RESPIRATORY DEVICES MARKET ANALYSIS

Respiratory Devices Market Size and Trends

The global respiratory devices market is estimated to be valued at USD 23.58 Bn in 2024 and is expected to reach USD 48.94 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 11% from 2024 to 2031.

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Rising geriatric population, increasing prevalence of chronic respiratory diseases such as chronic obstructive pulmonary disease (COPD) and asthma, and rising airborne diseases are some of the key factors expected to drive the demand for respiratory devices. Technological advancements in the field of respiratory care devices, rising healthcare expenditure, and growing access to health insurance in developing nations also provide opportunities for market growth. However, high cost of innovative and new respiratory devices and procedures may restrict the market growth to some extent over the coming years.

Increasing Incidences of Respiratory Disorders

The global respiratory devices market is being driven higher by the increasing prevalence of various respiratory diseases worldwide. Conditions, such as chronic obstructive pulmonary disease (COPD) and asthma continue affecting millions of people and are major health issues in both developed and developing countries. COPD in particular has risen to become a leading cause of death globally in recent years. The high instance of respiratory illnesses can be attributed to factors like rising air pollution levels, growing elderly population, and changing lifestyles involving smoking and lack of physical activity. For instance, according to the World Health Organization fact sheet released in March 2023, over 200 million individuals are affected by chronic obstructive pulmonary disease (COPD), causing 3.23 million deaths in 2019 and 65 million experiencing moderate-to-severe COPD. Moreover, sleep-disordered breathing affects around 1-6% of the adult population, which amounts to more than 100 million people. The urgent need to address this growing respiratory disease burden through effective therapeutic and diagnostic solutions is a key market growth catalyst. Device manufacturers are ramping up their product portfolios to meet the provider demand arising from the expanding patient pools.

Increasing adoption of organic growth strategies, such as product launches, is expected to drive the market growth over the forecast period. For instance, on February 13, 2024, Masimo, a health technology company, announced the launch of Over-the-Counter fingertip pulse oximeter for medical use without a prescription.