The global Respiratory Devices Market is estimated to be valued at US$ 23701.98 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Respiratory devices are used for monitoring or diagnosing different respiratory diseases and disorders. They help in delivering medicines directly into airways and lungs. Key respiratory devices include ventilators, Resuscitation Bags, Oxygen Concentrators, Polysomnography Devices, Pulse Oximeters, Gas Analyzers, Spirometers, and Peak Flow Meters. Growing prevalence of respiratory diseases such as COPD, asthma, sleep apnea, and respiratory failure has increased the demand for respiratory devices globally.
Market key trends:
One of the key trends in the respiratory devices market is the growing adoption of portable devices. Portable respiratory devices offer mobility and flexibility for patients suffering from respiratory illnesses. They include portable pulse oximeters, peak flow meters, and portable ventilators and oxygen concentrators. Moreover, technological advancements are allowing integration of advanced features like wireless connectivity in portable respiratory devices. This is further facilitating remote patient monitoring and management. Growing demand for home healthcare is also augmenting the demand for portable respiratory devices.
Threat of new entrants: The respiratory devices market requires large investments for R&D and maintaining regulatory compliances which acts as a barrier for new entrants.
Bargaining power of buyers: The existence of several manufacturers limits the bargaining power of buyers. However, increased demand for respiratory devices enhances buyers’ position.
Bargaining power of suppliers: The presence of many component suppliers limits their bargaining power. However, some key components have fewer suppliers concentration which increases dependency.
Threat of new substitutes: There are limited substitutes for respiratory devices as they are used to treat various chronic respiratory diseases.
Competitive rivalry: The respiratory devices market witnesses fierce competition due to the presence of major global players.
The global Respiratory Devices Market Size is expected to reach US$ 23701.98 Million by 2023, exhibiting a CAGR of 9.1% over the forecast period. The market is driven by rising cases of chronic respiratory diseases such as asthma and COPD.
Regional analysis: North America dominates the respiratory devices market and is expected to maintain its lead during the forecast period. This is attributed to rising healthcare expenditure, advanced healthcare systems and increasing access to insurance. Asia Pacific is anticipated to exhibit the highest growth rate owing to growing pollution levels, improving access to care and rising healthcare investments.
Key players: Key players operating in the respiratory devices market include Masimo, Teleflex Incorporated, Fisher & Paykel Healthcare Limited, ResMed, Hamilton Medical, Medtronic, Koninklijke Philips N.V., ICU Medical, Inc., General Electric Company, Dragerwerk AG & Co. KGaA, Inogen, Inc., TytoCare Ltd., Belluscura, Mitocon Biomed, VYAIRE, Medline Industries, Inc., OMRON Corporation, TNI medical AG, and Xplore Health Technologies Pvt. Ltd.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it