PRESS RELEASE
Published August 17, 2023
The Global Respiratory Devices Market is poised to register a CAGR of 9.3% during the forecast period 2023 to 2031.
Table of Contents
Respiratory Devices Market Introduction-
Patients using respiratory aids are able to breathe enough oxygen to sustain life while having respiratory issues. Asthma, chronic obstructive pulmonary disease (COPD), TB, and pneumonia are just a few examples of the respiratory disorders that can be diagnosed, monitored, and treated with respiratory care devices. Patients with acute and long-term respiratory illnesses benefit from the improved quality of care these devices offer. With the ageing of the world population and the exponential rise in the prevalence of chronic diseases like COPD and asthma, the prevalence of respiratory illnesses will only continue to rise. Various devices that help clear mucus from the airways and enhance pulmonary function have been employed recently by patients with respiratory disorders. Henceforth, the target market is anticipated to grow in the years to come.
FutureWise Market Research has published a report that provides an insightful analysis of Respiratory Devices Market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry.
By the end of the forecast period FutureWise research analysts projects that Respiratory Devices Market will experience a significant growth. According to the analysis done this report will help understand the information referring to the total valuation held by this industry. Additionally, this report will help in understanding the growth opportunities held by various segments of this market, further assist in making better strategic, and expansion decisions by key stakeholders of an organisation.
Respiratory Devices Market Segmentation:
By Type
- Therapeutic Devices
- Drug Delivery Devices
- Mechanical Ventilators
- Continuous Positive Airway Pressure
- Resuscitators
- Humidifiers
- Airway Clearance Devices
- Oxygen Concentrators
- Consumables & Disposables
- Others
- Diagnostic & Monitoring Devices
- Pulse Oximeters
- Capnographs
- Spirometers
- Polysomnographs
- Peak Flow Meters
- Gas Analyzers
- Others
By Application
- Chronic Obstructive Pulmonary Disease
- Asthma
- Obstructive Sleep Apnea
- Respiratory Distress Syndrome
- Cystic Fibrosis
- Pneumonia
By End User
- Hospitals/ Clinics
- Homecare Settings
- Other End-User
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
This market research report also emphasis on factors affecting the growth rate in various regions listed above. A deep-down analysis of region will also be provided in the final version of this market which is based on conclusion of primary interviews and secondary data point gathered during the process.
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Major players included in the Respiratory Devices Market:
- ResMed, Inc.
- Smiths Medical
- Fisher & Paykel Healthcare Limited
- Dragerwerk AG & Co. KGaA
- GE Healthcare
- Getinge AB
- Medtronic plc
- Koninklijke Philips N.V.
- Chart Industries
- Vyaire Medical, Inc.
- Karl Storz GmbH & Co. KG
- 3B Medical, Inc.
- Medline Industries Inc.
- Acare Technology Co., Ltd.
- Allied Healthcare Inc.
Drivers of Respiratory Devices Market:
Impact of COVID-19 on respiratory devices-
The Respiratory Devices Market is witnessing enormous demands across the globe, resulting from the increased need for ventilators, anaesthetic machines and others due to COVID-19 outbreak. Since the coronavirus primarily affects or damages the respiratory system and reduces the body's need for oxygen during the pandemic phase, those with respiratory illnesses are more vulnerable. As a result, the market for respiratory equipment has grown significantly and at the fastest rate.
Restraint of Respiratory Devices Market:
Products with health risks were recalled
The probability of a product being recalled by the FDA due to adverse effects is growing along with the production of new respiratory devices. Due to possible health hazards, Philips recalled a number of ventilators, BiPAP devices, and CPAP machines in June 2021. The polyurethane (PE-PUR) foam with a polyester base that is utilized in these devices to dampen sound and vibration can degrade. If this happens, the individual using the device may breathe in or ingest dark bits of foam or certain invisible chemicals. These problems may cause serious injury and need for medical attention to prevent long-term damage. This factor is expected to hamper the overall growth of respiratory device market to a certain extent.
Opportunity of Respiratory Devices Market:
Product launches by key market players-
The worldwide Respiratory Devices Market is anticipated to prosper over the forecast period as prominent market players are increasingly embracing growth tactics such product releases. For instance, Former Australian cricketer Brett Lee launched the AirPhysio (Airway Physiotherapy for Naturally Better Breathing) for patients with respiratory conditions like asthma, bronchiectasis, chronic obstructive pulmonary disease (COPD), and cystic fibrosis, the device uses a mechanism similar to the cough mechanism to help open up and expand the lungs for conditions like atelectasis and help clean the lungs of mucus and pollutants. These factors have created several opportunities for key players to fuel the growth of this target market.
Trends of Respiratory Devices Market:
Combination therapy promoting respiratory device sales-
Combination treatments are increasingly being used to treat COPD and asthma which combines short-acting anticholinergic with a long-acting beta-agonist. Due to its benefits, including higher efficacy, greater reliability in complex patients, and favorable reimbursement policies related to therapy, patients are favoring combination therapies. A significant consideration for makers of respiratory equipment is the rising use of combination medicines, such as triple combination therapy.
Futurewise Insights: According to analysis done by analysts at Futurewise the global market for respiratory devices is evaluated at US$ 22,757.8 million in 2022, and is estimated to grow by a CAGR for 9.3% over the forecast period i.e. 2023-2031. Top companies that hold majority share in the market are Medtronic PLC, Teleflex Incorporated, Hamilton Medical, Smiths Group Plc, and General electric. These companies all together hold 63.4% market share in 2022.
Objectives of Study:
- To provide with an exhaustive analysis on the Respiratory Devices Market By Type, By Application, By End User and By Region.
- To cater comprehensive insights on factors such as drivers, restraints, trends, opportunity, and additionally segmental and regional factors impacting market growth.
- To evaluate current market trends and forecast micro-markets and the overall market projections which are represented in the format of data-sets and ppt.
- To predict the market size, in key regions— North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
- To provide information on competitors which includes landscape mapping, technological advancements, R&D spending, news concerning strategic alliances, and new product launches.
Key Takeaways: FutureWise research report will help you understand the growth prospects, key trends, and data points affecting the market's growth. A detailed review of strategies being opted by the players in this market, and a thorough market share registered by the key companies globally as well as on a regional basis.
Delivery model: You can reach us directly at [email protected]. We offer a flexible delivery model wherein you can request changes in the scope/table of content as per your requirements. Customized Mobility Care is free of charge associated with any license purchase of any report.
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Table of Contents:
Market Introduction
Research Methodology
Executive Summary
Market Variables, Trends, and Scope
Market Overview
Market Analysis Tools
Market Segmentation
Regional Landscape
Market Share Analysis and Competitive Landscape
Company Profiles
Impact of COVID-19
Impact of Russia-Ukraine War
Competitive Intelligence and Competitive Matrix
Major Deals and Strategic Alliances Analysis
Relevant Case Studies and Latest News Updates
Key Takeaway Points from the Analysts at FutureWise Market Research
Frequently Asked Questions:
What is the Respiratory Devices Market’s revenue, sales, and pricing analysis for the top manufacturers globally and based on region?
Which key factors are driving market growth?
What is the historic and forecast CAGR of market?
Which country holds the greater percentage share of market globally?
What current factors are creating opportunities for vendors in this market?
What challenges are being faced by new market entrants in this industry?
How is Russia-Ukraine War impacting the overall growth of this market?
About & Contact Details:
We specialize in high-growth niche “Healthcare” market research, and offer flexibility, agility, as well as tailored solutions & services for our clients. Our research is based on both primary and secondary methods, wherein primary consists of opinions, interviews of key opinion leaders, and high ranked doctors specializing in a particular field of medicine. Our market insights and consulting services enable our clients to stay ahead of their industries for many years.
FutureWise Market Research
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