New York, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Respiratory Devices And Equipment (Therapeutic) Global Market Report 2023" - www.reportlinker.com/p06277169/?utm_source=GNW
The global respiratory devices and equipment (therapeutic) market will grow from $18.03 billion in 2022 to $19.90 billion in 2023 at a compound annual growth rate (CAGR) of 10.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The respiratory devices and equipment (therapeutic) market is expected to grow to $29.55 billion in 2027 at a CAGR of 10.4%.
The respiratory devices and equipment (therapeutic) market consist of sales of instruments such as nebulizers, oxygen concentrators, positive airway pressure devices, ventilators, inhalers, and others.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Respiratory devices and equipment (therapeutic) are used to treat patients with acute or chronic respiratory disorders such as chronic obstructive pulmonary disease (COPD), chronic bronchitis, asthma, sleep disorders, etc.
Asia Pacific was the largest region in the respiratory devices and equipment (therapeutic) market in 2022.Western Europe was the second-largest region in the respiratory devices and equipment (therapeutic) market.
The regions covered in the respiratory devices and equipment (therapeutic) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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.
The market for respiratory devices and equipment is expected to expand rapidly.The fact that COVID-19 is essentially a respiratory ailment has boosted the use of respiratory monitoring devices, in turn contributing to the growth of this market.
Currently, there is a huge demand for respiratory devices including ventilators, especially in developing countries. Companies across the globe are focusing on increasing the availability of ventilators, nebulizers, and other respiratory support devices for patients.
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 market for therapeutic respiratory devices.
Lack of awareness regarding the usage of respiratory devices has always been a major challenge in the therapeutic respiratory device market.Outcomes for patients with chronic respiratory diseases remain poor despite the development of novel therapies.
An International Survey conducted on Noninvasive Ventilation Use for Acute Respiratory Failure in General Non-Monitored Wards in 51 countries from 5 continents revealed that 44% of the GPs and physicians reported that they had never performed spirometry to make a diagnosis of COPD and the NIV application in general wards was reported by only 66% of respondents.Limited training and human resources were the most common reasons for not using NIV in general wards.
The lack of awareness on the use of respiration devices is negatively affecting the respiratory devices and therapeutics market.
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.
In March 2020, Masimo, a global leader in noninvasive monitoring technologies acquired NantHealth, Inc’s connected care business for an undisclosed amount.NantHealth is a provider a tablet-optimized application that sits on top of our DCX platform to provide clinicians more convenient and ubiquitous access to capture a wide array of patient vitals such as respiratory rate, blood pressure, and heart rate in addition to performing patient assessments.
This move of Masimo will leverage its capabilities with NantHealth’s solutions that can enable a more efficient patient rounding and assessment workflow by providing a near real-time stream of data from the patient’s bedside unlike periodic sampling typically entered into an EHR hours later.
The countries covered in the respiratory devices and equipment (therapeutic) market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The respiratory devices and equipment (therapeutic) market research report is one of a series of new reports that provides respiratory devices and equipment (therapeutic) market statistics, including respiratory devices and equipment (therapeutic) industry global market size, regional shares, competitors with a respiratory devices and equipment (therapeutic) market share, detailed respiratory devices and equipment (therapeutic) market segments, market trends and opportunities, and any further data you may need to thrive in the respiratory devices and equipment (therapeutic) industry. This respiratory devices and equipment (therapeutic) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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