Respiratory Devices Market
The global respiratory devices market is estimated to be valued at USD 23.58 Bn in 2024 and is expected to exhibit a CAGR of 11% during the forecast period (2024-2031). The global respiratory devices market has been witnessing significant growth in the recent years driven by the rising prevalence of respiratory diseases worldwide. Respiratory diseases have become one of the major causes of deaths globally, placing a substantial economic burden on healthcare systems. Various technological advancements in the field of respiratory cadre devices along with increasing investments in research and development of novel respiratory devices by key manufacturers are propelling the market growth. Moreover, growing geriatric population who are more susceptible to respiratory disorders and rising healthcare expenditure in developing nations are some of the key factors likely to contribute to the respiratory devices market during the forecast period. However, certain challenges including lack of awareness about respiratory care in rural areas and high costs associated with advanced respiratory devices may restrain the market growth to a certain extent.
Market Dynamics:
The global respiratory devices market is driven by the rising prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, tuberculosis, lung cancer, etc. According to the World Health Organization (WHO), over 385 million people suffer from chronic obstructive pulmonary disease (COPD) worldwide. Additionally, over 235 million people suffer from asthma globally. Growing geriatric population prone to respiratory ailments is another major factor fueling the market growth. The increasing adoption of sedentary lifestyle and growing environmental pollution levels leading to poor air quality have further boosted the incidence rates of respiratory disorders. Various technological advancements in the field of respiratory care devices including development of portable oxygen concentrators, ventilators, nebulizers, and others is a key growth driver. However, high costs associated with advanced respiratory devices especially ventilators and Continuous positive airway pressure (CPAP) machines remain a key challenge. Furthermore, limited availability of advanced respiratory care in rural areas of developing nations restraints the market expansion.
Key Features of the Study:
Detailed Segmentation-
Company Profiles:
Table of Contents
*Browse 28 market data tables and 26 figures on "Respiratory Devices Market” - Global forecast to 2031
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