Respiratory Care Devices Market Higher Growth Rate and Forecast - 2032 With a CAGR of 8.3%

Respiratory Care Devices Market Outlook (2022-2032)

The global respiratory care devices market is anticipated to increase from a valuation of US$ 18.5 Bn in 2022 to US$ 41 Bn by the end of 2032, expanding at a high-value CAGR of 8.3%.

Based on product, therapeutic devices account for the largest market share, while regional analysis reveals that North America accounts for over half of the global market share.

Which Factors Serve as Revenue Generators for Respiratory Care Device Manufacturers?

"Rising Count of Chronic Pulmonary Obstructive Diseases"

In recent years, there has been a noticeable increase in the number of patients suffering from chronic pulmonary obstructive diseases. The growing incidence of these diseases is attributed to the constant changes in lifestyles along with environmental factors such as increasing pollution levels.

In addition, the launching of novel products and a strong pipeline of respiratory care devices are also predicted to propel the sales opportunities in the market.

• Philips launched the PHILIPS RESPIRONICS E30 VENTILATOR in April 2020. This innovation will be helpful for healthcare professionals while providing them with superior quality ventilators.

"Increasing Geriatric Population across the World"

In the past few years, there has been a significant increase in the population of geriatric people around the world.

• As per data provided by WHO (World Health Organization), more than 2 billion people are likely to be of age 60 and older by the end of 2050.

These people are prone to different respiratory diseases owing to their weaker immune systems. This rising count of respiratory diseases, resulting in the increased need for effective healthcare solutions for elderly people, will stimulate sales opportunities in the market.

How is Market Expansion Being Limited to Some Extent?

"Lack of Awareness in Developing Regions about Advanced Products"

Several developing regions across the globe are unaware or less aware of the services from the respiratory care devices market. This factor is predicted to limit the adoption of these solutions in the industry.

Some harmful effects of respiratory care devices on numerous neonates are estimated to limit growth avenues in the market. In addition, excise tax on respiratory care devices by some countries is also projected to have an adverse impact on product sales over the coming years.

North America to Dominate in Respiratory Care Devices Market

North America has been projected to hold the largest share in the respiratory care devices industry, followed by Europe.

Growth avenues in the market are attributed to the highly developed healthcare infrastructure in these regions. Along with this, a large patient pool suffering from respiratory diseases owing to lifestyle changes, including tobacco habits and smoking, is expected to contribute to the growth opportunities in these regional markets.

Further, the easy availability of various trained personnel for the operation of advanced respiratory devices has also been predicted to aid market expansion.

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Respiratory Care Devices

Respiratory care devices are the branch of medical devices focused on the treatment, management, control, diagnostic evaluation, and care of patients with abnormalities in the cardiopulmonary system.

The devices are used in chronic obstructive pulmonary diseases (COPD), a degenerative lung diseases, which primarily include chronic bronchitis and emphysema. The market is witnessing decent growth as COPD is one of the leading causes of death globally.

Market Segmentation

In the product segment, the respiratory therapeutic devices market accounted for the largest share globally in 2014. Major driving factors for the therapeutic devices market were increasing adoption of various devices such as humidifiers, nebulizers, and oxygen concentrators due to the increasing prevalence of respiratory diseases, and the rising geriatric population.

Key Players

Key players in the global respiratory care devices market are Philips Healthcare (Netherlands), Masimo Corporation (U.S.), Fisher and Paykel Healthcare Limited (New Zealand), ResMed, Inc. (U.S.), Covidien plc (Ireland), and CareFusion Corporation (U.S.).

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