The global respiratory devices market size is estimated to be worth USD 29.62 billion by 2027 and USD 18.90 billion in 2022, growing at a CAGR of 9.40% during the forecast period.
Respiratory devices are medical devices that are used to aid patients who are suffering from respiratory problems and cannot attain sufficient oxygen levels to sustain life.
Respiratory care devices are used for diagnosis, monitoring, and treatment of respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, tuberculosis, and pneumonia. These devices provide enhanced care to patients suffering from such acute and chronic respiratory diseases. The prevalence of respiratory diseases will continue to rise as our global population ages and the incidence of chronic diseases, such as COPD and asthma, increases exponentially. Hence the demand for respiratory devices will keep growing. In recent years patients with respiratory diseases use various devices, which help the removal of mucus from the airways and the improvement of pulmonary function.
MARKET DRIVERS:
The growth of the global respiratory devices market is majorly driven by the high prevalence of respiratory diseases, rising aging population across the globe, high prevalence of smoking, rising urbanization and pollution levels, increasing incidence of preterm births, and lifestyle changes. Infectious respiratory diseases directly drive demand for respiratory care.
The increased incidence of respiratory diseases such as Chronic Obstructive Pulmonary Disease (COPD) and Obstructive Sleep Apnea (OSA) are factors that are having a significant impact on the anaesthesia and respiratory devices market. The breathing apparatus is the dominant segment of the market due to the high prevalence rate of respiratory diseases. The hospital is the dominant segment as it is equipped with advanced apparatus. North America dominates the market in terms of revenue and will continue the same in the future.
COVID-19 is the most recent and significant of these diseases; the pandemic has resulted in a surge in demand for personal protection equipment and ventilators, among others. The need for ventilators has also grown due to the COVID-19 outbreak, resulting in governmental and industrial support for driving the pace of manufacturing. It is indicative of the emphasis on respiratory care in the background of a pandemic; the market is expected to show a healthy growth rate as a result.
MARKET RESTRAINTS:
However, a lack of awareness leading to a large underdiagnosed and undertreated population and the harmful effects of specific respiratory care devices on neonates have hampered market growth to an extent. In addition, the diagnostic industry as a whole and respiratory care diagnostic, in particular, is presently facing the challenge of a lack of reimbursements for various diagnostic tests. Reimbursement policies are dispersed in Europe and are available only for PAP devices and oral appliances in select countries (devices that are not covered by insurance have a low market share in the region). Also, the majority of countries in the Asian and RoW regions have negligible reimbursement coverage for respiratory care devices.
Low awareness of respiratory diseases; Despite the high prevalence of major respiratory diseases such as asthma and COPD, remains highly underdiagnosed and undertreated. It is particularly evident in developing economies due to the low awareness about these diseases and the unavailability of adequate resources to diagnose these diseases.
COVID-19 Impact on the global respiratory devices market:
The COVID-19 outbreak in Wuhan, China, led to the rapid establishment of several hospitals for treating the increasing number of patients. It has been mirrored in other countries as well—Italy and the US also built large hospitals within days to accommodate a growing patient population. In New York, the US, the army converted the Javits convention centre into a 2,900-bed hospital within four days. Critical care devices are being manufactured in increased quantities to meet growing demand. The state of affairs resulting from the pandemic has resulted in alliances between healthcare and non-healthcare industries to manufacture respiratory care devices.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2021 to 2027 |
|
Base Year |
2021 |
|
Forecast Period |
2022 to 2027 |
|
Segments Covered |
By Type, End-User, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
This market research report on the global respiratory devices market has been segmented and sub-segmented based on the by type, end-user, and region.
Respiratory Devices Market Analysis - By Type:
In 2020, the therapeutic devices segment is accounted for the significant share of the global respiratory devices market. It is mainly accredited to the growing adoption of several therapeutic devices such as nebulizers, PAP devices, humidifiers, and oxygen concentrators due to an increase in the elderly populace and increasing frequency of respiratory diseases.
Respiratory Devices Market Analysis - By End-Users:
Based on end-uses, the hospital is the dominant segment, as they are equipped with anaesthesia and specialized and advanced breathing apparatus.
Respiratory Devices Market Analysis - By Region:
Geographically, the North American respiratory devices market held the largest share of the global respiratory care devices market in 2020, followed by Europe and the Asia Pacific. North America dominates the market in terms of revenue thanks to its strong innovation, continuous research and development, sophisticated healthcare infrastructure, and favourable repayment policies. Highly advanced healthcare systems and mounting healthcare costs are the main factors responsible for the large shares of North America and Europe in the global respiratory care devices market. However, the Asia-Pacific region is projected to grow at the highest CAGR, owing to the presence of a vast pool of respiratory patients. The Asia Pacific market is expected to grow at the highest CAGR during the forecast period. The presence of a large pool of respiratory patients, increasing healthcare expenditure, rapidly developing healthcare infrastructure, rising per capita income, growing middle-class population, and growing prevalence of tobacco smoking in this region are driving the market in the Asia Pacific.
Also, APAC is becoming a medical tourism hub and is considered as one of the fastest-growing markets for medical procedures and devices. Low infrastructure and treatment costs and the availability of highly educated physicians have driven medical tourists to APAC countries, particularly India and China.
KEY MARKET PARTICIPANTS:
A few of the notable companies operating in the global respiratory devices market profiled in this report are Masimo Corporation, ResMed, Inc., Fisher and Paykel Healthcare Limited, Philips Healthcare, Covidien plc, and CareFusion Corporation.
RECENT MARKET HAPPENINGS:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Type
5.1.1 By Therapeutic Devices
5.1.1.1 BI-PAP Devices
5.1.1.2 Nebulizers
5.1.1.3 Ventilators
5.1.1.4 Resuscitators
5.1.1.5 CPAP Devices
5.1.1.6 Humidifiers
5.1.1.7 Oxygen Concentrators
5.1.1.8 Inhalers
5.1.2 By Diagnostic and Monitoring Devices
5.1.2.1 Sleep Test Devices
5.1.2.2 Pulse Oximeter
5.1.2.3 Spirometers
5.1.2.4 Peak Flow Meters
5.1.2.5 Capnographs
5.1.3 By Disposables
5.1.3.1 Cannulas
5.1.3.2 Filters
5.1.3.3 Masks
5.1.3.4 Tubes
5.1.3.5 Breathing Circuits
5.2 By End Users
5.2.1 Hospitals
5.2.2 Home Care
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.3.6 Australia
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Masimo Corporation
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 ResMed Inc.
8.3 Fisher and Paykel Healthcare Limited
8.4 Philips Healthcare
8.5 Covidien
8.6 CareFusion Corporation
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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