In the near future, the respiratory care devices industry is poised for remarkable growth and innovation. Fueled by advances in technology and an increasing awareness of respiratory health, this sector is set to witness a surge in demand for state-of-the-art devices and therapies. Miniaturization and portability will be key trends, making devices more user-friendly and accessible for patients. Moreover, the integration of artificial intelligence and telemedicine into respiratory care will revolutionize diagnosis and treatment, providing real-time monitoring and personalized interventions. With a growing aging population and the enduring threat of respiratory diseases, the industry’s trajectory promises not only enhanced patient outcomes but also significant contributions to public health worldwide.
Respiratory care devices market in terms of revenue was estimated to be worth $21.8 billion in 2023 and is poised to reach $31.8 billion by 2028, growing at a CAGR of 7.8% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growth in this market can primarily be attributed to the Focus on improving patient outcomes and rising R&D investments resulting in technologically advanced devices. Respiratory therapists use several approaches to improve patients’ respiratory health and overall outcome. For instance, incentive spirometry is an exercise to assist patients by taking long and deep breaths to gauge how well the lungs expand. Since it needs deep breaths, it will enhance the patient’s ability to clear mucus from the lungs. Such activities are taught by therapists to patients, which propels the demand for respiratory care devices.
The pulse oximeters segment holds the major share of the respiratory care monitoring devices market
Based on product, the respiratory care monitoring devices market is segmented into pulse oximeters, capnographs and gas analyzers. The pulse oximeters segment accounted for the largest share of the respiratory care monitoring devices market in 2022. A large share of the pulse oximeters segment can be attributed to the development of innovative products, such as fingertip pulse oximeters & Bluetooth-enabled pulse oximeters, and their growing uptake.
The hospitals segment holds the major share of the respiratory care devices market
Based on end user, the respiratory care devices market is segmented into hospitals, home care settings, ambulatory care centers (ACCs), other end users. The hospitals segment holds the major share of the respiratory care devices market. Growing public-private partnerships to improve access to healthcare services—along with rapid developments in healthcare infrastructure and improving access to healthcare services—are expected to be the key factors driving the growth of the respiratory care devices market for hospitals in emerging economies in the coming years.
North America segment accounted for the largest share of the respiratory care devices market
The global respiratory care devices market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America dominated the respiratory care devices market in 2022. The presence of advanced healthcare infrastructure and high healthcare expenditure in the North America are factors expected to drive the growth of the respiratory care devices market in the country. The high prevalence of asthma is expected to drive the demand for respiratory care devices in the US during the forecast period.
Key market players:
The major players in the respiratory care devices market include Koninklijke Philips N.V. (Netherlands), General Electric Healthcare (US), ResMed Inc. (US), Fisher & Paykel Healthcare Corporation Limited (New Zealand), Medtronic plc (Ireland), Masimo Corporation (US), Drägerwerk AG & Co.(Germany), Getinge AB (Sweden), Nihon Kohden Corporation (US), Vyaire Medical (US), Hill-Rom, Inc. (US), AdaptHealth LLC (US), Rotech Healthcare, Inc. (US), Teleflex Incorporated(Japan), Air Liquide (France), Invacare Corporation (US), ICU Medical Inc. (US), Hamilton Medical AG (Switzerland), Apex Medical Corporation (Taiwan), Apex Medical Corporation (US), HUM GmbH (Germany), Nonin Medical (US), Allied Healthcare Products, Inc. (US), Drive DeVilbiss Healthcare (US), OMRON Healthcare, Inc. (Japan). MarketsandMarkets™