by Respiratory devices are medical devices used for the treatment, monitoring, and diagnosis of respiratory diseases. Some key products in this market include therapeutic devices such as positive airway pressure (PAP) devices, nebulizers, humidifiers, oxygen concentrators, inhalers, masks, and ventilation devices. Ventilators are increasingly being used for the treatment of conditions such as chronic obstructive pulmonary disease (COPD) and respiratory distress syndrome affecting premature babies. Growing prevalence of respiratory diseases such as asthma and COPD worldwide coupled with the rising geriatric population are major factors expected to drive the demand for respiratory devices.
The global respiratory devices market is estimated to be valued at US$ 23701.98 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing prevalence of respiratory diseases is expected to be a major driver for the respiratory devices market during the forecast period. According to the WHO, 235 million people currently suffer from asthma, and approximately 65 million from moderate to severe COPD, with smoking as a major attributable factor for both diseases. Furthermore, increasing geriatric population is also expected to boost the market as the risk of respiratory diseases is higher among the elderly.
Another key driver for the market is technological advancements in respiratory devices. The development of portable and wearable respiratory devices with remote monitoring capabilities allows for easier disease management and improved quality of life for patients. This has further increased preference for home care settings over hospitals. Increasing access to and demand for quality healthcare across emerging regions are also expected to present lucrative growth opportunities for players in the respiratory devices market during the forecast period.
Segment Analysis
The respiratory devices market is segmented into therapeutic devices, monitoring devices and diagnostic devices. Therapeutic devices are further segmented into Nebulizers, Humidifiers, Oxygen concentrators, CPAP/BiPAP devices, Ventilators and Inhalers. Among these, CPAP/BiPAP devices dominate the therapeutic devices sub-segment owing to the rising prevalence of sleep apnea. CPAP/BiPAP devices provide continuous positive airway pressure to keep the airways open during sleep and are commonly prescribed for sleep apnea patients.
PEST Analysis
Political: Governments across countries are focusing on improving healthcare infrastructure and increasing healthcare expenditure which is positively impacting the respiratory devices market. Supportive reimbursement policies for respiratory devices are also fueling market growth.
Economic: Rising disposable incomes, growing geriatric population and increasing healthcare spending are the major macroeconomic factors augmenting the demand for respiratory devices globally. The presence of favorable insurance and reimbursement schemes make respiratory devices affordable.
Social: Growing prevalence of respiratory diseases such as asthma, COPD due to lifestyle changes, rising pollution levels and smoking rates is boosting the need for respiratory devices worldwide. Increasing health awareness regarding respiratory care is another key social factor influencing the market.
Technological: Introduction of portable and home-use respiratory devices incorporating new technologies like Bluetooth and sensors is allowing for remote patient monitoring. Advancements in diagnostic devices, ventilators and other therapeutic devices are further augmenting the market growth.
Key Takeaways
The Global Respiratory Devices Market Size is expected to witness high growth over the forecast period.
Regional analysis: North America is expected to remain the largest as well as the fastest growing regional market for respiratory devices during the forecast period. The rising prevalence of chronic respiratory disorders such as asthma and COPD, growing geriatric population, well-established healthcare infrastructure and favorable reimbursement policies are driving the North American respiratory devices market.
Key players operating in the respiratory devices market 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 players are focusing on new product launches, partnerships and regulatory approvals to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
