DUBAI, United Arab Emirates, The Therapeutic Respiratory Devices Market was valued at US$ 47 billion in 2021 and is projected to reach US$ 68.62 billion by 2032, rising at a CAGR of 3.5% from 2022 to 2032.
DUBAI, United Arab Emirates, The Therapeutic Respiratory Devices Market was valued at US$ 47 billion in 2021 and is projected to reach US$ 68.62 billion by 2032, rising at a CAGR of 3.5% from 2022 to 2032. The sales of therapeutic respiratory devices are being driven by the increased prevalence of respiratory disorders and rapid technical improvements.
Furthermore, the market is predicted to increase due to the growing adoption of therapeutic respiratory devices market such as humidifiers, nebulizers, and oxygen concentrators.
Long-term respiratory therapy for critical care, emergency respiratory devices for rescue applications, and mobile home respiratory devices are among the several types of respiratory devices available.
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Therapeutic advances in respiratory diseases is an open-access magazine that publishes peer-reviewed original research papers, reviews, and scholarly commentary on cutting-edge research and studies in the treatment of respiratory illnesses.
“Physicians and patients choose respiratory therapy devices for the treatment of respiratory problems owing to the medical intervention in both acute and chronic patient care.”
Key Takeaways
- Existence of modern healthcare facilities in the United States and Canada, the therapeutic respiratory devices market in North America gained over 36% market share in 2021.
- The Asia Pacific is predicted to expand the quickest throughout the forecast period, owing to factors such as increased asthma incidence in adults and children, as well as technology improvements.
- Additionally, the market expansion would be aided by rising healthcare awareness and improved healthcare infrastructure.
- The clinical trial of Tempol for the treatment of COVID-19 by Adams Respiratory Therapeutics Inc has surpassed enrollment expectations.
- COPD is estimated to affect 10% of adults aged 75 and older in the United States, according to the Journal of the Italian Society of Gerontology and Geriatrics.
- According to statistics issued by the Global Initiative for Asthma (GINA), an estimated 100 million people with asthma are expected to be diagnosed by 2025.
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What is the COVID-19 Impact on Therapeutic Respiratory Devices Market?
In January 2020, the World Health Organization (WHO) declared the coronavirus epidemic a public health emergency. The number of persons suffering from respiratory diseases has risen dramatically since then.
COVID-19 appears to have a favourable impact on the therapeutic respiratory devices market. This is due to the virus primarily targeting a person’s respiratory system. The therapeutic respiratory devices market moved forward as the cases increased, resulting in a positive influence.
COVID-19 has had a good impact on the hospital sector of the therapeutic respiratory devices market. Lung disease also accounts for 700,000 hospital admissions each year, according to data published by Public Health England in 2019.
The therapeutic respiratory devices market is anticipated to grow as the number of hospital diagnoses and treatments increases. As a result of these circumstances, the demand for therapeutic respiratory equipment in hospitals increases.
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Competitive Landscape
Carefusion Corporation, G.E. Healthcare, Chart industries, Philips Healthcare, Compumedics Ltd., Smiths Medical, Covidien PLC, Invacare, Fisher and Paykel, and Mindray are some of the major respiratory device companies.
Acquisitions and mergers, the launch of new products and services, partnerships and joint ventures, MoU agreements, V.C. and funding activities, R&D activities, and geographic expansion, among other noteworthy activities by key players in the therapeutic respiratory devices market, are among the key strategic developments in the competitive landscape.
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