Renub Research paper, “Respiratory Care Devices Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2030,” was released recently and includes market percentage records and a thorough enterprise analysis. The study examines the competitive environment, growth potential, and geographic distribution of the Respiratory Care Devices Market.
Respiratory Care Devices Market is expected to expand at a compound annual growth rate (CAGR) of 8.20% from 2023 to 2030
The respiration care device market is rapidly evolving, pushed by the growing occurrence of respiratory sicknesses and technological advancements. These devices are vital for handling asthma, COPD, sleep apnea, and respiration infections. In 2023, allergies will affect approximately 339 million people globally (4.4% of the population), with 455,000 deaths, leading to 1.5 million hospital admissions and 23 million emergency department visits. Sleep apnea impacts around 936 million humans (10% of adults), probably underdiagnosed. The anticipated worldwide COPD incidence in 2023 is approximately 272 million (3.2% of adults). These statistics emphasize the essential function of respiratory care devices in addressing these widespread breathing situations.
Further, factors like air pollution, smoking, and an elderly population have amplified the load of respiratory diseases, resulting in a tremendous upsurge in the need for respiratory care devices. This includes inhalers, nebulizers, ventilators, oxygen concentrators, and CPAP (Continuous Positive Airway Pressure) machines. Technological advancements have evolved these devices, improving their effectiveness and consumer-friendliness. Portable and connected devices facilitate tracking and real-time statistics evaluation, improving patient care and treatment adherence. Furthermore, combining artificial intelligence and machine learning aids in early ailment detection and personalized therapy techniques. Notably, the developing trend of home respiration care, aimed at keeping off hospitalization and lowering healthcare costs, is gaining considerable traction amongst patients. So, the Respiratory Care Device Market is anticipated to grow to US$ 38.76 Billion by 2030.
Moreover, the Asia-Pacific respiration care device market is booming because of a developing elderly population, driving demand for respiratory devices to manage age-associated situations. Government tasks similarly help the market boom, along with India’s National Program for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases, and Stroke (NPCDCS), centered on early detection, therapy access, and public recognition to lessen non-communicable illnesses. India’s National Institute of Respiratory Diseases (NIRD) offers research, diagnostic and treatment services, and healthcare education. The Indian authorities incentivize home production of respiration care devices by financial perks and technology access. Public recognition campaigns and global collaborations, such as with the World Health Organization, reinforce efforts to enhance respiration healthcare.
The rising prevalence of asthma, coupled with increased awareness of respiratory health, has fuelled the growth of asthma applications in the respiratory care devices market.
The asthma applications provide users with vital equipment to monitor their situation, supplying real-time statistics and personalized insights. With the advent of superior technology and the benefit of mobile apps, patients can better control their asthma, leading to progressed results and decreased healthcare prices. As a result, the demand for asthma-related solutions continues to surge, making them a substantial and quintessential element of the respiration care devices market.
Device Type – The Respiratory Device Care Market has been covered from four viewpoints
- Therapeutic
- Monitoring
- Diagnostic
- Consumables & Accessories
The surge in diagnostic devices within the respiratory care devices market
Growing cognizance of respiratory illnesses has underscored the need for early and accurate diagnostics. Advanced technologies, transportable spirometers, and oxygen saturation monitors permit fast and convenient testing, improving patient control and therapy. The increasing emphasis on preventive healthcare and telemedicine additionally contributes to the need for these devices, allowing for far-off monitoring and timely intervention, consequently propelling the sizeable increase of diagnostic devices in the respiratory care devices market.
Product Type – The Respiratory Devices Care Market has been covered from eight viewpoints
- Respiratory Consumables
- Nebulizers
- Oxygen Concentrators
- Polysomnography Devices
- Pulse oximeters
- Mechanical Ventilators
- Spirometers
- Others
Oxygen concentrators have become prominent in the respiratory care devices market due to their pivotal role in treating various respiratory conditions
With the rising prevalence of respiratory illnesses and the effect of the pandemic, respiratory care devices offer a vital lifeline for patients requiring oxygen therapy. Their portability, ease of use, and cost-effectiveness make them available and practical. Moreover, the growing aging population and improved focus on breathing health issues have propelled the demand for oxygen concentrators, setting up their leadership in the respiratory care devices market.
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Application – The Respiratory Device Care Market has been covered from six viewpoints
- Chronic Obstructive Pulmonary Disease (COPD)
- Obstructive Sleep Apnea
- Asthma
- Respiratory Distress Syndrome
- Cystic Fibrosis
- Others
Home care is gaining popularity in the respiratory care devices market
Patients and healthcare companies are increasingly spotting the benefits of handling breathing conditions in the comfort of one’s home, lowering hospitalization and healthcare costs. Technology advancements have made it simpler for individuals to reveal and treat respiration issues with patient-friendly devices. Also, recent health concerns have expanded the adoption of home care solutions, boosting their reputation in the respiratory care devices market as they offer convenience, protection, and progressed patient outcomes.
End Users – Market has been covered from 3 viewpoints
1. Hospitals
2. Home Care
3. Ambulatory Care
China has emerged as a prominent global respiratory care devices market player
China’s growing older populace and rising chronic respiratory ailments, which include asthma, COPD, and sleep apnea, are propelling demand for respiratory care devices. Increasing focus on those conditions and the advantages of such devices has spurred patient adoption. China’s dedicated business parks and clusters for respiration device production facilitate collaboration and innovation by offering shared infrastructure and understanding. Local manufacturers are strengthening their delivery chains by sourcing materials locally, decreasing costs. The country actively collaborates with global companions to gather advanced technology and expand market access, along with Jiangsu Yuyue’s partnership with GE Healthcare to fabricate high-end ventilators. Government policies similarly bolster the prominence of China’s respiratory care devices market.
Country – The Respiratory Device Care Market has been covered from seventeen viewpoints
1. North America
1.1 United States
1.2 Canada
2. Latin America
2.1 Mexico
2.2 Brazil
3. Europe
3.1 United Kingdom
3.2 Germany
3.3 France
3.4 Italy
3.5 Spain
3.6 Netherlands
4. Asia Pacific
4.1 China
4.2 Japan
4.3 India
4.4 South Korea
4.5 Australia
5. Middle East & Africa
5.1 United Arab Emirates
5.2 South Africa
6. Rest of the World
Competitive Landscape
Significant competitors in the global market for respiratory care devices include Becton Dickinson, Chart Industries Inc., Getinge AB, Inogen Inc., General Electric Company, Medtronic Plc, and Koninklijke Philips.
Company Insights
- Business Overview
- Recent Development
- Sales Analysis
Respiratory care devices market companies
- Medtronic Plc
- Koninklijke Philips
- General Electric Company
- Masimo Corporation
- ResMed Inc.
- Becton Dickinson
- Chart Industries Inc.
- Getinge AB
- InogenInc
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