Respiratory Devices And Equipment (Therapeutic) Market
The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033
The Business Research Company offers in-depth market insights through Respiratory Devices And Equipment (Therapeutic) Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The respiratory devices and equipment (therapeutic) market size has grown rapidly in recent years. It will grow from $19.9 billion in 2023 to $22.01 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to respiratory conditions prevalence, aging population, technological advancements, respiratory disease management.
The respiratory devices and equipment (therapeutic) market size is expected to see rapid growth in the next few years. It will grow to $32.61 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to chronic diseases and lifestyle factors, telehealth expansion, technological innovations, copd management. Major trends in the forecast period include digital health and remote monitoring, ventilators and life support systems, respiratory rehabilitation, telehealth integration.
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Market Segmentation:
The main products of the respiratory devices and equipment (therapeutic) market are nebulizers, humidifiers, oxygen concentrators, positive airway pressure devices, ventilators, capnographs, and gas analyzers. A nebulizer is a small machine that turns liquid medicine into a mist, sits with the machine, and breathes in by a connected mouthpiece. The various technologies involved in the respiratory devices and equipment are HEPA filter, electrostatic filtration, microsphere separation, hollow fiber filtration, and others. The market covered in this report is segmented by end-users into home care settings and hospitals.
Major Driver - Rising Respiratory Disease Prevalence Drives Respiratory Devices And Equipment (Therapeutic) Market
The rising prevalence of respiratory diseases such as chronic obstructive pulmonary disorder (COPD) and sleep apnea contributed to the growth of the therapeutic respiratory devices and equipment market. According to World Health Organization, one million people die due to chronic obstructive pulmonary diseases caused by smoking among the 4.9 million people who die due to tobacco consumption and 65 million people suffer from moderate to severe COPD. As per its estimates, COPD is predicted to be the third leading cause of death worldwide and potentially fatal respiratory diseases. Tuberculosis, COPD, and lung cancer will account for about one in five deaths worldwide by 2030. According to National Health Interview Survey by the Centers for Disease Control and Prevention (CDC), the number of adults with diagnosed chronic bronchitis in the USA was 9.0 million. In the USA, it is estimated that 22 million Americans suffer from sleep apnea, with 80% of the cases of moderate and severe obstructive sleep apnea undiagnosed. According to a research study published on American Journal of Respiratory and Critical Care Medicine, in 2021, global prevalence of obstructive sleep apnea was found to be around 20% globally. The increased prevalence of COPD and sleep apnea in the geriatric population is driving the growth of the respiratory devices and equipment (therapeutic) market.
Competitive Landscape:
Major companies operating in the respiratory devices and equipment (therapeutic) market include Hamilton Medical AG, Koninklijke Philips N.V., Smiths Medical, GE Healthcare, Philips Healthcare, Chart Industries Inc., Invacare Corporation, Fisher & Paykel Healthcare Limited, ResMed Inc., Drägerwerk AG & Co. KGaA, Medtronic plc, Masimo Corporation, CareFusion Corporation, Getinge AB, Hill-Rom Holdings Inc., Becton, Dickinson and Company, Air Liquide S.A., Vyaire Medical Inc., Compumedics Limited, Covidien plc, Mindray Medical International Limited, Inogen Inc., Nihon Kohden Corporation, Siemens Healthcare GmbH, Teleflex Incorporated, Breas Medical AB, AirSep Corporation, Rotech Healthcare Inc., 3B Medical Inc.
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Top Trend - Innovations In Artificial Intelligence (AI)-Enhanced Respiratory Devices And Monitoring
The companies in the respiratory devices and equipment (therapeutic) market are increasingly using AI to develop respiratory devices to treat Asthma and COPD. Artificial intelligence supports the development of innovative sensors-equipped inhalers which help patients to track their dosage intake. These sensors are durable and consume less power and help caution the patients by noting the differences or fluctuations in respiration. These are used for both add-on and embedded inhalers. These inhalers with sensors can track data automatically and can alert both the doctors and patients about the health condition of the patients. Also, the companies in developing devices such as AI aided imaging systems and AI aided platforms that will act as voice biomarkers. For instance, in March 2022, Respira Labs, a US-based respiratory technology company, launched AI-powered wearable lung monitor 'Sylvee'. The new product uses acoustic resonance to assess the lung function and detect any variations in the lung function.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Respiratory Devices And Equipment (Therapeutic) Market Characteristics
3. Respiratory Devices And Equipment (Therapeutic) Market Trends And Strategies
4. Respiratory Devices And Equipment (Therapeutic) Market - Macro Economic Scenario
5. Respiratory Devices And Equipment (Therapeutic) Market Size And Growth
…..
27. Respiratory Devices And Equipment (Therapeutic) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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