Respiratory devices market is estimated to be valued at USD 23.58 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period (2024-2031). The rising prevalence of respiratory diseases, such as chronic obstructive pulmonary disease (COPD), asthma, and other respiratory infections, is a key driver contributing to the market growth. Furthermore, the growing geriatric population globally is also expected to fuel the demand for respiratory devices as the risk of developing respiratory illnesses increases with age.
Market Dynamics:
Growth in the global respiratory devices market is primarily driven by two factors - the rising prevalence of respiratory diseases and the growing geriatric population worldwide. As per World Health Organization estimates, close to 300 million people suffer from asthma globally. Similarly, over 300 million people are now living with COPD, with the condition expected to become the third leading cause of death by 2030. The increasing incidence of such respiratory conditions has driven the uptake of respiratory devices for treatment and management. Meanwhile, the world's senior population is booming. With age comes deterioration of organs including lungs, making older persons more vulnerable to contracting respiratory infections and illnesses. This expanded the base of elderly individuals requires ongoing respiratory care, propelling the sales of respiratory devices. Both these key drivers have contributed significantly to the robust growth projections for this market over the forecast period.
Growing Prevalence of Respiratory Diseases is Driving the Demand for Respiratory Devices
One of the key factors fueling the growth of the global respiratory devices market is the rising prevalence of respiratory diseases worldwide. According to the World Health Organization (WHO), respiratory diseases account for approximately 8% of total global deaths annually. Chronic Obstructive Pulmonary Disease (COPD) alone affects over 300 million people worldwide and is expected to become the third leading cause of death by 2030. The growing geriatric population is also at a higher risk of developing age-related respiratory diseases such as pneumonia, interstitial lung diseases, lung cancer, etc. which requires respiratory monitoring and therapy devices. Moreover, growing air pollution levels and increasing smoking rates in developing countries are major contributors to the global disease burden. This growing demand for treatment and management of respiratory diseases is driving sales of devices such as oxygen concentrators, nebulizers, continuous positive airway pressure (CPAP) machines, and ventilators.
Increasing Healthcare Expenditure and Access to Care Boosts Device Adoption
According to data by the WHO, the global healthcare spending reached USD 7.8 trillion in 2019 and is expected to rise further at a steady pace. Developed regions such as North America and Western Europe spend extensively on quality healthcare services which includes medical devices. On the other hand, emerging economies are allocating greater portion of their GDP towards healthcare in a bid to improve care and treatment outcomes. This has led to higher equipment adoption across care settings including hospitals, clinics, and at-home. Increasing medical reimbursement and insurance coverage for respiratory therapies have also made devices affordable for patients needing long-term care. The trend of point-of-care and telehealth services further supports home usage of respiratory devices.
Lack of Standard Regulatory Frameworks Hinders Market Growth
A major restraint affecting the respiratory devices industry is the lack of a robust and standardized regulatory framework across major markets. While the U.S. and Europe have well-defined regulatory guidelines for new product approvals and post-marketing surveillance, other regions are still evolving in this area. Changing and unclear regulatory standards often delay market entry of novel technologies and raise compliance costs for manufacturers. This also discourages smaller players with limited resources from entering developing markets. Suboptimal regulatory oversight also poses risks related to device safety, effectiveness, and quality control which undermines confidence in new products. Lack of reimbursement coverage in some countries further disincentivizes adoption especially for home healthcare solutions. Establishing global harmonization and universal standards can help address these regulatory challenges.
Growing Adoption of Digital Health and Telemedicine Platforms
The rising adoption of digital health solutions and telemedicine present a major market opportunity in the respiratory care space. The recent COVID-19 pandemic has accelerated virtual care delivery models and remote patient monitoring are increasingly being viewed as an effective strategy to provide preventive services. This trend works in favor of connected respiratory devices that digitally record compliance data, symptoms, and share reports with providers. It aids early disease detection and timely intervention while being convenient and affordable for users. Several industry players have introduced Bluetooth-enabled sensors, mobile apps, and cloud-based platforms integrated with their medical-grade respiratory product portfolio. The digital health boom creates new revenue streams from data insights and expands outreach beyond traditional settings. It is likely to transform respiratory management with the convenience of self-care and virtual consultations.
*Link: https://www.coherentmarketinsights.com/market-insight/respiratory-devices-market-1299
Key Development
- On February 19, 2024, Getinge, a healthcare company, announced that it had launched Servo-c mechanical ventilator in India. It is designed to address the diverse respiratory needs of both pediatric and adult patients, offering lung-protective therapeutic tools.
- In February 2022, AstraZeneca, a 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%.
- In November 2021, Cipla, a pharmaceutical company, announced the launch of Spirofy, India's first pneumotach based portable, wireless Spirometer, on World COPD Day
- In March 2021, VYAIRE, a global medical technology company, announced that it had launched AioCare, a mobile spirometry system in more than 15 countries across Europe, the Middle East, and Australia. It helps the physicians to promptly diagnose pulmonary diseases including asthma and COPD as accurately as hospital-grade spirometers. It also performs high-quality patient monitoring via advanced digital connectivity at home.
Key Players: Medtronic, Hamilton Medical, ResMed, Masimo, Teleflex Incorporated, Fisher & Paykel Healthcare Limited, Koninklijke Philips N.V., ICU Medical, Inc., Dragerwerk AG & Co. KGaA, TytoCare Ltd., VYAIRE, Medline Industries, Inc., OMRON Corporation, TNI medical AG, and Xplore Health Technologies Pvt. Ltd.
