The global respiratory devices market is forecasted to reach US$30.77 billion in 2024, growing at a CAGR of 5.93% for the period spanning 2020-2024. The factors such as increasing chronic respiratory disease incidence, inclining geriatric population, accelerating economic development, rising personal healthcare expenditures, growing pollution levels, improving consumer confidence and improvement in respiratory devices manufacturing process are expected to drive the market. However, growth of the industry would be challenged by the competitive pressure and stringent regulation. Few notable trends include rising med-tech research and development expenditures, accelerating smart inhaler industry, technological advancements in ventilators and improving consumer bargaining power in developing economies.
In 2020, the outbreak of COVID-19 pandemic has created a favorable impact on the respiratory market as the demand for masks, respirators, protective clothing, and gloves have increased significantly not limited to healthcare sector but also to other industries.
On the basis of product type, the global respiratory devices industry is broadly bifurcated into therapeutic (nebulizers, ventilators, Positive Air Pressure (PAP), humidifiers, etc.), diagnostic & monitoring (Spirometers, Sleep Test Devices, Peak Flow Meters, Pulse Oximeters, Capnographs, etc.) and others i.e. consumables & accessories (mainly masks & breathing circuits).
The fastest growing regional market is North America due to increasing requirement of respiratory equipment in chemical R&D activities, launch of price benefits of home care machines and facilities related to hospital treatment by government. The U.S. represents one of the largest market and is already well-penetrated at developed market levels.
Scope of the report:
The report provides a comprehensive analysis of the global respiratory devices market segmented on the basis of product types i.e. therapeutic devices & diagnostics & monitoring device and on the basis of application i.e. COPD, Asthma and Sleep Apnea.
The major regional markets (North America, Europe and Asia-Pacific) have been analysed along with country coverage of US, Germany, UK, France and China.
The market dynamics such as growth drivers, market trends and challenges are analysed in-depth.
The competitive landscape of the market, along with the company profiles of leading players i.e. Koninklijke Philips N.V., Masimo Corporation, Invacare Corporation, ResMed Inc, Fisher & Paykel Healthcare Corporation Limited and Medtronic PLC.
Key Target Audience:
Respiratory Device Manufacturers
Raw Material Suppliers
Government Bodies & Regulating Authorities