Therapeutic Respiratory Devices- Market Insights, Competitive Landscape, and Market Forecast - 2027

Therapeutic Respiratory Devices- Market Insights, Competitive Landscape, and Market Forecast - 2027

Therapeutic Respiratory Devices Market By Product (Positive Airway Pressure Devices {Continuous Positive Airway Pressure Devices, Auto-Titrating Positive Airway Pressure Devices, Bi-Level Positive Airway Pressure Devices}, Oxygen Concentrators {Fixed Oxygen Concentrators, Portable Oxygen Concentrators}, Ventilators {Adult Ventilators, Neonatal Ventilators}, Inhalers {Metered Dose Inhaler, Dry Powder Inhaler, Soft Mist Inhaler}, Nebulizers {Compressor-Based Nebulizers, Piston-Based Hand-Held Nebulizers, Ultrasonic Nebulizers}, Humidifiers {Heated Humidifiers, Passover Humidifiers, Integrated Humidifiers, Built-In Humidifiers, Standalone Humidifiers}), By Application (Chronic Obstructive Pulmonary Disease, Asthma, Obstructive Sleep Apnea, Respiratory Distress Syndrome, And Others) By End User (Hospital And Clinics, Home Care Settings, And Others) by geography is estimated to register growth at a steady cagr forecast during 2022-2027 owing to rising prevalence of respiratory disorders such as asthma and advancement in products

The global therapeutic respiratory devices market will grow at a CAGR of 8.61% during the forecast period from 2022 to 2027. The therapeutic respiratory devices market is anticipated to witness prosperity owing to factors such rising prevalence of respiratory disorders such as COPD and asthma.Furthermore, an increased geriatric population and increased use of tobacco and cigarettes over the last decade have fueled the market growth of the therapeutic respiratory devices industry. Advancement in products due to research and developmental activities in this sector is another factor that will result in appreciable revenue growth in the therapeutic respiratory devices market during the forecast period (2022-2027).

Therapeutic Respiratory Devices Market Dynamics:

One of the major factors which are driving the therapeutic respiratory devices market is the rising prevalence of respiratory disorders. Chronic respiratory diseases affect the airways and other structures of the lungs. Some of the most common is a chronic obstructive pulmonary disease (COPD), asthma, occupational lung diseases, and pulmonary hypertension. In addition to tobacco smoke, other risk factors include air pollution, occupational chemicals and dust, and frequent lower respiratory infections during childhood. The increase in the prevalence of respiratory ailments has led to a growth in the therapeutic respiratory devices market.

As per the data published by WHO in 2022, asthma is a major noncommunicable disease affecting both children and adults and is the most common chronic disease among children. Asthma affected an estimated 262 million people in 2019 and caused 455,000 deaths globally. Similarly, as per the same source, chronic obstructive pulmonary disease (COPD) is the third leading cause of death worldwide, causing 3.23 million deaths in 2019. Nearly 90% of COPD deaths in those under 70 years of age occur in low- and middle-income countries.

Thus, the increasing burden of respiratory disorders is increasing the demand for therapeutic respiratory devices, which is anticipated to boost the market's growth over the forecast period from 2022-2027.

Moreover, the increasing geriatric population has further driven the need for therapeutic respiratory devices market as due to old age, the chances of getting COPD increase many folds due to a weakened immune system.

According to WHO, by 2050, the world’s population of people aged 60 years and older will double to almost 2.1 billion. The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million, thereby fueling the growth of the therapeutic respiratory devices market in the forecast period of 2022-2027.

Furthermore, various governmental response to the alarming deaths due to respiratory disorders has increased the demand for the therapeutic respiratory devices market, particularly in homecare setting as due to these initiatives the population is aware. A few of the initiatives are:

Asthma and COPD have been included in the WHO Global Action Plan for the Prevention and Control of NCDs and the United Nations 2030 Agenda for Sustainable Development

The Global Alliance against Chronic Respiratory Diseases (GARD) contributes to WHO’s work to prevent and control chronic respiratory diseases. GARD is a voluntary alliance of national and international organizations and agencies from many countries

Reducing tobacco smoke exposure is important for both the primary prevention of asthma and disease management. The Framework Convention on Tobacco Control is enabling progress in this area as are WHO initiatives such as MPOWER and mTobacco Cessation

Rehabilitation 2030 is a new strategic approach to prioritize and strengthen rehabilitation services in health systems. Pulmonary rehabilitation for COPD is included in the Package of Interventions for Rehabilitation, currently under development as part of this WHO initiative

Thus all the above-mentioned factors are driving the growth of the therapeutic respiratory devices market in the forecast period of 2022-2027.

With the increasing severity of the COVID-19 pandemic in early 2020, there was a tremendous increase in market demand. The increased occurrence of respiratory diseases due to the implications of the pandemic raised the demand for therapeutic respiratory devices. Furthermore, increased investments by the government and major players to curb the shortage of ventilators saw many launches in the market. All these factors positively affect market growth.

There are certain restraining factors to the growth of the therapeutic respiratory devices market such as the high cost required for launching new products and product recalls and failures which will act as barriers that will impact the market growth during the forecast period from 2022-2027. For instance, in March 2022, Philips Respironics recalls all V60 and V60 plus ventilators for power issues that may cause the ventilator to stop with or without alarms.

Therapeutic Respiratory Devices Market Segment Analysis:

Therapeutic respiratory devices market by Product (Positive Airway Pressure Devices {Continuous Positive Airway Pressure Devices, Auto-Titrating Positive Airway Pressure Devices, and Bi-Level Positive Airway Pressure Devices}, Oxygen Concentrators {Fixed Oxygen Concentrators, and Portable Oxygen Concentrators}, Ventilators {Adult Ventilators, and Neonatal Ventilators}, Inhalers {Metered Dose Inhaler, Dry Powder Inhaler, and Soft Mist Inhaler}, Nebulizers {Compressor-Based Nebulizers, Piston-Based Hand-Held Nebulizers, and Ultrasonic Nebulizers}, Humidifiers {Heated Humidifiers, Passover Humidifiers, Integrated Humidifiers, Built-In Humidifiers, and Standalone Humidifiers}), By Application (Chronic Obstructive Pulmonary Disease, Asthma, Obstructive Sleep Apnea, Respiratory Distress Syndrome, and Others) By End User (Hospital & Clinics, Homecare Settings, and Others), Geography (North America, Europe, Asia-Pacific, and Rest of the World)

Based on the product segment of the therapeutic respiratory devices market, ventilators accounted for the largest market share in the year 2021. This can be due to the increase in demand for ventilators during the COVID-19 cases surge.

Ventilators are employed in emergency and intensive care setups. As per the Health Secretary of the UK, in 2020, around 10,000 ventilators were added to the country’s previous stock of just over 8,000 by increasing the production and sourcing other machines from overseas, due to the COVID-19 cases surge. Therefore, with the huge demand for ventilators, the segment is believed to witness strong growth over the forecast period.

Currently, there is a shortage of these devices across all regions thus various companies are focusing on robust product launches. For instance, in 2020, German-based manufacturer Drägerwerk AG & Co. reported received an order of around 10,000 mechanical ventilators from the government of the UK, which is equal to its annual production capacity.

Therefore, all these increases in ventilators usage and production numbers during 2020 correspond to the increased market share of the segment in the base year, thereby increasing the market growth for the therapeutic respiratory devices market.

North America is expected to dominate the overall Therapeutic Respiratory Devices Market:

Among all the regions, North America is expected to lead in revenue generation in the global therapeutic respiratory devices market. The highest growth in the region is registered due to the increasing prevalence of respiratory disorders, and the presence of major players in the market.

For instance, as per the April 2021 statistics by the Asthma and Allergy Foundation of America, about 20 million adults aged 18 years or above in the US have asthma. Thus, the prevalence of such disorders in the country indicates a consistent demand for respiratory devices in the country, thereby contributing to the growth of the market in the North American region.

Furthermore, as per Asthma Canada data 2020, more than 850,000 children under the age of 14 have asthma, making it the most common chronic disease among children. As per the same source, an estimated 317 Canadians are diagnosed with asthma every single day.

Apart from this, the presence of many key players in the North American region for the therapeutic respiratory devices market is also a key factor for the dominance in the market share.

For instance, in October 2021, Movair announced the US commercial introduction of Luisa-an innovative ventilator proposed for use in homes, hospitals, and institutions or portable applications for both invasive and noninvasive ventilation.

Therefore, the above-mentioned factors are expected to bolster the growth of the therapeutic respiratory devices market in the North American region during the forecast period of 2022-2027.

Therapeutic Respiratory Devices Market Key Players:

Some of the key market players operating in the therapeutic respiratory devices market include Breas Medical AB, Drägerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited, GE Healthcare, Hamilton Medical, Hill-Rom Services Inc. (Baxter), ICU Medical, Inc., Invacare Corporation, Koninklijke Philips N.V., Medtronic., ResMed, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Vyaire Medical, Inc., CAIRE Inc. (NGK SPARK PLUG CO., LTD.), Lind, Chart Industrie, DeVilbiss Healthcare, and others.

Recent Developmental Activities in the Therapeutic Respiratory Devices Market:

In July 2022, Omron Healthcare announced its latest advancement in the oxygen therapy category with the launch of a portable Oxygen concentrator. It is a medical molecular sieve-based concentrator providing a continuous supply of high-purity oxygen.

In January 2022, a UK-based manufacturer of anesthesia equipment OES Medical launched a pioneering new mains-powered ICU ventilator to support hospitals manage oxygen demand at Arab Health 2022.

Key Takeaways from the Therapeutic Respiratory Devices Market Report Study

Market size analysis for current therapeutic respiratory devices market size (2021), and market forecast for 5 years (2022-2027)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the therapeutic respiratory devices market.

Top key product developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years

Key companies dominating the global therapeutic respiratory devices market.

Various opportunities available for the other competitor in the therapeutic respiratory devices market space.

What are the top performing segments in 2021? How these segments will perform in 2027.

Which are the top-performing regions and countries in the current therapeutic respiratory devices market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for therapeutic respiratory devices market growth in the coming future?

Target Audience who can be benefited from this Therapeutic Respiratory Devices Market Report Study

Therapeutic respiratory devicesproducts providers

Research organizations and consulting companies

Therapeutic respiratory devices-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in therapeutic respiratory devices

Various distribution channels who want to know more about the therapeutic respiratory devices market and the latest product innovations in the therapeutic respiratory devices market.

Frequently Asked Questions for the Therapeutic Respiratory Devices Market:

1. What are Therapeutic respiratory devices?

Therapeutic respiratory devices are respiratory aid devices such as ventilators, oxygen concentrators, nebulizers, etc. These devices are used at the time of respiratory distress and pulmonary infections to aid in respiration.

2. What is the market for global Therapeutic respiratory devices?

The global therapeutic respiratory devices market will grow at a CAGR of 8.61% during the forecast period from 2022 to 2027.

3. What are the drivers for the global Therapeutic respiratory devices market?

The therapeutic respiratory devices market is anticipated to witness prosperity owing to factors such rising prevalence of respiratory disorders such as COPD and asthma.Furthermore, an increased geriatric population and increased use of tobacco and cigarettes over the last decade have fueled the market growth of the therapeutic respiratory devices industry. Advancement in products due to research and developmental activities in this sector is another factor that will result in appreciable revenue growth in the therapeutic respiratory devices market during the forecast period (2022-2027).

4. Who are the key players operating in the global Therapeutic respiratory devices market?

Some of the key market players operating in the therapeutic respiratory devices market include Breas Medical AB, Drägerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited, GE Healthcare, Hamilton Medical, Hill-Rom Services Inc. (Baxter), ICU Medical, Inc., Invacare Corporation, Koninklijke Philips N.V., Medtronic., ResMed, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Vyaire Medical, Inc., CAIRE Inc. (NGK SPARK PLUG CO., LTD.), Lind, Chart Industrie, DeVilbiss Healthcare, and others.

5. Which region has the highest share in the Therapeutic respiratory devices market?

Among all the regions, North America is expected to lead in revenue generation in the global therapeutic respiratory devices market. The highest growth in the region is registered due to the increasing prevalence of respiratory disorders, and the presence of major players in the market.

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