Respiratory devices help in treating respiratory disorders by supplying oxygen or monitoring breathing. They include equipment such as humidifiers, nebulizers, positive airway pressure devices, oxygen concentrators, ventilation devices and inhalers. Respiratory devices play a vital role in managing chronic respiratory conditions like asthma and COPD. The global respiratory devices market is driven by the rising geriatric population which is more susceptible to respiratory diseases, growing pollution levels and changing lifestyle leading to increased incidence of respiratory illnesses.
The global respiratory devices market is estimated to be valued at USD 23.58 Bn in 2024 and is expected to reach USD 48.94 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 11% from 2024 to 2031.
Key Takeaways
Key players operating in the respiratory devices are TCS, Wipro, Cognizant, Infosys, IBM, Qualitest, CGI, Mindtree, Cygnet Infotech, Maveric Systems, QA Mentor, A1QA, QA Source, QASource, Capgemini, Accenture, HCL Technologies, Atos, DXC Technology, Tech Mahindra.
Key opportunities in the respiratory devices market include development of portable respiratory care devices for home healthcare and increased funding and initiatives for respiratory disease management. The market is also witnessing rising demand from developing regions of Asia Pacific and Latin America owing to improving healthcare infrastructure and increasing spending power.
Emerging economies provide huge untapped opportunities for major players to expand their footprint globally. Partnerships with local players help global companies to strengthen their distribution and service networks in developing markets.
Market Drivers
The high prevalence of respiratory diseases is the key factor driving the Respiratory Devices Market Growth. As per the WHO, respiratory diseases accounted for over 8 million deaths in 2019. Growing pollution levels, aging population, and lifestyle changes such as rising smoking rates and physical inactivity have contributed significantly to the disease burden. These factors have propelled the demand for respiratory monitoring, therapeutic and diagnostic devices globally.
PEST Analysis
Political: Governments worldwide are focusing on increasing accessibility and affordability of healthcare. Many countries are imposing regulations to ensure product quality and safety.
Economic: Rising disposable incomes and growing health awareness are driving demand for advanced respiratory devices. However, high product costs can limit market growth in price-sensitive countries.
Social: An aging global population and increasing pollution levels are leading to a higher prevalence of respiratory diseases. However, social stigmas still exist around certain devices.
Technological: Players are developing integrated devices with new features like Bluetooth and Wi-Fi connectivity. However, high R&D investments required and risks of product failure remain challenges.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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