Respiratory Devices Market Is Expected To Be Flourished By Increasing Cases Of Respiratory Diseases

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Respiratory devices are medical equipment used for the treatment and management of various respiratory diseases and disorders. Some key respiratory devices include oxygen concentrators, nebulizers, positive airway pressure devices (PAP), ventilators, and inhalers. Oxygen concentrators are predominantly used for continuously delivering supplemental oxygen to patients suffering from Chronic Obstructive Pulmonary Disease (COPD) and other respiratory conditions. Nebulizers are used for administering asthma and COPD medications in the form of mist that can be directly inhaled into the lungs. Positive airway pressure devices such as CPAP and BiPAP machines are commonly used to treat sleep apnea by maintaining positive pressure in the airways and keeping them open during sleep. Ventilators are sophisticated life-support machines used for respiratory support during intubation in case of severe respiratory diseases including COVID-19. Inhalers remain the key drug delivery devices for asthma, delivering medication directly to the airways via a metered dose.

The global Respiratory Devices Market is estimated to be valued at US$ 27304.69 Bn  in 2023 and is expected to exhibit a CAGR of 13.%  over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Increasing prevalence of respiratory diseases is a major driver for the respiratory devices market. Asthma and COPD in particular have become highly common chronic respiratory conditions globally. According to the WHO, over 300 million people currently suffer from asthma worldwide, while over 160 million are diagnosed with COPD. Growing geriatric population also contributes as the risks of respiratory diseases increase with age. Additionally, factors such as rising air pollution levels, toxic emissions and high smoking rates have led to escalation of respiratory disorders in recent decades. The Covid-19 pandemic has further highlighted the importance of respiratory equipment like ventilators and O2 concentrators globally. These industry drivers have propelled the demand for various therapeutic and monitoring respiratory devices over the past few years. Rapid technological advancements have also introduced several new product varieties with improved efficacy and patient comfort.

Segment Analysis

The respiratory devices market can be segmented into therapeutic devices and diagnostic devices. Therapeutic devices dominates the market with a share of over 70% as of 2024, due to the increasing prevalence of respiratory diseases such as asthma and COPD globally. This segment includes inhalers, nebulizers, CPAP machines, humidifiers, oxygen concentrators and others. Inhalers sub-segment is dominating within therapeutic devices due to ease of use and being the first line treatment for conditions like asthma.

PEST Analysis

Political: The government policies supporting healthcare modernization with increased funding for respiratory care is driving market growth. However, stringent regulations can increase compliance costs for manufacturers.
Economic: Rising geriatric population suffering majorly from respiratory diseases and growing healthcare spending is fueling market revenues. However, high cost of innovative devices in developed markets can hamper adoption rates.
Social: Growing pollution and tobacco consumption increasing the burden of respiratory illnesses. Changing lifestyle contributing to sedentary habits and obesity is elevating the risk of developing respiratory conditions.
Technological: Integration of connectivity in devices for remote monitoring and use of 3D printing, AI, IoT is supporting new product innovation. Miniaturization of devices improving portability is benefiting patients.

Key Takeaways

The global Respiratory Devices Market Growth is expected to witness high growth in the forecast period led by the increasing incidence of chronic respiratory disorders, rapidly growing geriatric population, and technological advances in devices.

Regional analysis: North America holds the major share currently attributed to developed healthcare infrastructure and reimbursement facilities supporting device adoption. Asia Pacific is expected to witness fastest growth due to rising air pollution, growing medical tourism, and increasing healthcare investments in countries like China and India.

Key players: Key players operating in the respiratory devices market include TCS, Wipro, Cognizant, Infosys, IBM, Qualitest, CGI, Mindtree, Cygnet Infotech, Maveric Systems, QA Mentor, A1QA, QA Source, QASource, Capgemini, Accenture, HCL Technologies, Atos, DXC Technology, Tech Mahindra. TCS and Wipro are among the leading providers of respiratory devices and healthcare IT services.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

About Author – Ravina Pandya
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Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile