Global Respiratory Devices Market - 2022-2029

Global Respiratory Devices Market - 2022-2029

Market Overview

The global respiratory devices market size was valued at US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 8.8% during the forecast period (2022-2029).

Respiratory devices deliver respiratory gas mechanically to patients with impaired respiratory function. The respiratory gas is usually supplemented with oxygen and transferred into the lung with a positive pressure generated by the device.

Market Dynamics

The increasing air pollution, respiratory diseases, growing geriatric population and market developments fuel the global respiratory devices market.

The rising cases of pulmonary diseases and market developments are expected to drive the respiratory devices market growth.

The growing air pollution and lifestyle choices are causing a rise in global respiratory cases, boosting the respiratory devices market growth. United Nations Environment Program states that air pollution is the most significant global environmental hazard to public health, accounting for an estimated 7 million premature deaths yearly. According to the WHO, tobacco causes 8 million deaths annually, of which 7 million are from the direct use and around 1.2 million are from indirect smoke.

Furthermore, the market event is driving the global respiratory devices market growth. For instance, in June 2020, Medtronic plc entered into a partnership with Foxconn Industrial Internet to facilitate the manufacturing of Puritan Bennett 560 (PB560) ventilators in the United States. Also, in November 2021, Cipla Limited launched its Spirofy, one of the first pneumotach-based portable, wireless spirometers in India, on the occasion of world pulmonary diseases day. Thus, the increasing cases of respiratory disorders and market strategies are pushing the global respiratory devices market during the forecast period.

The high cost is expected to hinder global respiratory devices market growth.

However, the high cost of respiratory devices and device maintenance is slowing the global respiratory devices market growth in the forecast period. For instance, Medtronic's High-Acuity Ventilator costs $5,000 to $50,000. Furthermore, these devices require time-to-time maintenance putting a financial burden on the user. Thus, restraining the global respiratory device market growth during the forecast period.

COVID-19 Impact

CCOVID-19 has significantly impacted global respiratory devices since coronavirus disease (COVID-19) is an infection of the SARS-CoV-2 virus primarily to the lungs. Most of the infected people experienced mild to moderate respiratory disturbance. As COVID-19 affected a large pool of the population across the globe led to overall increased sales of respiratory devices such as ventilators, oxygen concentrators, oximeters, pulmonary catheters, Etc. Furthermore, COVID-19 encouraged new developments and innovations in respiratory devices, thus positively impacting the global respiratory devices market.

Segment Analysis

Ventilators and Resuscitators are expected to grow at the fastest CAGR during the forecast period (2022-2029).

Ventilators and Resuscitators dominated the global respiratory device market in 2021 and are estimated to dominate the global respiratory market throughout the forecast period (2022-2029). A ventilator is typically used to maintain artificial breathing or circulate fresh air. A resuscitator is an apparatus for forcing oxygen or a mixture containing oxygen into the lungs. The approval of a large number of ventilators by the US FDA for emergency use contributes to the growth of the ventilators and resuscitators segment. For instance, in March 2020, the FDA allocated an Umbrella Emergency Use Authorization in reaction to circumstances about the inadequate supply and availability of FDA-approved ventilators for usage in healthcare settings in treating patients during the COVID-19 pandemic. This EUA qualifies the emergency use of particular ventilators, anesthesia gas machines adjusted for use as ventilators, positive pressure breathing devices altered for use as ventilators, ventilator tubing connectors, and ventilator accessories that the FDA determines to satisfy specified criteria for safety, performance, and labeling, which approved around 87 ventilators to be used for eliminating respiratory distress.

Furthermore, developing low-cost ventilators also ensures the dominance of ventilators and resuscitators over the global respiratory device market. For instance, in April 2020, 10XBeta, Boyce Technologies and New Lab, in collaboration, introduced a Spiro Wave ventilation device that can be produced for less than $5,000. Thus, the earlier data indicates that ventilators and resuscitators are expected to dominate the global respiratory device market during the forecast period.

Geographical Analysis

The North American region holds the largest market share of the global respiratory devices market.

North America holds most of the global respiratory devices market share. It is expected to dominate throughout the forecast period (2022-2029). The American population is at increased risk of respiratory diseases due to increasing air pollution and lifestyle choices. As per the USEPA, around 67 million tons of pollution were emitted in the United States in 2021. Also, the American Lung Association State of the Air 2022 report shows that in spite of decades of improvement in cleaning up the air pollution sources, over 40% of Americans, i.e., 137 million, are staying in places with increasing rates of unhealthy particle pollution which has raised by 2.1 million American compared to last year's report. Moreover, the increasing tobacco use in America contributes to this region's dominance over the global market. As to the CDC, an estimated 12.5% (30.8 million) of U.S. adults smoked cigarettes in 2020 and according to the National Youth Tobacco Survey (NYTS) by the FDA and CDC, about 1 in 10 or more than 2.5 million U.S. middle and high school students currently used e-cigarettes in 2022.

Furthermore, the market events by the key player in North America ensure this region's dominance over the global respiratory device market. For instance, in January 2020, Masimo Corporation acquired NantHealth, Inc. In December 2021, Chart Industries formed a collaboration with Howden to supply an advanced hydrogen solution. In May 2021, Vyaire Medical collaborated with GenWorks, a healthcare solutions provider with a presence in 140 locations in India. Therefore, with the data mentioned above, it is predicted that North America will dominate the global respiratory device market in the projected period.

Competitive Landscape

The essential players functioning in the global respiratory devices market are Hans Rudolph, Inc., Quality Medical, Philips Healthcare, Resmed Inc., Fisher & Paykel Healthcare Corporation Limited, Masimo Corporation, Medtronics Plc, Becton, Dickinson and Company, Invacare Corporation, Hamilton Medical AG, Chart Industries, Vyaire Medical, AstraZeneca, Max Ventilator and many more. The key players are embracing various approaches such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the respiratory devices market growth. For instance, in August 2022, AstraZeneca India partnered with Alveofit offering IoT-enabled handheld spirometers at hospitals across the country. Also, in May 2022, Max Ventilator introduced non-invasive (NIV) and multifunctional ventilators having inbuilt oxygen therapy and humidifier in India.

Medtronic plc.

Overview:

Medtronic plc is Ireland based American medical device company. Medtronic was founded in 1949 and is headquartered in Minneapolis, Minnesota, United States. Medtronic deals with four different businesses: the Minimally Invasive Therapies Group, the Diabetes Group, the Restorative Therapies Group, and the Cardiac and Vascular Group.

Product Portfolio:

Medtronic plc’s product portfolio for respiratory devices has the Puritan Bennett 980 Ventilator Series: Which comes with a remarkable ventilator security feature that, in case of certain system failures, will persist in delivering ventilatory support as the preset settings as possible and is with an integrated expiratory filtration system.

The global respiratory devices market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.