Respiratory Devices Market

Global Respiratory Devices Market Size (2022 to 2027)

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.

Global Respiratory Devices Market Share Insights:

• Based on type, the therapeutic devices segment accounted for the major share of the global respiratory devices market in 2021.
• Based on end-user, the hospital segment led the market in 2021.
• The North American region captured the leading market share worldwide in 2021.
• The European region is anticipated to be worth USD 8.58 billion by 2027.
• The Asia-Pacific region is expected to grow at a CAGR of 11.38% from 2022 to 2027.

Respiratory devices aid patients suffering from respiratory problems which cannot attain sufficient oxygen levels to sustain life. Respiratory care devices are used to diagnose, monitor, and treat respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, tuberculosis, and pneumonia. These devices provide enhanced care to patients suffering from 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 have used various devices which help remove mucus from the airways and improve pulmonary function.

MARKET DRIVERS:

YOY growth in the patient count suffering from respiratory diseases growing aging population across the globe is propelling the respiratory devices market growth.

According to the World Health Organization (WHO), COPD, asthma, occupational lung diseases, and pulmonary hypertension are some ubiquitous respiratory devices worldwide. According to the same source, COPD causes close to 3 million deaths every year, and 262 million people have asthma. Therefore, the growing prevalence of respiratory devices is anticipated to promote the need for more respiratory devices and result in market growth.

In addition, the high prevalence of smoking, rising urbanization and pollution levels, increasing incidence of preterm births, and lifestyle changes are expected to boost the market’s growth rate. Furthermore, infectious respiratory diseases directly drive demand for respiratory care. The increased incidence of Obstructive Sleep Apnea (OSA) is another major factor driving the respiratory devices market growth. According to an article published by National Center for Biotechnology Information (NCBI), OSA is one of the significant health concerns worldwide, impacting 1 billion people aged between 30 to 79 years worldwide.

The growing number of infectious diseases is anticipated to reflect in the growth of the respiratory devices market. COVID-19 is the most recent and significant of these diseases; the pandemic has resulted in a surge in demand for personal protection equipment (PPE) 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 indicates the emphasis on respiratory care in the background of a pandemic; the market is expected to show a healthy growth rate.

MARKET RESTRAINTS:

However, lack of awareness leading to a large underdiagnosed and undertreated population and the harmful effects of specific respiratory care devices on neonates are expected to have a negative impact on the respiratory devices market growth. In addition, the medical industry and respiratory care diagnostic are 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 not covered by insurance have a low market share in the region). Also, most countries in the Asian and RoW regions have negligible reimbursement coverage for respiratory care devices.

In addition, 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 them. 

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 U.S. also built large hospitals within days to accommodate a growing patient population. In New York, the U.S., the army converted the Javits convention center 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. Considering the above factors, the demand for respiratory devices has grown significantly due to the ongoing COVID-19 pandemic. With the acceleration of COVID-19, the global respiratory devices market is anticipated to showcase much better growth during the forecast period.

REPORT COVERAGE:

This market research report on the global respiratory devices market has been segmented and sub-segmented based on type, end-user, and region.

Respiratory Devices Market Analysis - By Type:

• By Therapeutic Devices
  • BI-PAP Devices
  • Nebulizers
  • Ventilators
  • Resuscitators
  • CPAP Devices
  • Humidifiers
  • Oxygen Concentrators
  • Inhalers
• Diagnostic and Monitoring Devices
  • Sleep Test Devices
  • Pulse Oximeter
  • Spirometers
  • Peak Flow Meters
  • Capnographs
• By Disposables
  • Cannulas
  • Filters
  • Masks
  • Tubes
  • Breathing Circuits

In 2021, the therapeutic devices segment accounted for a significant global respiratory devices market share. The domination of the segment is majorly driven by factors such as the growing adoption of several therapeutic devices such as nebulizers, PAP devices, humidifiers, and oxygen concentrators due to the growing geriatric population and an increasing number of suffering respiratory devices.

On the other hand, the pulse oximeter segment did well in the recent past and is expected to post a healthy CAGR during the forecast period. The usage of pulse oximeters has increased due to the COVID-19 pandemic. To keep a self-check on their oxygen levels, people worldwide use pulse oximeters, which has quickened the demand for these devices. These devices are easy to use and understand the outcomes that come.

Respiratory Devices Market Analysis - By End-Users:

• Hospitals
• Home Care

Based on end-uses, the hospital is the dominant segment, equipped with anesthesia and specialized and advanced breathing apparatus. In addition, the usage of respiratory devices is high among hospitals, which led to the domination of the segment in the global respiratory devices market. Therefore, the domination of the segment is anticipated to continue throughout the forecast period.

However, the home care segment is expected to showcase a healthy CAGR during the forecast period owing to the growing adoption of home healthcare.

Respiratory Devices Market Analysis - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, the North American respiratory devices market held the largest share of the global devices market in 2021, 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 favorable repayment policies. In addition, 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 a vast pool of respiratory patients. As a result, the Asia Pacific respiratory devices 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 one of the fastest-growing medical procedures and devices markets. Low infrastructure and treatment costs and the availability of highly educated physicians have driven medical tourists to APAC countries, particularly India and China.

The European respiratory devices market captured the second-largest market share worldwide in 2021 and is projected to showcase a healthy CAGR during the forecast period. Europe is one of the regions that had a significant impact from COVID-19, and the same has promoted the usage of respiratory devices in the recent past.

The Latin American respiratory devices market is anticipated to grow at a steady CAGR during the forecast period.

The respiratory devices market in MEA is forecasted to grow at a moderate CAGR from 2022 to 2027.

KEY MARKET PARTICIPANTS:

A few notable companies 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:

• In May 2019, Fisher Paykel (New Zealand) launched a nasal cannula - F&P Optiflow 3S, to strengthen its position in the therapy of respiratory care devices market.
• In March 2019, InnAccel launched SAANS. It is a small or portable newborn children’s respiratory support system used to treat newborns suffering from respiratory problems. This SAANS can provide an oxygen or air-oxygen mixture or output of the substance, which is not mixed with other types. This SAANS has expanded its market in Asia Pacific regions, such as India.
• In November 2018, Koninklijke Philips N.V. launched Non-Invasive Ventilation with high-flow therapy. It is made to take any action to improve respiratory failure. In a single device, it combines both high-flow therapy and non-invasive ventilation to form as one. This product has made surgeons more efficient in working quickly.
• In May 2017, Drägerwerk AG & CO. KGAA introduced Oxylog VE300, a kind of ambulance that is used outside the hospital environment when used in emergencies.
• VAPOTHERM launched its next-gen Precision Flow Hi-VNI system to relieve a patient’s pain by using respiratory devices by giving oxygen to breathe.