Respiratory Devices Market Estimated To Witness High Growth Owing To Rising Prevalence 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 mainly includes ventilation devices like ventilators, oxygen therapy devices like cylinders, concentrators and masks, sleep apnea devices, neonatal ventilators and others. These devices are used to treat various respiratory diseases like asthma, lung cancer, chronic obstructive pulmonary disease (COPD), cystic fibrosis, tuberculosis and sleep apnea. Ventilators are major revenue generating segment and are widely used in hospitals, home care settings, and ambulatory care centers for critical respiratory support to patients.
Market Dynamics:
The respiratory devices market is primarily driven by the rising prevalence of respiratory diseases globally. For instance, according to World Health Organization (WHO), around 235 million people were affected by asthma in 2019 worldwide. Moreover, in 2019, COPD affected over 210 million people worldwide. The other major market driver is increasing geriatric population which makes them more prone to respiratory disorders like COPD and sleep apnea. Furthermore, technological advancements in respiratory devices led to miniaturization, portability and improved functions which enhanced the adoption rate. However, stringent regulatory frameworks and high costs associated are expected to hinder the market growth.
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