Respiratory Care Devices Market Revenue to Cross $32.7Bn by 2028 at 8.9% CAGR – Exclusive Report by The Insight Partners
Respiratory Care Devices Market size is expected to reach $32.7 billion by 2028 from $18.11 billion in 2021; it is estimated to grow at a CAGR of 8.9% during 2021–2028.
New York, June 01, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on Respiratory Care Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product {Therapeutic Devices [Positive Airway Pressure (PAP) Devices (CPAP Devices, APAP Devices, and BiPAP Devices), Oxygen Concentrators (Fixed Oxygen Concentrators and Portable Oxygen Concentrators), Ventilators, Inhalers (Metered Dose Inhalers and Dry Powder Inhalers), Nebulizers, Humidifiers, and Others], Monitoring Devices (Pulse Oximeters, Capnography, and Gas Analyzers), Diagnostic Devices (Spirometers, Polysomnography Devices, Peak Flow Meters, and Other Diagnostic Devices), and Consumables & Accessories (Masks, Disposable Resuscitators, Tracheostomy Tubes, Breathing Circuits, and Other Consumables & Accessories)}, Indication [Chronic Obstructive Pulmonary Diseases (COPD), Sleep Apnea, Asthma, Infectious Diseases, and Others], End User (Hospitals, Home Care, and Ambulatory Care) The respiratory care devices market report highlights trends prevailing in the market and factors driving its growth. The respiratory care devices market growth is attributed to increasing prevalence of infectious respiratory diseases, rapidly increasing cases of asthma and COPD, rising number of product launches and approvals, and growing R&D investment for respiratory care devices. However, cutthroat competition among market players and unfavorable reimbursement scenarios hinder the market growth.
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*Report Coverage* *Details*
Market Size Value in $18.11 billion in 2021
Market Size Value by $32.7 billion by 2028
Growth rate CAGR of 8.9% from 2021 to 2028
Forecast Period 2021-2028
Base Year 2021
No. of Pages 347
No. Tables 274
No. of Charts & Figures 105
Historical data available Yes
Segments covered Product, Indication, and End User
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
*Respiratory Care Devices Market: Competitive Landscape and Key Developments*
Koninklijke Philips N.V.; ResMed Inc.; Medtronic; Masimo; Thermo Fisher Scientific Inc.; Dragerwerk AG & Co., KGaA; Invacare Corporation; Getinge AB.; Nihon Kohden Corporation; Air Liquide; and Teleflex Corporation; are among the leading companies in the respiratory care devices market.
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*The market is anticipated to flourish with the development of new innovative products by market players.*
· In December 2021, Medtronic's Covidien unit initiated a recall of Puritan Bennet 980 series ventilators due to a manufacturing error, marking the third Class I recall of the product since 2015. The recall was initiated due to a "manufacturing assembly error where a capacitor within the ventilator was assembled incorrectly, which may cause the device to become inoperable during use," according to an entry in the FDA recall database. The recall, which was initiated on November 4, 2021, affected 278 units.
· In November 2020, Masimo announced that Radius VSM, a wearable, tetherless vital signs monitor, had received CE marking and was being released in limited European markets. The versatile, expandable Radius VSM provides the ability to monitor a wide variety of physiological measurements, including continuous SET pulse oximetry, noninvasive blood pressure, body temperature, respiration rate, and electrocardiography (ECG).
North America is the largest market for respiratory care devices, and the US holds the largest share of the regional market, followed by Canada. The respiratory care devices market growth in the US is ascribed to the increasing adoption of advanced technologies, coupled with the rising population and the enactment of favorable government regulations. According to the Centers for Disease Control and Prevention (CDC), the number of adults diagnosed with bronchitis was 9 million in 2018, out of which 3.8% suffered severe symptoms. The CDC also stated that the number of adults diagnosed with emphysema was 3.8 million in 2018. Thus, the rising number of patients suffering from respiratory disorders and COPD will generate the need for supplemental oxygen, thereby inducing the growth of the respiratory care devices market.
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*Increasing Prevalence of Infectious Respiratory Diseases Fueling Respiratory Care Devices Market Growth*
Infectious respiratory diseases are creating a rising burden on the healthcare system worldwide. Infectious respiratory disease can be induced due to several factors associated with immune deficiency. Most infectious respiratory diseases are spread from person to person through mucus and saliva and are caused by microorganisms that can infect the respiratory system. The severity of contagious respiratory diseases ranges from mild to severe. Infectious respiratory diseases consist of an exhaustive list of diseases, such as tuberculosis (TB), COVID-19, influenza, diphtheria, measles, pneumonia, pertussis, and respiratory syncytial virus (RSV). According to the CDC data, TB incidence (cases per 100,000 population) among the people from the U.S. increased from 0.71 in 2020 to 0.79 in 2021, and among non-Americans, it increased from 11.71 in 2020 to 12.16 in 2021. Also, overall TB incidence in the US increased by 9.4% in 2021, following a significant decrease in 2020. As per the data published by the World Health Organization (WHO), approximately 30 countries have a high TB rate, accounting for 86% of new TB cases. Among those 30, 8 countries account for 2/3^rd of the total, with India leading the count, followed by China, Indonesia, the Philippines, Pakistan, Nigeria, Bangladesh, and South Africa. Due to the high usage of nebulizers in these infectious respiratory diseases, the demand for nebulizers has rapidly grown in the last few years, eventually propelling the growth of the respiratory care devices market. Many pharmaceuticals focus on developing effective therapies which can be administered via nebulizers. For instance, in May 2021, Vectura and Inspira Pharmaceutical announced a collaboration to establish a potential COVID-19 therapy. Vectura would test IPX formulation to lungs through Vectura's FOX vibrating mesh nebulizer. FOX vibrating mesh nebulizer has boosted the respiratory care devices market growth in the preceding years.
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*Respiratory Care Devices Market: Segmental Overview*
Based on product, the respiratory care devices market has been categorized into therapeutic devices, monitoring devices, diagnostic devices, and consumables & accessories. The therapeutic devices segment held the largest market share in 2021. The segment is expected to register the highest CAGR during 2021–2028.
In terms of indication type, the respiratory care device market is segmented into chronic obstructive pulmonary diseases (COPD), asthma, sleep apnea, infectious diseases, and others. The COPD segment held the largest market share in 2021 and is anticipated to continue to be the largest shareholder by 2028.
Based on end user, the respiratory care device market is segmented into hospitals, home care, and ambulatory care. In 2021, the hospitals segment held the largest share of the market. However, the home care segment is expected to grow at the fastest CAGR during 2021–2028.
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*Browse Adjoining Reports:*
Respiratory Monitoring Devices Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Product (Spirometer, Pulse Oximeter, Peak Flow Meter, and Capnographs), End User (Hospitals, and Home Care) and Geography
Continuous Positive Airway Pressure (CPAP) Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Automatic, Manual); End User (Emergency Health Departments, Hospitals); and Geography
Positive Airway Pressure (PAP) Devices Market to 2027 - Global Analysis and Forecasts By Product (Automatic Positive Airway Pressure (APAP) Devices, Continuous Positive Airway Pressure (CPAP) Devices, Bilevel Positive Airway Pressure (BPAP) Devices); End User (Sleep Laboratories & Hospitals, Home Care/Individuals) and Geography
Breathing Circuits Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Open, Semi-open, Semi-Closed, Closed); Application (Anesthesia, Respiratory Dysfunction, Others); End User (Hospitals, Surgical Centers, Clinics, Others)
Therapeutic Respiratory Devices Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Product (Nebulizers, Humidifiers, Inhalers, Oxygen Concentrators, Positive Airway Pressure Devices, Ventilators, Capnographs, Gas Analyzers, and Others); Technology (Electrostatic Filtration, HEPA Filter Technology, Hollow Fiber Filtration, and Microsphere Separation), Filters (Nebulizer Filters, Humidifier Filters, Positive Airway Pressure Devices Filters, Oxygen Concentrator Filters, and Ventilator Filters), and Geography
Portable Oxygen Concentrators Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product (Continuous Flow, Pulse Flow), Application (COPD, Asthma, Respiratory Distress Syndrome, Others), End User (Hospitals, Homecare Settings, Others), and Geography
Spirometers Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type(Handheld Spirometers, Table Top Spirometers and Desktop Spirometers); Technology(Volume, Flow and Peak Flow); Application(Asthma, Chronic Obstructive Pulmonary Disease, Cystic Fibrosis, Pulmonary Fibrosis and Others); End users(Hospitals , Home healthcare, Clinical Laboratories, Others)
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