Market Dynamics:
Rising prevalence of respiratory diseases such as asthma, respiratory infections, sleep apnea drives market growth. According to American Academy of Allergy Asthma & Immunology (AAAAI), asthma affected around 339 million people worldwide in 2019. Increasing ageing population which is more prone to respiratory diseases also fuels growth of the market. People over age of 65 are at highest risk for developing COPD and approximately 25 million Americans are diagnosed with COPD.
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Market Trends:
Increasing adoption of respiratory care devices is a key trend in the market. Home care therapeutic devices include oxygen concentrators, Positive Airway Pressure (PAP) devices and inhalers. This is owing to benefits such as convenience and cost-effectiveness.
Introduction of new connected respiratory care devices is another trend gaining traction. Technological advancements lead to development of compact, portable respiratory care devices. For instance, portable oxygen concentrators are gaining traction. They allow COPD patients to remain mobile and perform normal activities.
Respiratory Care Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
US$ 25.95 Billion |
|
Estimated Value by 2031 |
US$ 49.84 Billion |
|
Growth Rate |
Poised to grow at a CAGR of 9.8% |
|
Historical Data |
2019–2023 |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Product Type, By Indication, By End User |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Emergence of New Technologies • Growing Prevalence of Respiratory Diseases |
|
Restraints & Challenges |
• Increasing Product Recalls • High Costs Associated with Advanced Respiratory Equipment |
Market Opportunities
Nebulizers segment market is anticipated to witness substantial growth. The segment accounted for approximately 30% share of the overall respiratory care market in 2023. This is due to rise of chronic respiratory diseases such as asthma and COPD. Nebulizers help deliver medication directly to the lungs. Nebulizers are preferred for treating chronic conditions as they enable quick and effective delivery of drugs to the airways.
Oxygen therapy devices segment is expected to dominate the market. Oxygen concentrators held the largest share of over 60% in the oxygen therapy devices market in 2023. This is due to Increasing Incidences of Chronic Obstructive Pulmonary Disease (COPD). The segment is estimated to expand at a strong CAGR during the forecast period.
Expanding network of healthcare facilities drives the overall market growth. This includes setting up new hospitals as well as expansion and modernization of existing healthcare facilities.
Hospital end-user segment accounted for the major share of over 50% in the overall respiratory care market in 2023. At the same time, the home healthcare sector is growing. This is due to the increasing preference for home-based long-term care.
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Key Market Takeaways
The global respiratory care market is anticipated to witness a CAGR of 9.8% during the forecast period 2024-2031. This is owing to the rising prevalence of respiratory diseases and growing geriatric population.
On the basis of product type, the nebulizers segment is expected to hold a dominant position. This is due to the increasing cases of asthma and COPD.
On the basis of indication, the COPD segment is expected to hold the largest share over the forecast period. This is due to the growing pollution levels.
On the basis of end user, the hospitals segment is expected to hold a dominant position over the forecast period. This is due to the expanding network of healthcare facilities.
North America is expected to hold a dominant position over the forecast period. This is due to the advanced healthcare infrastructure and growing healthcare expenditure.
Key Players Insights
- Medtronic,
- Koninklijke Philips N.V.,
- ICU Medical, Inc.,
- Teleflex Incorporated,
- ResMed,
- Dragerwerk AG & Co.
- KGaA.
In November 2022, Reckitt Benckiser Group plc, launched an education and early detection campaign for people with undiagnosed chronic obstructive pulmonary disease.
In January 2023, Synergy Life Science, Inc., launched Nebi, a pocket-sized, battery-operated nebulizer. Nebi is a convenient, on-the-go technique for medication delivery, recreational purposes, and a safe alternative to vaping for smoking cessation.
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