Respiratory Devices Market is expected to surpass US$ 55.9 billion grow at 8.7% CAGR from 2023 to 2033

The Respiratory Devices Market size is projected to be valued at US$ 24.2 Billion in 2023 and is expected to rise to US$ 55.9 Billion by 2033. The sales of respiratory devices are expected to grow at a significant CAGR of 8.7% during the forecast period.

The prevalence of tobacco use and the rising incidence of respiratory disorders are some of the key factors propelling the growth of the worldwide respiratory devices market. Additionally, a preference for at-home oxygen therapy and technological advancements that lead to the development of novel oxygen therapy-delivery solutions are fueling the market's expansion.

In addition to this, a sizable number of encouraging initiatives by public and private organizations are further supporting the market. For instance, in July 2022, OMRON Healthcare, the company's healthcare branch, unveiled its most recent oxygen delivery system, the OMRON medical molecular sieve-based oxygen concentrator.

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In recent years, home healthcare technologies have grown in acceptance and market share. An additional area of interest for both established international manufacturers and other emerging suppliers is the introduction of therapeutic respiratory equipment for home healthcare.

Key Takeaways from the Respiratory Devices Market

With over 30.0% of the market in 2022, North America held a dominant position thanks to favorable outpatient treatment reimbursement, economic expansion aided by expanding insurance coverage, U.S. healthcare center accounts, developing healthcare expertise, and improved healthcare systems.

According to University of Edinburgh research, in England COPD treatment costs is likely to exceed 2.5bn euro by 2030. This is indicative of increased health spending on the treatment of respiratory ailments, which represents the scope for the expansion in the U.K.

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It is anticipated that a significant portion of the population in developing countries like China and India will experience respiratory illnesses. Nearly 90% of COPD-related fatalities, according to data from the World Health Organization (WHO), take place in low- and middle-income countries.

The Positive Airway Pressure (PAP) devices category will continue to hold more than half of the global market share for devices. By the end of 2031, the segment is anticipated to control just slightly more than 35% of the market in terms of product type. According to FMI, hospitals as end users are likely to account for above 42% of the market by the end of 2031. Driven by higher footprint of patients, hospitals have continued accounting for leading share in the Respiratory Devices Market among end users.

Competitive Landscape:

Leading players are focusing on strategic acquisitions to strengthen their product portfolio. For instance, Masimo Corporation acquired TNI medical AG ("TNI") for patients suffering from respiratory insufficiency to provide innovative pulmonary care therapy in 2020. Similarly, Resmed Inc. in 2019 completed the acquisition of HB Healthcare (HBH) and Propeller Health to provide connected health solutions for people living with chronic obstructive pulmonary disease (COPD) and other respiratory conditions like asthma.

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Companies operating in the respiratory devices market are focusing on strategic collaborations to address the requirements of an expanding patient pool. For instance, In June 2020, Medtronic plc entered into a partnership with Foxconn Industrial Internet to begin manufacturing Medtronic's Puritan Bennett 560 (PB560) ventilators in the United States. Similarly, Smith's Medical has signed a distribution partnership with Medline Industries for the distribution of the Portex acapella, a vibratory PEP therapy device to focus on the non-acute and home care channels in 2019.

There is ample focus on innovations and USFDA approval among players. Besides aiming at a competitive advantage, key players are focusing on the expansion of their global footprint as they expect approvals from regulatory authorities. For instance, In 2019, Masimo corporation got USFDA approval for Neonatal RD SET Pulse Oximetry Sensors with improved accuracy Specifications, O3 Regional Oximetry for use on neonatal and infant patients, Radius PPG, a first tetherless SET pulse oximetry sensor solution. Likewise, Masimo Corporation Rad-G Pulse Oximeter got USFDA approval in 2020 to treat respiratory disorders.

Most of the companies are focusing on new product launches with advanced technology coupled with new ventilation solution that provides respiratory support to neonates, infants, pediatrics, and adults. For instance, in 2019 ResMed Inc. launched an automated ResMed ReSupply solution to increase long-term therapy adherence and improve the satisfaction of patients suffering from sleep apnea disorders.

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