Respiratory Devices Market Is Estimated To Witness High Growth Owing To Rising Incidences Of Respiratory Diseases
The respiratory devices market is estimated to be valued at US$ 23701.98 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The respiratory devices market comprises products such as therapeutic devices, monitoring devices, diagnostic devices, and consumables & accessories. Therapeutic devices include positive airway pressure (PAP) devices, humidifiers, oxygen concentrators, inhalers, nebulizers, masks, and ventilation devices. Monitoring devices include pulse oximeters and capnographs. Diagnostic devices include spirometers and polysomnography (PSG) devices. Consumables and accessories include catheters, masks, filters, and tubing. Rising prevalence of respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD) is expected to drive the demand for respiratory devices over the forecast period.
Market Dynamics:
Rising incidences of respiratory diseases and increasing elderly population are some of the major factors driving growth of the respiratory devices market. According to the Global Burden of Disease Study 2017, chronic respiratory diseases affected over 1 billion people worldwide in 2017. The prevalence of COPD is rising due to increasing risk factors such as smoking and air pollution. Moreover, asthma rates have also increased significantly over the past few decades, affecting over 300 million people globally, as per the Global Asthma Report 2018. However, high costs associated with advanced respiratory devices may hinder market growth. Additionally, risks such as skin irritation associated with long term use of respiratory masks and concerns regarding data security of connected devices also restrain the market growth.
SWOT Analysis
Strength: Respiratory devices enable vital parameters monitoring, improving patient outcomes. Leading manufacturers offering devices with advanced technologies. Increasing adoption of home healthcare devices boost demand.
Weakness: High costs associated with respiratory care equipment limits widespread adoption. Lack of reimbursement policies in developing nations hinders market growth.
Opportunity: Rising pollution levels and infections increasing respiratory ailments. Growing geriatric population prone to respiratory issues creates opportunities. Expanding healthcare infrastructure especially in developing nations offers scope.
Threats: Economic slowdowns impacting healthcare budgets of nations. Stringent regulatory approvals delays product launches. Emergence of alternative treatment options threatening devices market.
Key Takeaways
The global Respiratory Devices Market Share is expected to witness high growth, exhibiting a CAGR of 9.1% over the forecast period, due to increasing air pollution levels and rising prevalence of respiratory diseases.
The respiratory devices market size was valued at US$ 23701.98 Mn in 2023 and is projected to reach US$ 51475.24 Mn by 2030.
North America dominates the global respiratory devices market, owing to the growing geriatric population in the US and Canada prone to respiratory issues. Asia Pacific is expected to exhibit the fastest growth over the forecast period, due to expanding healthcare infrastructure and growing medical tourism in the region.
Key players operating in the respiratory devices market include Masimo, Teleflex Incorporated, Fisher & Paykel Healthcare Limited, ResMed, Hamilton Medical, Medtronic, Koninklijke Philips N.V., ICU Medical, Inc., General Electric Company, Dragerwerk AG & Co. KGaA, Inogen, Inc., TytoCare Ltd., Belluscura, Mitocon Biomed, VYAIRE, Medline Industries, Inc., OMRON Corporation, TNI medical AG, and Xplore Health Technologies Pvt. Ltd.
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