Global Respiratory Care Devices Market Size By Product (Consumables, Accessories), By End-User (Hospitals, Homecare Setting), By Geographic Scope And Forecast

Report ID: 23929|No. of Pages: 202

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Global Respiratory Care Devices Market Size By Product (Consumables, Accessories), By End-User (Hospitals, Homecare Setting), By Geographic Scope And Forecast

Report ID: 23929|Published Date: Jul 2024|No. of Pages: 202|Base Year for Estimate: 2023|Format:   Report available in PDF formatReport available in Excel Format

Respiratory Care Devices Market Size And Forecast

Respiratory Care Devices Market size was valued at USD 26.58 Billion in 2023 and is projected to reach USD 40.31 Billion by 2031 growing at a CAGR of 5.89% from 2024 to 2031.

  • Respiratory care devices are medical instruments that help people who have trouble breathing due to illnesses such as asthma, COPD, or sleep apnea. Ventilators, nebulizers and oxygen treatment equipment are all necessary for treating both chronic and acute respiratory problems.
  • They are used in hospitals, homes and clinics to supply oxygen, monitor breathing and provide medication straight to the lungs. Their use supports normal respiratory function, especially in individuals with chronic diseases or during crises, thereby improving their quality of life.
  • Future developments may concentrate on AI-powered monitoring systems, portable gadgets and better integration with telehealth. These advancements may improve patient outcomes by providing real-time care and encouraging early intervention in respiratory problems.

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Respiratory Care Devices Market is estimated to grow at a CAGR of 5.89% & reach US$ 40.31 Bn by the end of 2031

Global Respiratory Care Devices Market Dynamics

The key market dynamics that are shaping the global Respiratory Care Devices Market include:

Key Market Drivers:

  • Aging Global Population: The growing global geriatric population is driving demand for respiratory care equipment, as they are more likely to develop respiratory disorders. By 2050, 2 billion individuals will be 60 or older, driving up demand for such devices.
  • Increasing Frequency of Respiratory Diseases: Chronic respiratory disorders, such as COPD, are increasing the demand for respiratory care devices. COPD afflicted 212 million people worldwide in 2019 and was the third biggest cause of death, highlighting the importance of appropriate respiratory therapies.
  • Rising Air Pollution Levels: Higher levels of air pollution, particularly in metropolitan areas, are deteriorating respiratory health, driving up demand for respiratory care devices. According to the World Health Organization, 99% of the world’s population breaths dirty air, which causes millions of premature deaths each year.

Key Challenges:

  • High Cost of Respiratory Care Devices: Access to modern respiratory care technologies, including ventilators and portable oxygen systems, is limited, particularly in low-income areas, due to their high cost. This expensive barrier limits widespread adoption and creates inequities in care, limiting patients’ access to necessary respiratory treatments and equipment.
  • Lack Of Knowledge and Training: Many healthcare providers, particularly in underdeveloped countries, lack the necessary skills to operate advanced respiratory care devices. This knowledge gap can lead to underutilization or incorrect use, limiting therapeutic effectiveness and patient outcomes and preventing the devices from reaching their full potential in respiratory care.
  • Supply Chain Disruptions: Global supply chain interruptions, like as those that occurred during the COVID-19 pandemic, can have a significant impact on the availability of respiratory care devices. Delays in manufacture, delivery and component shortages create challenges in meeting rising demand, especially in critical care settings, limiting timely access to life-saving equipment.

Key Trends:

  • Aging Population and Respiratory Care Demand: The worldwide aging population is projected to increase demand for respiratory care devices. By 2050, 22% of the world’s population will be over 60 years old, increasing the risk of respiratory disorders such as COPD. This demographic transition will encourage healthcare organizations to invest in sophisticated respiratory care solutions.
  • Technical Breakthroughs in Respiratory Care: AI-powered monitoring and portable respiratory devices are transforming the market. These improvements enable real-time tracking, early diagnosis of respiratory problems and patient-friendly home care choices, resulting in better disease management and fewer hospitalizations for chronic respiratory illnesses.
  • Increasing Air Pollution and Respiratory Illness Rates: Increasing air pollution, particularly in urban and industrial areas, is harming respiratory health around the world. With 99 percent of the global population breathing polluted air, according to WHO, the demand for respiratory care devices is growing, as more individuals face chronic respiratory diseases and require continuous respiratory support.

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Global Respiratory Care Devices Market Regional Analysis

Here is a more detailed regional analysis of the global Respiratory Care Devices Market:

North America:

  • According to Verified Market Research, North America is expected to dominate the global Respiratory Care Devices Market.
  • According to the CDC, asthma affects around 25 million Americans, or one in every thirteen individuals, while COPD affects approximately 16 million, or 6.6% of adults. In 2019, chronic lower respiratory disorders, particularly COPD, were the fourth largest cause of mortality in the United States.
  • According to the Asthma and Allergy Foundation of America, asthma is the most common chronic condition among children, impacting 5.1 million under the age of 18. In 2019, Statistics Canada reported that around 3.8 million Canadians (10%) had asthma and 2 million (5.4%) had COPD.

Asia Pacific:

  • According to Verified Market Research, Asia Pacific is fastest growing region in global Respiratory Care Devices Market.
  • According to the Global Asthma Report 2022, in 2019, the Western Pacific region, which includes East Asia and Oceania, had 136.7 million asthma cases, while South-East Asia had 74.3 million.
  • According to the Forum of International Respiratory Societies’ 2021 study, COPD prevalence in the Asia-Pacific region ranged between 3.5% to 6.7%, with China accounting for 100 million cases. In India, 4.2% of persons aged 35 and older have COPD. A study published in The Lancet Global Health (2022) estimates that China’s COPD incidence will increase from 99.9 million in 2020 to 126.9 million by 2030.

Global Respiratory Care Devices Market: Segmentation Analysis

The Global Respiratory Care Devices Market is segmented on the basis of Product, End-User, and Geography.

Respiratory Care Devices Market Segmentation Analysis

Respiratory Care Devices Market, By Product

  • Therapeutic Devices
  • Monitoring Devices
  • Consumables
  • Accessories

Based on Product, The market is segmented into Therapeutic Devices, Monitoring Devices, Consumables, and Accessories. Therapeutic devices dominate the global respiratory care device market, owing to their vital role in treating chronic respiratory disorders such as asthma, COPD and sleep apnea. This equipment, such as ventilators, nebulizers and oxygen concentrators, are in high demand due to the rise in respiratory disease prevalence and the requirement for ongoing patient care.

Respiratory Care Devices Market, By End-User

  • Hospitals
  • Homecare Setting

Based on End-User, the market is segmented into Hospitals and Homecare Setting. Hospitals dominate the global Respiratory Care Devices Market by end user, as they handle a higher volume of critical respiratory cases that necessitate advanced equipment, such as ventilators and oxygen therapy machines. Hospitals also have better access to cutting-edge respiratory technologies, which ensures that patients with severe respiratory problems receive complete care.

Key Players

The “Global Respiratory Care Devices Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Philips Healthcare, Medtronic plc, ResMed, Inc., Fisher & Paykel Healthcare Corporation Limited, GE Healthcare, Drägerwerk AG & Co. KGaA, Masimo Corporation, Becton, Dickinson and Company, Chart Industries Inc., Hamilton Medical AG

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Respiratory Care Devices Market Latest Developments

Respiratory Care Devices Market Key Developments And Mergers

  • In July 2022, Smile Train, Inc. and its long-time partner Lifebox launched the Lifebox-Smile Train pulse oximeter to increase access to pulse oximetry in anesthesia and critical care.
  • In July 2022, Omron Healthcare introduced a portable oxygen concentrator, marking its newest development in the oxygen therapy area. It is a medical concentrator that uses molecular sieves to deliver high-purity oxygen on a continual basis.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2020-2031

Base Year

2023

FORECAST PERIOD

2024-2031

Historical Period

2020-2022

UNIT

Value (USD Billion)

KEY COMPANIES PROFILED

Philips Healthcare, Medtronic plc, ResMed, Inc., Fisher & Paykel Healthcare Corporation Limited, GE Healthcare, Drägerwerk AG & Co. KGaA

SEGMENTS COVERED
  • By Product
  • By End-User
  • By Geography
CUSTOMIZATION SCOPE

Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

Research Methodology of Verified Market Research:

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Reasons to Purchase this Report:

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
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Frequently Asked Questions

Respiratory Care Devices Market was valued at USD 26.58 Billion in 2023 and is projected to reach USD 40.31 Billion by 2031, growing at a CAGR of 5.89% from 2024 to 2031.

The growing global geriatric population is driving demand for respiratory care equipment, as they are more likely to develop respiratory disorders.

The major players are Philips Healthcare, Medtronic plc, ResMed, Inc., Fisher & Paykel Healthcare Corporation Limited, GE Healthcare, Drägerwerk AG & Co. KGaA.

The Global Respiratory Care Devices Market is segmented on the basis of Product, End-User, And Geography.

The sample report for the Respiratory Care Devices Market can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report.

1 INTRODUCTION OF THE GLOBAL RESPIRATORY CARE DEVICES MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Research Timelines
1.4 Assumptions
1.5 Limitations

2 EXECUTIVE SUMMARY
2.1 Ecology mapping
2.2 Market Attractiveness Analysis
2.3 Absolute Market Opportunity
2.4 Geographical Insights
2.5 Future Market Opportunities
2.6 Global Market Split

3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Secondary Research
3.3 Primary Research
3.4 Subject Matter Expert Advice
3.5 Quality Check
3.6 Final Review
3.7 Data Triangulation
3.8 Bottom-Up Approach
3.9 Top-Down Approach
3.10 Research Flow
3.11 Data Sources

4 GLOBAL RESPIRATORY CARE DEVICES MARKET OUTLOOK
4.1 Overview
4.2 Market Evolution
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porters Five Force Model
4.5 Value Chain Analysis
4.6 Pricing Analysis

5 GLOBAL RESPIRATORY CARE DEVICES MARKET, BY PRODUCT
5.1 Overview
5.2 Therapeutic Devices
5.3 Monitoring Devices
5.4 Consumables
5.5 Accessories

6 GLOBAL RESPIRATORY CARE DEVICES MARKET, BY END USER
6.1 Overview
6.2 Hospitals
6.3 Homecare Setting

7 GLOBAL RESPIRATORY CARE DEVICES MARKET, BY GEOGRAPHY
7.1 Overview
7.2 North America
7.2.1 U.S.
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 U.K.
7.3.3 France
7.3.4 Italy
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 China
7.4.2 Japan
7.4.3 India
7.4.4 Rest of Asia Pacific
7.5 Latin America
7.5.1 Brazil
7.5.2 Argentina
7.5.3 Rest of Latin America
7.6 Middle East and Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 South Africa
7.6.4 Rest of Middle East and Africa

8 GLOBAL RESPIRATORY CARE DEVICES MARKET COMPETITIVE LANDSCAPE
8.1 Overview
8.2 Company Market Ranking
8.3 Key Development Strategies
8.4 Company Industry Footprint
8.5 Company Regional Footprint
8.6 Ace Matrix

9 COMPANY PROFILES

9.1 Philips Healthcare
9.1.1 Overview
9.1.2 Financial Performance
9.1.3 Product Outlook
9.1.4 Key Developments

9.2 Medtronic plc
9.2.1 Overview
9.2.2 Financial Performance
9.2.3 Product Outlook
9.2.4 Key Developments

9.3 ResMed, Inc.
9.3.1 Overview
9.3.2 Financial Performance
9.3.3 Product Outlook
9.3.4 Key Developments

9.4 Fisher & Paykel Healthcare Corporation Limited
9.4.1 Overview
9.4.2 Financial Performance
9.4.3 Product Outlook
9.4.4 Key Developments

9.5 GE Healthcare
9.5.1 Overview
9.5.2 Financial Performance
9.5.3 Product Outlook
9.5.4 Key Developments

9.6 Drägerwerk AG & Co. KGaA
9.6.1 Overview
9.6.2 Financial Performance
9.6.3 Product Outlook
9.6.4 Key Development

9.7 Masimo Corporation
9.7.1 Overview
9.7.2 Financial Performance
9.7.3 Product Outlook
9.7.4 Key Development

9.8 Becton, Dickinson and Company
9.8.1 Overview
9.8.2 Financial Performance
9.8.3 Product Outlook
9.8.4 Key Development

9.9 Chart Industries, Inc.
9.9.1 Overview
9.9.2 Financial Performance
9.9.3 Product Outlook
9.9.4 Key Developments

9.10 Hamilton Medical AG
9.10.1 Overview
9.10.2 Financial Performance
9.10.3 Product Outlook
9.10.4 Key Developments

10 Appendix
10.1.1 Related Research

Report Research Methodology

Research methodology

Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.

This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.

We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:

Exploratory data mining

Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.

All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.

expert data mining

For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.

Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.

Data Collection Matrix

PerspectivePrimary ResearchSecondary Research
Supplier side
  • Fabricators
  • Technology purveyors and wholesalers
  • Competitor company’s business reports and newsletters
  • Government publications and websites
  • Independent investigations
  • Economic and demographic specifics
Demand side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customer

Econometrics and data visualization model

data visualiztion model

Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.

All the research models are customized to the prerequisites shared by the global clients.

The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.

Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.

Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.

Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:

  • Market drivers and restraints, along with their current and expected impact
  • Raw material scenario and supply v/s price trends
  • Regulatory scenario and expected developments
  • Current capacity and expected capacity additions up to 2027

We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.

Primary validation

The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.

The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.

primary validation

Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:

  • Established market players
  • Raw data suppliers
  • Network participants such as distributors
  • End consumers

The aims of doing primary research are:

  • Verifying the collected data in terms of accuracy and reliability.
  • To understand the ongoing market trends and to foresee the future market growth patterns.

Industry Analysis Matrix

Qualitative analysisQuantitative analysis
  • Global industry landscape and trends
  • Market momentum and key issues
  • Technology landscape
  • Market’s emerging opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2027
  • Market revenue estimates and forecasts up to 2027, by technology
  • Market revenue estimates and forecasts up to 2027, by application
  • Market revenue estimates and forecasts up to 2027, by type
  • Market revenue estimates and forecasts up to 2027, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Respiratory Care Devices Market

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