RESPIRATORY CARE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The global respiratory care market faces several challenges. An aging population combined with rising levels of air pollution have contributed to the increasing prevalence of respiratory diseases like asthma and COPD. This has overwhelmed healthcare systems and driven up costs. Additionally, many developing nations still lack adequate access to respiratory care devices and technologies. The high costs associated with advanced respiratory equipment also limits their adoption in certain markets. Product innovation needs to keep pace with evolving respiratory conditions but requires significant R&D investments.

Market Opportunities – Untapped emerging markets

Untapped emerging markets can provide tremendous opportunities for growth in the global respiratory care market. Regions like Asia Pacific, Latin America, Middle East, and Africa offer a large patient pool suffering from respiratory diseases due to due to urbanization and lifestyle changes. For instance, according to the World Health Organization, data published in 2020, asthma-related deaths in Afghanistan were 3,403 which is 1.47% of total deaths. Moreover, as per the stats provided by the National Library of Medicine in March 2022, the population prevalence of COPD ranged from 1.7% to 24.8% in sub-Saharan Africa (SSA). Furthermore, according to the WHO data published in 2020, asthma-related deaths in Bangladesh reached 8,893 or 1.24% of total deaths. As a result, the combination of a high burden of respiratory diseases, improved access to healthcare, rising disposable income, government initiatives, market expansion strategies by pharmaceutical companies, opportunities for research and clinical trials, and favorable demographics contribute to the growth and expansion of the respiratory care market growth in emerging regions.