Respiratory devices are medical equipment used for diagnosis, treatment, and monitoring of respiratory disorders such as asthma, chronic obstructive pulmonary disease (COPD), sleep apnea, and others. Major respiratory devices include therapeutic devices, monitoring devices, and diagnostic devices. Therapeutic devices include ventilators, oxygen concentrators, oxygen cylinders, nebulizers, CPAP machines, and others which are used for treatment of respiratory diseases. Monitoring devices such as pulse oximeters help monitor important health parameters of patients. Diagnostic devices include Spirometers, peak flow meters, and others which are used to diagnose respiratory conditions. The increasing prevalence of respiratory diseases, technological advancements, rising healthcare expenditure, and growing geriatric population are major factors driving the demand for respiratory devices.
The global Respiratory Devices Market is estimated to be valued at US$ 27304.69 Bn in 2024 and is expected to exhibit a CAGR of 13.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rapid increase in prevalence of respiratory diseases such as asthma and COPD is one of the key factors that has led to strong demand for respiratory devices globally. According to the World Health Organization (WHO), in 2018, around 235 million people suffered from asthma worldwide including 183 million in developing countries. Air pollution levels have been on the rise across major cities worldwide which has contributed significantly to rising respiratory issues. Growing environmental pollution and changing lifestyle factors are expected to further increase the burden of respiratory diseases globally. This rapid rise in patient pool suffering from respiratory conditions presents a lucrative market opportunity for players in the respiratory devices market to develop innovative products and expand access to respiratory care.
Porter's Analysis
Threat of new entrants: The threat is relatively low as respiratory devices market requires high capital investments and strict regulatory approvals. However, new digital health technologies may disrupt the market.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players and a wide range of product offerings for customers to choose from.
Bargaining power of suppliers: A few major players dominate the supply of key components like sensors, hence their bargaining power is strong.
Threat of new substitutes: Alternatives like oxygen concentrators pose a low threat as they cannot replace core respiratory devices.
Competitive rivalry: The competitive rivalry is high due to presence of many global players offering similar products and pricing pressures.
SWOT Analysis
Strengths: Established brands, wide product portfolio, continuous innovation and R&D investments.
Weaknesses: High capital requirements, regulatory uncertainties, reimbursement challenges in some markets.
Opportunities: Growing aging population, rapid urbanization, rise of digital health, untapped markets in developing countries.
Threats: Patent expiries, currency fluctuations, economic slowdowns, trade wars and political tensions.
Key Takeaways
The global Respiratory Devices Market Growth is expected to witness high growth during the forecast period of 2024 to 2031. The market size for 2024 is estimated to be US$ 27304.69 Bn .
Regional analysis indicates North America dominates currently due to high awareness and healthcare spending. However, Asia Pacific is expected to register the fastest growth rate owing to rising economy, healthcare reforms and growing medical tourism.
Key players operating in the Respiratory Devices market are TCS, Wipro, Cognizant, Infosys, IBM, Qualitest, CGI, Mindtree, Cygnet Infotech, Maveric Systems, QA Mentor, A1QA, QA Source, QASource, Capgemini, Accenture, HCL Technologies, Atos, DXC Technology, Tech Mahindra. Major players are focusing on new product launches, mergers/acquisitions and geographical expansions to strengthen their market presence. Stable reimbursement policies and collaborations with healthcare providers have also boosted their sales.
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The function of lungs starts to decline and hence the respiratory system undergoes numerous physiological, functional as well as immunological changes with the growing age.
Wide ranges of devices for diagnosis of respiratory diseases say asthma, sleep apnea, Chronic Obstructive Pulmonary Diseases (COPD).
In the year 2017, about 235 million people have asthma as per the World Health Organization, which signifies the need for respiratory care for asthma patients.
As per our analysis, the North America region holds significant market share among all regions across the globe in the global Respiratory care devices market by Regions.
Apart from that, Polysomnography Devices market will dominate this market during the forecast period by products that we have covered in this report.
Renub Research report titled “Respiratory Care Devices Market Global Analysis by Product (PAP Devices, Ventilators, Nebulizers, Humidifiers, Medical Oxygen Concentrators, Pulse Oximeters, Capnographs, Medical Gas Analyzers, Spirometers, Polysomnography, Devices, Peak Flow Meter, Breathing Circuits, Tracheostomy Tube, Others), Type (Therapeutic Devices, Monitoring Devices, Diagnostic Devices, Consumables & Accessories), Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Companies (Becton Dickinson and Company, GE Healthcare, Invacare, Philips Group, Fisher & Paykel Healthcare, Medtronic Plc.
