The global Respiratory Devices Market is estimated to be valued at US$ 23701.98 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Respiratory devices are used for treatment, monitoring, and diagnosis of respiratory diseases. These devices help in delivery of medications, detection of respiratory disorders at early stages, and provide better airway management.
Market key trends:
One of the key trends in the respiratory devices market is the rising adoption of portable oxygen concentrators. Portable oxygen concentrators are more convenient to use for patients as compared to bulky oxygen cylinders. They are lightweight, come with long battery life, and can deliver continuous oxygen flow to patients even when they are mobile. These advantages over traditional oxygen systems are increasing the demand for portable oxygen concentrators globally. Furthermore, technological advancements in respiratory devices as well as rising cases of respiratory disorders such as COPD and asthma are also fueling market growth.
Market key trends:
One of the key trends in the respiratory devices market is the growing adoption of portable respiratory devices. Portable devices are more convenient for patients to carry around. They also enable patients to be more mobile and active. With advancements in technology, respiratory devices are becoming smaller, lighter and more portable without compromising on functionality. This has improved patient compliance with therapy as portable devices can be easily used anywhere.
SWOT Analysis
Strengths: Products with advanced features that improve patient outcomes. Wide range of products for diagnosis and treatment.
Weaknesses: High costs of innovative respiratory devices make them inaccessible for some. Dependence on reimbursement policies.
Opportunities: Rapidly aging population drives demand. Growing pollution levels and cases of respiratory disorders globally.
Threats: Intense competition from local and regional players. Price pressure due to reimbursement cuts.
Key Takeaways
The global Respiratory Devices Market Share size was valued at US$ 23701.98 Mn in 2023 and is expected to reach by 2030, registering a CAGR of 9.1% during the forecast period. The rising cases of chronic respiratory diseases such as COPD and asthma are expected to drive the growth.
North America dominated the respiratory devices market in 2023 due to the rising prevalence of respiratory disorders in the region. The increasing healthcare expenditure and presence of major players in the region also contributes to its large market share.
Key players operating in the respiratory devices market include Masimo, Teleflex Incorporated, Fisher & Paykel Healthcare Limited, ResMed, Hamilton Medical, Medtronic, Koninklijke Philips N.V., ICU Medical, Inc., General Electric Company, Dragerwerk AG & Co. KGaA, Inogen, Inc., TytoCare Ltd., Belluscura, Mitocon Biomed, VYAIRE, Medline Industries, Inc., OMRON Corporation, TNI medical AG, and Xplore Health Technologies Pvt. Ltd. Major players are focusing on new product launches, partnerships and geographical expansion to increase their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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