the global growth of the therapeutic respiratory devices market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Lack of awareness as well as poor reimbursement policies may hamper the market growth.
- Introduction of smart inhalers will strengthen the therapeutic respiratory devices market prospects.
- By application, the COPD segment will dominate the global market space.
- On the basis of product type, the positive airway pressure devices will contribute significantly to the overall market growth.
- Accounting for 36% of the market share in 2021, the therapeutic respiratory devices market in North America will continue this growth streak during 2022 to 2032.
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Competitive Landscape
CareFusion Corporation, Covidien Plc, DeVilbiss Healthcare GmbH (Drive DeVilbiss International), Drägerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited, GE Healthcare, Teleflex Incorporated, VYAIRE MEDICAL, INC., WEINMANN Emergency Medical Technology GmbH, Hamilton Medical, Hill-Rom Services Inc., Inogen, Inc., Aerin Medical, BMC Medical Co., Ltd., Breas Medical, CAIRE Inc., Invacare Corporation, Koninklijke Philips N.V., Medtronic, Nidek Medical Products, Inc., O2 CONCEPTS, LLC., ResMed, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd, and Smiths Medical among others are some of the major players in the therapeutic respiratory devices market profiled in the full version of the report.
Leading market players employ different growth tactics to retain a competitive market position. These firms are engaging in product launches, collaborations, mergers and acquisitions to gain a competitive advantage.
More Insights into Therapeutic Respiratory Devices Market Report
In its latest report, FMI offers an unbiased analysis of the global therapeutic respiratory devices market, providing historical data and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (positive airway pressure devices, oxygen concentrators, ventilators, inhalers (metered dose inhaler, dry powder inhalers, soft mist inhaler), nebulizers, humidifiers, others) application (COPD, obstructive sleep apnea, asthma, respiratory distress syndrome, cystic fibrosis, others), end user (hospital, homecare settings, emergency centers), and region.
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According to the latest FMI reports, based on segmentation, the COPD application segment contributed most to the overall growth of the target market. As on of the top mortality causes, chronic obstructive pulmonary disease accounts for major share portion of the therapeutic respiratory devices market. In terms of product type, the positive airway pressure devices segment generate the most demand during the projected period.
Based on region, the positive airway pressure devices market in North America will demonstrate substantial growth during 2022 to 2032. The target market in this region accounted of 36% share of the overall market in 2021 and is likely to continue in this manner over the next few years. The positive airway pressure devices market in the United States and Canada are anticipated to further drive the regional market growth owing to the easy availability of modern healthcare facilities. The increasing healthcare awareness and enhanced healthcare infrastructure further aids the regional market growth during the forecast period.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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