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

Respiratory Care Market Size and Trends

The respiratory care market is estimated to be valued at USD 25.95 Bn in 2024 and is expected to reach USD 49.84 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.8% from 2024 to 2031.

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The global respiratory care market is expected to witness positive growth over the forecast period owing to increasing pollution levels and growing geriatric population prone to chronic respiratory diseases. Respiratory device manufacturers are increasingly focusing on developing innovative portable devices to leverage the mobility offered by compact design and ease of use. The adoption of respiratory devices is also growing across emerging markets on the back of rising economic conditions and health awareness. However, stringent regulatory framework and high cost of innovative devices might limit market potential to a certain extent over the forecast years.

Growing Prevalence of Respiratory Diseases

One of the key drivers for the growth of the global respiratory care market is the rising prevalence of respiratory diseases across the world. Diseases like Chronic Obstructive Pulmonary Disease or COPD, asthma, and lung cancer are on the rise. COPD which encompasses chronic bronchitis and emphysema is a major health threat. For instance, according to the World Health Organization fact sheet released in May 2023, approximately 262 million individuals are estimated to be afflicted by asthma. The increasing prevalence of these diseases has led to a parallel rise in the demand for respiratory care devices, medicines, and diagnostics tools. People with breathing issues need oxygen concentrators, ventilators, and nebulizers on a regular basis. The treatment of respiratory disorders also involves inhaled drugs delivery through metered dose inhalers and dry powder inhalers. PFT or pulmonary function tests are commonly done for screening and monitoring lung diseases.

Another notable driver has been the emergence of new and advanced technologies in the respiratory care arena. Significant innovation is taking place in terms of devices, drug delivery mechanisms, and digital solutions for respiratory illnesses. On the device front, innovative portable oxygen concentrators are being introduced which are lightweight and can be carried anywhere. New generation ventilators are more automated and user-friendly. Connected nebulizers with mobile features are available. Wearable air purifiers are gaining popularity. The development of metered-dose inhalers (MDIs) with improved dose accuracy, breath-actuated inhalers, dry powder inhalers (DPIs) that eliminate the need for propellants, and smart inhalers with integrated sensors to monitor medication usage and inhalation technique. For instance, in February 2022, AstraZeneca, a Swedish multinational pharmaceutical and biotechnology company, and Honeywell, a U.S.-based publicly traded, multinational conglomerate corporation, announced that they are set to collaborate in the development of advanced respiratory inhalers (pressurized metered dose inhalers (pMDIs)), utilizing the propellant HFO-1234ze. This particular propellant exhibits a significantly low Global Warming Potential (GWP) when compared to the propellants currently employed in respiratory medications, with a potential reduction of up to 99.9%.