Therapeutic Respiratory Devices Market Size, Share & Trends Analysis Report By Product Type (Nebulizer, Humidifiers), By Technology (Electrostatic Filtration, HEPA Filter Technology), By Filter, By Region, And Segment Forecasts, 2024 - 2030

Therapeutic Respiratory Devices Market Size, Share & Trends Analysis Report By Product Type (Nebulizer, Humidifiers), By Technology (Electrostatic Filtration, HEPA Filter Technology), By Filter, By Region, And Segment Forecasts, 2024 - 2030

Therapeutic Respiratory Devices Market Growth & Trends

The global therapeutic respiratory devices market size is anticipated to reach USD 18.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.8% from 2024 to 2030. A growing geriatric population, rapid technological advancements, and increasing prevalence of respiratory diseases are the key factors that are driving the market. Moreover, the market is expected to grow owing to rapid technological advancements in the healthcare sector. Nowadays, respiratory monitoring devices use software applications for the collection and analysis of data from ventilators equipped with the health system.

Availability of ventilation facilities during the COVID-19 outbreak improved day-to-day operational capabilities. The American Association for Respiratory Care joined forces with different organizations to train respiratory therapists on operating ventilators in the pandemic. This has further stimulated the market players to increase their production capacity to meet the additional demand. For instance, Royal Philips presented an update on its goals to double hospital ventilator production by May 2020 and reach a four-fold growth by the third quarter of 2020

Growing prevalence of respiratory diseases is one of the high-impact rendering drivers of this market. According to WHO, 3.23 million people died due to COPD, and it was the third-largest cause of death worldwide in 2019. Likewise, WHO also estimates that by 2030, the four primary potentially fatal respiratory diseases-lung cancer, tuberculosis, COPD, & pneumonia-will cause approximately one in five deaths globally, up from one-sixth of all deaths in the world in 2008.

Furthermore, growing initiatives by government and private organizations, such as COPD Foundation that encourage awareness regarding respiratory illnesses & available treatments, are creating significant potential opportunities in the market. Omron Healthcare India and Lupin Limited established a long-term strategic partnership in June 2020 to improve respiratory disease treatment programs in India, with a primary focus on patients with asthma and COPD. This collaboration will usher in a new era in terms of improving drug delivery, adherence, diagnosis, and awareness.

Therapeutic Respiratory Devices Market Report Highlights

• Oxygen concentrators segment dominated the market with the largest share of 29.3% in 2023. Growing demand for home oxygen therapy, rising incidence of respiratory diseases, rapid growth in the aging population, high tobacco consumption, and technological advancements in respiratory devices are some of the reasons driving the segment.
• Electrostatic filters segment dominated the market, with the largest share of 35.7% in 2023. Electrostatic filters provide effective microbial removal and offer low airflow resistance.
• Ventilator filters segment dominated the market with the largest share in 2023. Ventilator filters are crucial for preventing the spread of infectious diseases in healthcare settings.
• North America dominated the market and accounted for a revenue share of 41.2% in 2023. The increasing prevalence of respiratory conditions and technological advancements in respiratory devices, such as portable and compact models with enhanced features is driving the market in the region.

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