Respiratory Care Devices Market To Reach USD 48.7 Billion By 2032, Report By DataHorizzon Research
The respiratory care devices market size was valued at USD 25.0 Billion in 2023 and is projected to reach USD 48.7 Billion by 2032 at a CAGR of 7.7%.
Fort Collins, Colorado, April 08, 2024 (GLOBE NEWSWIRE) -- *
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*The growing prevalence of respiratory diseases induces the need for respiratory care devices.*
The increasing prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, pulmonary fibrosis, pneumonia, emphysema, and sleep apnea is driving the *demand for respiratory care devices.* According to the World Health Organization (WHO), COPD is projected to become the third leading cause of death worldwide by the end of 2025. Additionally, sedentary lifestyles coupled with rising trends in smoking and alcohol consumption are contributing factors to fatal disorders like lung cancer, necessitating appropriate treatment options. The growing emphasis on respiratory care has consequently fueled demand for respiratory care devices in recent years.
The COVID-19 pandemic has had a profound impact, resulting in a significant surge in the need for respiratory solutions. This surge has propelled the respiratory care devices market, as individuals have required acute care devices. These devices are characterized by their portability, ease of use, and effectiveness, leading to widespread demand. Furthermore, the increasing elderly population and rising rates of preterm births also contribute to the utilization of respiratory care devices. Both infants and elderly individuals often have compromised immune systems and may require external support for breathing, further driving the adoption of respiratory care devices.
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*Segmentation Overview:*
*The global respiratory care devices market has been segmented into product, application, end-use, and region.*
*COPD dominated in 2023 and is projected for a significant market share*
Based on application, the respiratory diseases market segmentation comprises asthma, sleep apnea, chronic obstructive pulmonary disease (COPD), cystic fibrosis, and emphysema. The chronic obstructive pulmonary disease (COPD) segment dominates the market mainly due to sedentary lifestyles and increasing pollution rates.
*Therapeutic devices to register a significant position in the coming years*
The respiratory care devices market is segmented by product into consumables, accessories, therapeutic devices, and monitoring devices. Each segment is further sub-segmented into different product lines. Consumables and accessories are sub-segmented into masks, disposable resuscitators, breathing circuits, nasal cannulas, and inhalers. The therapeutic devices segment is currently dominating the market, accounting for the highest market share. Amongst these devices ventilators and inhalers are in much demand in the market. The intense need for bed care healthcare services, considering the severity of respiratory illness, is creating excessive need for ventilators.
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*Respiratory Care Devices Market Report Highlights:*
· The global respiratory care devices market growth is anticipated at a* CAGR of 7.7% by 2032.*
· The rising prevalence of respiratory diseases like chronic obstructive pulmonary disease (COPD), asthma, pulmonary fibrosis, pneumonia, emphysema, and sleep apnea are significantly driving the need for respiratory care devices.
· North America is the dominant region in the respiratory care device market. Most people in the United States suffer from sleep apnea, asthma, and chronic obstructive pulmonary disease (COPD).
· Some prominent players in the respiratory care devices market report include Medtronic, Philips Healthcare, Getinge AB, ResMed, Fisher & Paykel Healthcare Limited, Invacare Corporation, Air Liquide Medical Systems, Drägerwerk AG.
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*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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