Respiratory Devices Market

Global Respiratory Devices Market Size (2024 to 2032)

The global respiratory devices market size is estimated to be worth USD 46.40 billion by 2032 and USD 22.61 billion in 2024, growing at a CAGR of 9.40% during the forecast period.

MARKET DRIVERS

The growing patient population suffering from respiratory diseases is one of the major factors driving the growth of the respiratory devices market.

The number of people suffering from respiratory devices such as chronic obstructive pulmonary disease (COPD), asthma, and respiratory infections is on the rise worldwide. Air pollution, smoking, occupational hazards and lifestyle choices are some of the primary reasons resulting in the incidence of respiratory diseases among people. WHO says an estimated 235 million people worldwide suffer from asthma. The growth in the number of people suffering from these diseases is fuelling the demand for respiratory devices to manage and treat the conditions effectively as these devices play a vital role in the diagnosis, monitoring, and treatment of respiratory conditions. Respiratory devices such as inhalers, nebulizers, oxygen concentrators, positive airway pressure devices, and ventilators are used most to offer respiratory support to patients.

The growing aging population across the globe further fuels the respiratory devices market growth.

The population is aging rapidly worldwide. WHO estimates an estimated 2.1 billion people worldwide will be aging 60 years and above by 2050. People who are aged are more likely to diagnose with various diseases and conditions and need respiratory support and management. The respiratory muscles also lose their strength with growing age and weaken and the risk of developing respiratory diseases such as chronic obstructive pulmonary disease (COPD), pneumonia, and obstructive sleep apnea is high among the aged people compared to the younger people.

The growing number of infectious diseases is anticipated to reflect in the growth of the respiratory devices market.

COVID-19 is the most recent and significant of these diseases; the pandemic has resulted in a surge in demand for personal protection equipment (PPE) and ventilators, among others. The need for ventilators has also grown due to the COVID-19 outbreak, resulting in governmental and industrial support for driving the pace of manufacturing. It indicates the emphasis on respiratory care in the background of a pandemic; the market is expected to show a healthy growth rate.

The high prevalence of smoking, rising urbanization and pollution levels, increasing incidence of preterm births, and lifestyle changes boost the market’s growth rate. Infectious respiratory diseases directly drive demand for respiratory care. The increased incidence of Obstructive Sleep Apnea (OSA) contributes to the respiratory devices market growth. According to an article published by National Center for Biotechnology Information (NCBI), OSA is one of the significant health concerns worldwide, impacting 1 billion people aged between 30 to 79 years worldwide.

MARKET RESTRAINTS

However, lack of awareness leading to a large underdiagnosed and undertreated population and the harmful effects of specific respiratory care devices on neonates are expected to have a negative impact on the respiratory devices market growth. In addition, the medical industry and respiratory care diagnostic are facing the challenge of a lack of reimbursements for various diagnostic tests. Reimbursement policies are dispersed in Europe and are available only for PAP devices and oral appliances in select countries (devices not covered by insurance have a low market share in the region). Also, most countries in the Asian and RoW regions have negligible reimbursement coverage for respiratory care devices.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Respiratory Devices Market Analysis By Type

The therapeutic devices segment accounted for the largest share of the global respiratory devices market in 2023 and the domination of the segment is likely to continue in the coming years. The growth of the segment is majorly driven by factors such as the growing adoption of several therapeutic devices such as nebulizers, PAP devices, humidifiers, and oxygen concentrators due to the growing geriatric population and an increasing number of suffering respiratory devices. The inhalers sub-segment is anticipated to register a healthy CAGR during the forecast period. Other segments such as nebulizers and oxygen concentrators are predicted to grow steadily in the coming years.

The diagnostic and monitoring devices segment is expected to grow at a notable CAGR during the forecast period. Under the sub-segments, the pulse oximeter segment did well in the recent past and is expected to post a healthy CAGR during the forecast period. The usage of pulse oximeters has increased due to the COVID-19 pandemic. To keep a self-check on their oxygen levels, people worldwide use pulse oximeters, which has quickened the demand for these devices. These devices are easy to use and understand the outcomes that come.

Global Respiratory Devices Market Analysis By End-Users

The hospital segment is estimated to account for the major share of the global respiratory devices market during the forecast period. The availability of a wide range of respiratory devices in hospitals and the growing incidence of respiratory diseases, such as asthma, chronic obstructive pulmonary disease (COPD) and respiratory infections majorly drive the growth of the hospital segment in the global market. Technological advancements and an increasing number of hospital admissions for respiratory illnesses further boost the adoption of respiratory devices in hospitals and boost segmental growth.

However, the home care segment is expected to showcase a healthy CAGR during the forecast period owing to the growing adoption of home healthcare. The growing trend towards providing respiratory care in a home-based setting due to factors such as cost-effectiveness, patient comfort, and the ability to reduce hospital readmissions is one of the major factors propelling the growth of the home care segment in the global market. The growing aging population, increasing prevalence of COPD, technological advancements and supportive reimbursement policies and initiatives encourage the use of respiratory devices in home care further contributing to the growth rate of the home care segment in the worldwide market.

REGIONAL ANALYSIS

North America held the largest share of the global devices market in 2023, followed by Europe and the Asia Pacific. The domination of the North American region in the global market is expected in the coming years. The availability of well-developed healthcare infrastructure, including technologically advanced hospitals and home care settings is one of the major factors propelling the North American market growth. The availability of advanced respiratory devices, a high level of healthcare spending, a growing patient population suffering from respiratory diseases, such as asthma, COPD, and respiratory infections and the presence of favorable reimbursement policies and insurance coverage for respiratory devices in North America further fuel the growth rate of the North American market. The U.S. is predicted to hold the leading share of the North American market during the forecast period, followed by Canada.

The Asia Pacific regional market is projected to grow at the highest CAGR during the forecast period owing to the growing prevalence of respiratory diseases, increasing healthcare expenditure, rapidly developing healthcare infrastructure, rising per capita income, growing middle-class population and growing prevalence of tobacco smoking in this region. The growing population, rapid urbanization and changing lifestyles, increasing focus on improving healthcare access and awareness in many Asia Pacific countries, the growing awareness about respiratory diseases, and the availability of respiratory devices further support the APAC market growth. APAC is becoming a medical tourism hub and is considered one of the fastest-growing medical procedures and devices markets. Low infrastructure and treatment costs and the availability of highly educated physicians have driven medical tourists to APAC countries, particularly India and China.

Europe captured the second-largest market share worldwide in 2023 and is projected to showcase a healthy CAGR during the forecast period. Europe is one of the regions that had a significant impact from COVID-19, and the same has promoted the usage of respiratory devices in the recent past. The growing aging population in Europe is one of the major factors driving the European market growth. The growing burden of respiratory diseases, including COPD, asthma, and respiratory infections and technological advancements in healthcare further boost the growth rate of the European market.

Latin America is anticipated to grow at a steady CAGR during the forecast period. The growing patient population of respiratory diseases, including chronic bronchitis, asthma, and occupational lung diseases drives the Latin American market growth. The growing investments and increasing number of improvements in the healthcare infrastructure including respiratory care facilities and increasing number of initiatives from the governments of Latin American countries in terms of favorable reimbursement policies propel the Latin American market growth.

The market in MEA is forecasted to grow at a moderate CAGR during the forecast period. The growing investments in healthcare infrastructure, including hospitals and specialty respiratory care centers, the high burden of respiratory infections, including tuberculosis and pneumonia and rising awareness about respiratory diseases and the importance of early diagnosis and treatment promotes the growth of the respiratory devices market in MEA.

KEY PLAYERS IN THE GLOBAL RESPIRATORY DEVICES MARKET

Masimo Corporation, ResMed, Inc., Fisher and Paykel Healthcare Limited, Philips Healthcare, Covidien plc, and CareFusion Corporation are some of the major companies in the global respiratory devices market.

RECENT HAPPENINGS IN THE MARKET

• In May 2019, Fisher Paykel (New Zealand) launched a nasal cannula - F&P Optiflow 3S, to strengthen its position in the therapy of respiratory care devices market.
• In March 2019, InnAccel launched SAANS. It is a small or portable newborn children’s respiratory support system used to treat newborns suffering from respiratory problems. This SAANS can provide an oxygen or air-oxygen mixture or output of the substance, which is not mixed with other types. This SAANS has expanded its market in Asia Pacific regions, such as India.
• In November 2018, Koninklijke Philips N.V. launched Non-Invasive Ventilation with high-flow therapy. It is made to take any action to improve respiratory failure. In a single device, it combines both high-flow therapy and non-invasive ventilation to form as one. This product has made surgeons more efficient in working quickly.
• In May 2017, Drägerwerk AG & CO. KGAA introduced Oxylog VE300, a kind of ambulance that is used outside the hospital environment when used in emergencies.
• VAPOTHERM launched its next-gen Precision Flow Hi-VNI system to relieve a patient’s pain by using respiratory devices by giving oxygen to breathe.

DETAILED SEGMENTATION OF THE GLOBAL RESPIRATORY DEVICES INCLUDED IN THIS REPORT

This market research report on the global respiratory devices market has been segmented and sub-segmented based on type, end-user, and region.

By Type

• By Therapeutic Devices
  • BI-PAP Devices
  • Nebulizers
  • Ventilators
  • Resuscitators
  • CPAP Devices
  • Humidifiers
  • Oxygen Concentrators
  • Inhalers
• Diagnostic and Monitoring Devices
  • Sleep Test Devices
  • Pulse Oximeter
  • Spirometers
  • Peak Flow Meters
  • Capnographs
• By Disposables
  • Cannulas
  • Filters
  • Masks
  • Tubes
  • Breathing Circuits

By End-Users

• Hospitals
• Home Care

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa