PUBLISHER: The Business Research Company | PRODUCT CODE: 1387755
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387755
“Respiratory Devices And Equipment (Therapeutic And Diagnostic) Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on respiratory devices and equipment (therapeutic and diagnostic) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for respiratory devices and equipment (therapeutic and diagnostic)? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The respiratory devices and equipment (therapeutic and diagnostic) market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Respiratory devices and equipment, which encompass both therapeutic and diagnostic tools, play a vital role in providing medical assistance to individuals facing breathing difficulties and those unable to maintain sufficient oxygen levels to sustain life. These devices are essential for patients with respiratory disorders such as asthma, cystic fibrosis, chronic obstructive pulmonary disease (COPD), and acute respiratory distress syndrome (ARDS).
The primary categories of respiratory devices and equipment consist of diagnostic devices, therapeutic devices, and monitoring devices. Diagnostic devices are utilized to identify and diagnose respiratory-related conditions. Therapeutic devices include a range of equipment like humidifiers, nebulizers, oxygen concentrators, positive airway pressure (PAP) devices, ventilators, and more. Diagnostic devices encompass spirometers, polysomnography tools, and peak flow meters, while monitoring devices include pulse oximeters, capnography equipment, and gas analyzers. These devices find applications in various respiratory conditions, including chronic obstructive pulmonary disease (COPD), asthma, obstructive sleep apnea (OSA), respiratory distress syndrome (RDS), cystic fibrosis, and pneumonia. They are utilized across healthcare settings, including hospitals, clinics, home care environments, and ambulatory service centers.
The respiratory devices and equipment (therapeutic and diagnostic) market research report is one of a series of new reports from The Business Research Company that provides respiratory devices and equipment (therapeutic and diagnostic) market statistics, including respiratory devices and equipment (therapeutic and diagnostic) industry global market size, regional shares, competitors with a respiratory devices and equipment (therapeutic and diagnostic) market share, detailed respiratory devices and equipment (therapeutic and diagnostic) market segments, market trends and opportunities, and any further data you may need to thrive in the respiratory devices and equipment (therapeutic and diagnostic) industry. These respiratory devices and equipment (therapeutic and diagnostic) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The respiratory devices and equipment (therapeutic and diagnostic) market size has grown rapidly in recent years. It will grow from $32.89 billion in 2023 to $37.17 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth observed during the historical period can be attributed to factors such as the prevalence of respiratory conditions, the aging population, the influence of pollution and environmental factors, and the increasing adoption of telehealth and remote monitoring services for respiratory care.
The respiratory devices and equipment (therapeutic and diagnostic) market size is expected to see rapid growth in the next few years. It will grow to $58.85 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The anticipated growth in the forecast period can be attributed to several factors, including the adoption of minimally invasive techniques for respiratory care, the expansion of emerging markets, regulatory support and improved reimbursement structures, and the growing emphasis on personalized medicine in respiratory treatment. Major trends expected in the forecast period include the increased use of home-based care for respiratory conditions, the incorporation of wearable and remote monitoring technologies, the integration of telemedicine in respiratory healthcare, and the implementation of sustainable and eco-friendly practices in the industry.
The global market for therapeutic respiratory devices and equipment is poised for growth due to the increasing prevalence of diseases such as Chronic Obstructive Pulmonary Disease (COPD), asthma, and lung cancer. This rise in respiratory conditions can be attributed to factors like the growing elderly population, tobacco consumption, exposure to allergens, and air pollutants. According to the World Health Organization (WHO), tobacco use results in 4.9 million deaths, with smoking causing conditions such as chronic obstructive pulmonary diseases (COPD) leading to 1 million deaths annually, along with cardiovascular and respiratory diseases accounting for 1.7 million annual deaths, and lung cancer causing 0.85 million deaths each year. In the United States, it's estimated that 10% of people aged 75 and older suffer from COPD, as reported by an Italian journal. Furthermore, Asthma UK states that 5.4 million people in the UK are currently receiving treatment for asthma, comprising 1.1 million children and 4.3 million adults.
The growing demand for home-based care is expected to drive the respiratory devices and equipment (both therapeutic and diagnostic) market. Home-based care, also known as home healthcare or home care, refers to healthcare services delivered in the familiarity and comfort of patients' own homes. Individuals with critical respiratory conditions like COPD and asthma require ongoing treatment, and home-based care allows them to monitor their condition and use therapeutic respiratory equipment regularly. For instance, as of April 2021, Home Care Ltd., a UK-based nursing and home care company, reported that over 950,000 people in the UK are receiving home healthcare services. This surge in demand for home-based care is a significant driver behind the growth of the respiratory devices and equipment market.
The prolonged approval process for respiratory devices acts as a hindrance to market growth. The FDA's approval process for new respiratory devices takes an average of 7.2 months, which adds to development costs borne by device manufacturers. For example, the FDA reviews approximately 4,000 submissions annually, taking about 3 to 6 months to clear most of them. Furthermore, regulatory agencies like the Medicines and Healthcare Products Regulatory Agency (MHRA) in the UK closely monitor and regulate respiratory devices to ensure safety and minimize adverse reactions, restricting their use and issuing field safety notices to correct any issues. These stringent approval processes and regulatory policies may have an impact on the respiratory devices and equipment market.
Companies in the respiratory devices and equipment market are increasingly investing in advanced mechanical ventilators for more effective patient management. These mechanical ventilators incorporate artificial intelligence to enhance patient care by analyzing data from various sources. AI-enabled devices ensure consistency in patient care, even in the absence of expert personnel, leading to improved treatment outcomes and a reduction in clinical errors. They can also predict the need for extended mechanical ventilation using AI techniques. Some major companies offering intelligent mechanical ventilators include Hamilton Medical AG, Koninklijke Philips N.V., among others.
Major companies in the respiratory devices and equipment (therapeutic and diagnostic) market are innovating with new technological products, such as the VitaloPFT series, to enhance their market profitability. The VitaloPFT Series comprises a range of pulmonary function testing devices. For example, in March 2023, Vitalograph Ltd., a US-based respiratory medical device company, introduced the respiratory VitaloPFT series. This series is designed to offer high-quality, accurate, and reliable respiratory medical equipment and services, primarily intended for use in secondary care. Hospitals and other secondary care facilities seeking advanced respiratory diagnostic solutions can benefit from the VitaloPFT Series.
In June 2021, Philips Respironics issued a voluntary recall notification due to potential health risks associated with CPAP, BiPAP, and mechanical ventilator devices. The notification also included a field safety notice for users who chose not to send their devices for repair.
Major companies operating in the respiratory devices and equipment (therapeutic and diagnostic) market include Smiths Medical Inc., Philips Healthcare, GE Healthcare, Chart Industries Inc., Invacare Corporation, Fisher & Paykel Healthcare Limited, ResMed Inc., Koninklijke Philips N.V., Dragerwerk AG, Medtronic plc, Masimo Corp., CareFusion Corporation, Compumedics Limited, Becton Dickinson and Company, Hamilton Medical, Mindray Medical International Limited, Vyaire Medical Inc., Getinge AB, AirSep Corporation, Breas Medical AB, Hill-Rom Holdings Inc., Inogen, Shenzhen Mindray Bio-Medical Electronics Co., Linde plc, DeVilbiss Healthcare LLC, Nihon Kohden Corporation, Nonin Medical Inc., O2 Concepts LLC, Precision Medical Inc., Pulmodyne Inc., Salter Labs Inc., Sechrist Industries Inc., Teleflex Inc., Ventec Life Systems, VitalAire, Weinmann Emergency Medical Technology GmbH + Co. KG, ZOLL Medical Corporation
Asia-Pacific was the largest region in respiratory devices and equipment (therapeutic and diagnostic) market in 2023. Western Europe was the second-largest region in respiratory devices and equipment (therapeutic and diagnostic) market. The regions covered in the respiratory devices and equipment (therapeutic and diagnostic) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the respiratory devices and equipment (therapeutic and diagnostic) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The respiratory devices and equipment (therapeutic and diagnostic) market consists of sales of instruments such as humidifiers, nebulizers, oxygen concentrators, positive airway pressure (PAP) devices, ventilators, spirometer, polysomnographs, peak flow meters, pulse oximeters, capnographs, and gas analyzers. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.