As per our research analysis, the size of the global respiratory devices market was worth USD 17.28 billion in 2020 and estimated to be growing at a CAGR of 9.40% to reach USD 27.08 billion by 2025.
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.
Respiratory devices supply respiratory gas mechanically to patients with impaired respiratory function. The respiratory gas is usually enriched with oxygen and conveyed into the lung with a positive pressure generated by the device. There are two fundamentally different respiration methods: During controlled respiration, the ventilator fully assumes the patient's respiration effort with preset respiratory volume or pressures, while in assisted respiration, the respiratory device merely supports the spontaneous breathing effort with a set overpressure. Modern respiratory devices automatically adjust the inhalations and exhalations to the patient's needs. Respiratory devices are available in various versions – as emergency respiratory devices for rescue applications, long-term respiratory devices for intensive care, and mobile home respiratory devices. An important feature when controlling (triggering) high-quality respiratory devices is the early detection of the patient's inhalation phase via a flow trigger. Hence the market value for the same is also more.
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 anesthesia and respiratory devices industry. 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.
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 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.
MARKET DRIVERS
The growth of this market is mainly attributed to 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.
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
Along with market drivers, some restraints slowed down the market value and growth. However, a lack of awareness, which is 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. 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.
REPORT COVERAGE
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REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 to 2025 |
|
Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
By Type, End-User, and Region |
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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 |
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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 2019, the therapeutic devices segment 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 anesthesia and specialized and advanced breathing apparatus.
Respiratory Devices Market Analysis - By Region
North America held the largest share of the global respiratory care devices Market in 2019, 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. 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.
TOP COMPANIES IN THE MARKET
List of key market participants leading the global respiratory devices market covered 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 and used for the treatment of newborns who are suffering from respiratory problems. This SAANS can provide 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 the high flow therapy and non-invasive ventilation to form as one. This product has made the surgeons more efficiently to work 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 the respiratory devices by giving oxygen to breathe..]
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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