Respiratory Care Device Market

Respiratory Care Device Market Size

[170+ Pages Research Report to surpass USD 60.29 billion by 2030 from USD 22.34 billion in 2020 at a CAGR of 10.44% in the coming years, i.e., 2021-30.

Medical equipment used for the diagnosis, management, care, control, treatment, and assessment of patients with cardiopulmonary disorders is referred to as a respiratory care device. These are used to treat degenerative lung disorders such as asthma, emphysema, chronic bronchitis, and other chronic and acute respiratory illnesses. Furthermore, monitoring equipment is critical for keeping track of the health of individuals with respiratory diseases. The World Health Organization (WHO) estimates that 235 million people will suffer from asthma by 2020. This denotes the necessity for asthmatic patients to get respiratory treatment.

Market Highlights

 Global Respiratory Care Device market is expected to project a notable CAGR of 10.44% in 2030.

 The global pandemic of coronavirus has resulted in an unexpected increase in demand for respiratory care devices. Apart from that the high prevalence of respiratory illnesses, the global aging population, the high prevalence of smoking, rising urbanization and pollution levels, the rising incidence of preterm births, and lifestyle changes are all contributing to the market's rise.

Recent highlights in the Global Respiratory Care Device Market

• In April 2020, Philips released the PHILIPS RESPIRONICS E30 VENTILATOR. As a result, the firm will be able to assist healthcare professionals by supplying high-quality ventilators.
• In January 2020, Masimo Corporation purchased NantHealth's Connected Care Business. (US). Through connection, automation, and novel noninvasive monitoring technologies, Masimo will be able to aid hospitals in delivering continual care.

Global Respiratory Care Device Market: Segments

Inhaler segment to grow with the highest CAGR during 2020-30

Global Respiratory Care Device market is segmented by Therapeutic devices into PAP Devices, Ventilators, Nebulizers, Humidifiers, Oxygen Concentrators, Inhalers, Reusable Resuscitators, Nitric Oxide Delivery Units, Oxygen Hoods. The therapeutic devices segment of the respiratory care devices market accounted for the biggest proportion of the market in 2020. Inhalers are commonly used to treat severe respiratory illnesses. Metered-dose inhalers (MDIs) and dry-powder inhalers are the two types (DPIs). The rising prevalence of asthma is a major driver driving the global inhalers market forward throughout the predicted period.

Cardiology and Vascular segment to grow with the highest CAGR during 2020-30

Global Respiratory Care Device market is segmented by Monitoring Devices into Pulse Oximeters, Capnography, and Gas Analyzers. These Throughout the forecast period, the pulse oximetry market is predicted to grow at a stable rate. In comparison to other respiratory care devices, smart pulse oximeters have grown in popularity in recent years. It has become a critical tool for physicians in the continuous monitoring of a patient's arterial oxygen saturation (SaO2) by computing an estimate of the SaO2 (also known as the SpO2) and presenting the output. Several firms have concentrated their efforts on creating low-cost pulse oximeters to compete in the growing and price-competitive industries. Acute care and alternative care settings, such as long-term care institutions, homecare, and sleep labs, benefit from the product's sophisticated capabilities, which include handheld and bedside monitoring. The respiratory care monitoring devices market is likely to be driven by such advances in this area.

Market Dynamics

Drivers

Outbreak of infectious diseases

Demand for respiratory treatment is directly driven by infectious respiratory illnesses. The most recent and serious of these illnesses is COVID-19, which has led in a rise in demand for personal protective equipment and ventilators, among other things. Because of the COVID-19 epidemic, there has been an increase in demand for ventilators, prompting government and industry assistance to speed up production. As a consequence of the increased focus on respiratory treatment in the context of an outbreak, the market is projected to grow at a strong rate.

Rise in Global Geriatric Population

In recent years, the global elderly population has grown at an unprecedented rate. Lung function declines with age, and the frequency of respiratory illnesses such as chronic obstructive pulmonary disease (COPD) and asthma rises. With increasing age, the respiratory system experiences numerous anatomical, physiological, and immunological changes. The structural alterations, which include deformities in the chest wall and thoracic spine, impede the respiratory system's function and cause breathing difficulties. The worldwide respiratory care monitoring devices market is projected to grow in the near future as the frequency of respiratory illnesses rises.

Restraint

Unfavorable reimbursement scenario

Many people rely on reimbursements to pay for their medical care. The diagnostic business as a whole, and respiratory care diagnostic, in particular, are currently confronted with a shortage of reimbursements for different diagnostic tests. Reimbursement regulations vary across Europe and are only accessible in a few countries for PAP devices and oral appliances (devices that are not covered by insurance have a low market share in the region). In addition, the majority of Asian and RoW nations have minimal reimbursement coverage for respiratory care devices.

Global Respiratory Care Device Market: Key players

• Koninklijke Philips N.V.

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• ResMed
• Medtronic
• Fisher and Paykel Healthcare Limited
• BD (U.S.)
• Chart Industries, Inc.
• Drägerwerk AG & Co. KGaA
• Hamilton Medical
• Teleflex Incorporated
• 3M

Global Respiratory Care Device Market: Regions

Global Respiratory Care Device market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. In 2020, the respiratory care devices market in North America was the largest, followed by Europe and Asia Pacific. Due to the presence of a large pool of respiratory patients, rising healthcare expenditure, rapidly developing healthcare infrastructure, rising per capita income, growing middle-class population, and growing prevalence of tobacco smoking in this region, the Asia Pacific market is expected to grow at the fastest CAGR during the forecast period.

 Global Respiratory Care Device is further segmented by region into: 

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR –Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Global Respiratory Care Device report also contains analysis on:

Respiratory Care Device Segments:

• By Product

  • Therapeutic Devices
    •    PAP Devices
    •    Ventilators
    •    Nebulizers
    •    Humidifiers
    •    Oxygen Concentrators
    •    Inhalers
    •    Reusable Resuscitators
    •    Nitric Oxide Delivery Units
    •    Oxygen Hoods
  • Monitoring Devices
    •    Pulse Oximeters
    •    Capnography
    •    Gas Analyzers
  • Diagnostic Devices
    •    Spirometers
    •    Polysomnography Devices
    •    Peak Flow Meters
    •    Other Diagnostic Devices
  • Consumables and Accessories
    •    Masks
    •    Reusable Masks
    •    Nasal Masks
    •    Full-face Masks
    •    Nasal pillow masks
    •    Oral Masks
    •    Disposable Mask
    •    Disposable Resuscitators
    •    Tracheostomy Tubes
    •    Nasal Cannulas
    •    Other Consumables and Accessories
• By End-User
  • Hospitals
  • Home Care Settings
  • Ambulatory Care Centers
  • Respiratory Care Device Market Dynamics
  • Respiratory Care Device Market Size
  • Supply & Demand
  • Current Market Trends/Issues/Challenges
  • Competition & Companies Involved in the Market
  • Value Chain of the Market
  • Market Drivers and Restraints

Respiratory Care Device Market Report Scope and Segmentation