Respiratory Care Devices Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

The respiratory care devices income ranges of medical equipment that are designed to support monitor and improve the respiratory function of patients suffering from various conditions like COPD, sleep apnea, asthma, infectious diseases and others. The devices include therapeutic respiratory care devices, respiratory care monitoring devices, diagnostic respiratory care devices and consumables and accessories, playing a critical role in treating and managing respiratory conditions. They help to alleviate symptoms, improve lung function and enhances overall respiratory health.

MARKET OVERVIEW

The market valuation of Respiratory Care Devices market was valued at approximately USD 22. billion in 2023 and is projected to reach USD 53.7 billion in 2034 exhibiting a CAGR of 10.5% during the forecast period of 2024-2034. Respiratory care devices are indispensable in healthcare settings, as it significantly enhances the management, treatment and monitoring of respiratory conditions. The market is aligned with healthcare sector, which makes it a sustainable and growing market.

GROWTH DRIVERS

The rise in chronic respiratory disease like COPD, asthma and sleep apnea is a significant growth driver for the market. according to world health organization respiratory reviews are leading causes of morbidity and mortality worldwide, which necessitates advanced respiratory care solution. According to Global Initiative for Chronic Obstructive Lung Disease (GOLD) 2023 Report, chronic obstructive pulmonary disease (COPD) was responsible for about 3 million deaths worldwide in 2019. This makes COPD the third leading cause of death globally, after cardiovascular disease (CVD).

The global aging population are more incident to respiratory diseases which drives the demand for the market. The elderly individuals often require continuous respiratory support, increasing the market for devices like inventors and oxygen concentrators. According to UN, the number of persons aged 60 or above is expected to more than double by 2050 and to more than triple by 2100, rising from 962 million globally in 2017 to 2.1 billion in 2050. The increase in air pollution levels globally have led to a rise in respiratory ailments fueling the need for respiratory devices. The urbanization and industrialization contributes to higher pollution, which drives the market towards growth.

According to WHO, the World Health Organization (WHO) estimates that 91% of the world's population live in places where air quality levels exceed WHO limits. This exposure to air pollution is primarily outdoor and can cause respiratory and other diseases, as well as 4.2 million premature deaths worldwide each year. Low- and middle-income countries are most affected by air pollution, especially in the Western Pacific and South-East Asia regions. The COVID-19 has significantly increased the demand for the respiratory care devices particularly for ventilators and oxygen therapy devices, in order to manage severe respiratory complications in infected patients.

According to CDC, COVID-19 infections are growing or likely growing in 14 states and territories and uncertain in 20 states and territories. The rise in healthcare expenditure globally has facilitated the adoption of advanced respiratory. This improved healthcare funding allows hospitals and clinics to invest in state of art respiratory care technology, which contribute towards the market growth. According to Becker and WHO, the cost of global healthcare soared from 7.4% in 2022 to 10.7% in 2023, a record high. The 2024 insurer-reported cost trend is forecasted at 9.9% average worldwide, though some regions will see a steeper increase. There is a sharp increase in government spending on health at all country income levels underpinned the rise in health spending to a new high of USD 9 trillion, which is approximately 11% of global GDP.

MARKET SEGMENTATION:

·         By Product- therapeutic respiratory care devices[ Positive Airway Pressure (PAP) Devices (CPAP devices, APAP devices, BiPAP devices), oxygen generator (fixed oxygen generator and portable oxygen generator), ventilators (ICU Ventilators-high-end ICU ventilators, mid-end ICU ventilators, basic ICU ventilators and portable/transportable ventilators), inhalers (metered dose inhalers and dry power inhalers), nebulizers, humidifiers (heated humidifiers and passover humidifiers), reusable resuscitators (adult resuscitators and infant/neonatal resuscitators), Nitric Oxide Delivery Units, Oxygen Hoods] Respiratory Care Monitoring Devices (Pulse Oximeters- Pulse Oximeter Equipment and Pulse Oximeter Sensors, Capnography, Gas Analyzers), Diagnostic Respiratory Care Devices (Spirometers, Polysomnography Devices, Peak Flow Meters and other), Consumables and Accessories (Masks- reusable and disposable, Disposable Resuscitators, Tracheostomy Tubes, Breathing Circuits, Nasal Cannulae and others)

·         By Disease Indications- COPD, Sleep Apnea, Asthma, Infectious Diseases

·         By End-User-Hospitals, Home care and Ambulatory care centers

·         By Region- North America, Europe, Asia Pacific, The Middle East and Africa, South America

Respiratory Care Devices Market Segment By Product Type Review:

The respiratory care devices are designed to provide relief and treatment for various respiratory conditions. It plays a critical role in managing chronic diseases like COPD, asthma, sleep apnea as well as acute in conditions requiring respiratory support. The CPAP devices are primarily used to treat obstructive sleep apnea by keeping the airway open during sleep, improving sleep quality and reduces the cardiovascular risk associated with untreated obstructive sleep apnea. APAP devices offers a more personalized treatment for sleep apnea.

It automatically adjusts pressure levels based on the patients need enhancing comfort and adherence. BiPAP devices provides two levels of pressures which are suitable for patients with more complex respiratory conditions, including central sleep apnea.  It offers relief for those who have difficulty exhaling against continuous pressure. The oxygen generators, both fixed and portable, provides a continuous supply of oxygen, for home-based patients with chronic respiratory conditions The portable versions improves the quality of life for patients who require therapy while maintaining mobility. The ventilators, ranging from high end ICU models to portable/transport types, are essential for providing life support in critical care settings and during patient transfers.

The inhalers, including metered dose inhalers and dry powered inhalers, deliver specific doses of medication to the lungs, which is crucial for asthma and COPD management. The nebulizers converts liquid medication into a mist for inhalation, which makes them effective for the patients who have difficulty using inhalers. The humidifiers, both heated and passover types, provides warm and moist air to patients using CPAP or BiPAP devices. It reduces the dryness and irritation in the airways. The reusable resuscitators available for both adults and infants are used in emergency situations to provide manual ventilation, offering immediate respiratory support.

The nitric oxide delivery units treats respiratory failure and pulmonary hypertension, while oxygen hoods encloses the patients head to deliver control oxygen therapy, often used for infants. The respiratory care monitoring devices like pulse oximeters, capnography units, and gas analyzer essential for continuously tracking respiratory parameters, ensuring proper management of respiratory conditions. The pulse oximeters measure oxygen saturation and the pulse rate, noninvasively. The capnography measures the concentration of carbon dioxide in the exhaled air, providing real time information on patient ventilation. The gas analyzers ensures accurate assessment of respiratory function and gas exchange.

The diagnostic respiratory care devices like, polysomnography devices and peak flow meters are used to identify and monitor respiratory conditions that facilitates early intervention and effective management. The spirometers measures lung function essential for diagnosing asthma, COPD, and other pulmonary diseases. The polysomnography devices conduct sleep studies to diagnose sleep disorders like sleep apnea, adding comprehensive data on sleep patterns and respiratory events. The peak flow meters measure the peak expiratory flow rate that helps asthma patients monitor and manage their condition effectively. The consumer consumables and accessories, including masks, disposable resuscitators, tracheostomy tubes, breathing circuits, and nasal cannula and other components are critical for proper functioning and hygiene for respiratory patients and respiratory care devices.

Respiratory Care Devices Market Segment By Disease Indication Review:

The COPD is a chronic inflammatory lung disease that causes obstructed air flow from the lungs, it includes conditions like emphysema and chronic bronchitis. The respiratory care devices including oxygen therapy devices, ventilators, inhalers, nebulizers, monitoring devices, and more are essential in managing and treating COPD. It helps to improve patient's quality of life and reduce hospitalizations. The sleep apnea is a disorder characterized by pauses in breathing or periods of shallow breathing during sleep. It often results in poor sleep quality and leads to serious health issues if untreated.

The respiratory care devices including CPAP devices, APAP and BiPAP devices, and polysomnography devices are pivotal in diagnosing and treating sleep apnea. Asthma is a chronic condition characterized by inflammation and narrowing of the airways, leading to wheezing, shortness of breath, chest tightness and coughing. The respiratory care devices including inhalers, nebulizers, peak flow meters and more are crucial for management of asthma. It provides relief from acute symptoms and controls the disease over long term. The respiratory infections like pneumonia, influenza, and COVID-19 causes severe respiratory distress and complications. The respiratory care devices are essential in managing these infections by providing necessary respiratory support and monitoring. The devices includes ventilators, oxygen therapy devices, nebulizers, monitoring devices, and more.

Respiratory Care Devices Market Segment By End-User Review:

The hospitals are the primary end users of their respiratory care devices. It utilizes a wide range of equipments for critical and routine patient care. These devices are crucial in intensive care units, emergency rooms, and general wards for managing patients with acute and chronic respiratory conditions. The home care segment for respiratory care devices is driven by the increasing preference for at home treatment for chronic respiratory conditions. It enables patients to manage their condition effectively outside of the hospital settings. The ambulatory care centers, including outpatient clinics or urgent care facilities, it provides immediate and specialized care for patients with respiratory conditions would not require hospital admission.

Respiratory Care Devices Market Regional Analysis:

North America is the significant market share driven by the factors like presence of well-established healthcare infrastructure that supports the adoption of advanced respiratory care technologies. The high incidence of chronic respiratory diseases like conditions like COPD, asthma, and sleep apnea supported by the CDC reports that millions of Americans suffer from these conditions. Europe is a valuable market driven by significant aging population which is more prone to respiratory diseases increases the demand for the respiratory care devices.

Asia Pacific is the rapidly growing market driven by high pollution levels and the growing incidence of smoking related respiratory conditions which contributes to the increased demand for respiratory care devices. The rapid improvements in healthcare infrastructure in countries like China and India supports the adoption of the market.  The Middle East and Africa is a growing market drive by investments in by investments in health care. In structure including healthcare infrastructure in Gulf countries. South America is another growing market driven by urbanization and economic development.

Key Challenges:

The inadequate healthcare infrastructure in many developing regions, poses a significant barrier to the widespread adoption of the market. The healthcare facilities in low- and middle-income countries lacks the necessary infrastructure to support advanced respiratory care devices, like stable electricity and adequate space. The rural and remote areas often have limited access to healthcare services, which makes it difficult to provide timely respiratory care to the patients in need, which is one of the significant challenges of the market.  The variability insurance coverage for respiratory care devices and treatments may affect the patient access in many regions. The insurers may not fully cover the cost of these devices leaving the patient to bear a significant financial burden, which may hinder the market growth and adoption.

Competitive Landscape:

In the highly competitive Respiratory Care Devices market, companies are investing heavily in research and development to innovate and improve the product and services. They are also collaborating, forming strategi partnerships, or acquiring other companies to gain access to new market segments, enhance distribution networks, and increase market share. Recent developments includes – Smile Train, Inc. partnered with Lifebox launched the Lifebox-Smile Train pulse oximeter, in July 2022.  Omron Healthcare launched a portable oxygen concentrator, in July 2022. Getinge launched Servo-C mechanical ventilator in India, in February 2024. NuvoAir Inc. got approval for Air Next Spirometer from the US FDA, in January 2024. Xplore Health Technologies launched Airofit Pro, a respiratory muscle training device, in November 2022.

Global Key Players:

·         Medtronic Plc

·         Masimo Corporation

·         Fisher & Paykel Healthcare Co. Ltd.

·         Dragerwerk AG

·         Nihon Kohden

·         Invacare Corporation

·         Getinge AB

·         Philips Healthcare

·         ResMed Inc.

·         Vyaire Medical

·         Other Players