The respiratory devices market in the Asia Pacific was worth USD 4.40 billion in 2022. It is forecasted to grow at a CAGR of 9.93% and be worth USD 7.06 billion by 2027 from 2022 to 2027.
The high incidence of respiratory disorders and the rising aging population across the Asia-Pacific region are propelling the respiratory devices market in APAC. The growth of the respiratory devices market in the APAC region is further driven by the growing prevalence of smoking, increased urbanization and pollution levels, increased frequency of premature births, and lifestyle changes. In addition, the rising government support for device manufacturing industries, rising disposable income, and improving healthcare infrastructure are contributing to regional market growth.
On the other hand, the increasing frequency of respiratory disorders such as asthma and COPD and a growing aging population in emerging countries in the region, such as China, Japan, and India are significantly expanding the respiratory devices market in Asia. However, the increasing demand for respiratory care is directly driven by infectious and other targeted diseases. Furthermore, technological developments, such as enhancing device portability and simplicity of use, and awareness initiatives in Asia, such as the "Healthy Lung Programme," are projected to expand considerably throughout the forecast period. The breathing apparatus is the most prominent market category due to the rising occurrence of respiratory illnesses. The hospital is the most famous section since it has modern equipment. Home care settings and an expanding senior population are the market's primary drivers.
The primary barriers to market growth in this region are the lack of proper maintenance, public awareness, and the high costs associated with acquiring and operating such devices.
This research report on the APAC respiratory devices market has been segmented and sub-segmented into the following categories:
By End User:
Geographically, the Asia Pacific is one of the fastest-growing regions in the global market. The market growth in the region is projected to be fueled by the improving healthcare sectors, rising healthcare expenditures, and favorable reimbursement policies. Additionally, the Asia Pacific respiratory devices market is predicted to develop quickly over the forecast period, owing to increased tobacco smoking rates and a growing middle-class population in emerging regional countries. In addition, APAC is establishing itself as a medical tourism hotspot and is one of the fastest-growing markets for medical operations and devices. Because of their inadequate infrastructure, treatment costs, and availability of highly educated physicians, medical tourists have been driven to APAC regions, especially India and China.
The China respiratory devices market holds the largest market share and is projected to register a prominent claim during the forecast period. The healthcare sector's advancing healthcare infrastructure, technological advancements, and increasing disposable income propel market growth.
In APAC, India is one of the fastest-growing countries. Therefore, the Indian respiratory devices market is a prospective target for device manufacturers due to its high prevalence of respiratory disorders. In addition, improving healthcare facilities, growing awareness, and supportive government policies contribute to the market.
On the other hand, the Australian respiratory devices market is anticipated to grow at a promising rate in the coming years. According to the Australian government, 1 in every 20 Australians aged 45 and up has Chronic Obstructive Pulmonary Disease (COPD). It is Australia's fifth most significant cause of death. According to the Lung Foundation Australia 2018 factsheet, roughly 20% of people with chronic obstructive pulmonary disease (COPD) also have asthma, referred to as asthma-COPD overlap (also known as asthma-COPD overlap syndrome, or ACOS). As a result, the category is expected to develop at a healthy rate throughout the forecast period.
KEY MARKET PLAYERS:
Masimo Corporation, ResMed, Inc, Philips Healthcare, Covidien plc, CareFusion Corporation, Fisher and Paykel Healthcare Limited are notable companies in the APAC respiratory devices market.
The APAC Respiratory Devices Market is projected to grow at a CAGR of 9.93% from 2022 to 2027.
The rising prevalence of respiratory diseases, an aging population, rising levels of pollution, and increasing healthcare spending are some of the key factors driving the APAC respiratory devices market.
Philips Healthcare, ResMed, Fisher & Paykel Healthcare and Medtronic are a few of the prominent companies in the APAC respiratory devices market.
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