Respiratory Devices Market Soar to US$55.9 Billion by 2033, Growing at an Impressive CAGR of 8.7% | Reveals by FMI

In 2023, the respiratory devices market is poised to reach a substantial valuation of US$ 24.2 Billion, with a projected ascent to an impressive US$ 55.9 Billion by the year 2033. This remarkable growth is underpinned by a robust compound annual growth rate (CAGR) of 8.7% throughout the forecast period, reflecting strong and sustained sales performance in the industry.

The market for therapeutic respiratory devices has experienced significant growth in recent years, primarily driven by an increase in the prevalence of respiratory diseases, a growing elderly population, and rising awareness about the importance of early diagnosis and treatment of such conditions. Technological advancements have also played a key role in expanding the market, with innovations such as portable nebulizers, smart inhalers, and digital health solutions providing greater convenience and better disease management for patients.

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The Therapeutic Respiratory Devices Market is anticipated to reach US$ 50.6 billion in value in 2023. From 2023 to 2033, the market is projected to expand at a CAGR of 4.7%, reaching US$ 80.2 billion.

The product landscape of the therapeutic respiratory devices market encompasses a wide range of devices, including inhalers, nebulizers, ventilators, continuous positive airway pressure (CPAP) machines, and oxygen concentrators. These devices are utilized in various settings, including hospitals, clinics, home care, and ambulatory care centers.

As governments and healthcare organizations across the globe strive to improve healthcare infrastructure, access to medical facilities, and patient outcomes, the demand for therapeutic respiratory devices is expected to continue rising. Additionally, the COVID-19 pandemic has highlighted the importance of respiratory support devices, resulting in increased investments in research and development to introduce more advanced and effective solutions.

>Key Takeaways:

-Existence of modern healthcare facilities in the United States and Canada, the therapeutic respiratory devices market in North America gained over 36% market share in 2021.
-The Asia Pacific is predicted to expand the quickest throughout the forecast period, owing to factors such as increased asthma incidence in adults and children, as well as technology improvements.
-Additionally, the market expansion would be aided by rising healthcare awareness and improved healthcare infrastructure.
-The clinical trial of Tempol for the treatment of COVID-19 by Adams Respiratory Therapeutics Inc. has surpassed enrollment expectations.
-COPD is estimated to affect 10% of adults aged 75 and older in the United States, according to the Journal of the Italian Society of Gerontology and Geriatrics.
-According to statistics issued by the Global Initiative for Asthma (GINA), an estimated 100 million people with asthma are expected to be diagnosed by 2025.

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>Competitive Landscape:

Carefusion Corporation, G.E. Healthcare, Chart industries, Philips Healthcare, Compumedics Ltd., Smiths Medical, Covidien PLC, Invacare, Fisher and Paykel, and Mindray are some of the major respiratory device companies.

Acquisitions and mergers, the launch of new products and services, partnerships and joint ventures, MoU agreements, V.C. and funding activities, R&D activities, and geographic expansion, among other noteworthy activities by key players in the therapeutic respiratory devices market, are among the key strategic developments in the competitive landscape.

-Acapella, a select blue vibratory PAP therapy device, was released by Smiths Medical in April 2021. It is a drug-free supplementary therapy for people with asthma, COPD, cystic fibrosis, and lung illness that aids in the evacuation of secretions.
-Koninklijke Philips N.V. finalized the acquisition of BioTelemetry, Inc., a firm located in the United States, in February 2021. This aided in the expansion of Philips' product line, resulting in increased sales of therapeutic respiratory devices.

>Key Segments:

>By Product:

-Positive Airway Pressure (PAP) Devices
--Continuous Positive Airway Pressure (CPAP) Devices
--Auto-titrating Positive Airway Pressure (APAP) Devices
--Bi-level Positive Airway Pressure (BiPAP) Devices
-Oxygen Concentrator
--Fixed Oxygen Concentrators
--Portable Oxygen Concentrators
-Ventilators
--Adult Ventilators
--Neonatal Ventilators
-Inhalers
--Metered Dose Inhaler (MDI)
--Dry Powder Inhaler (DPI)
--Soft Mist Inhaler (SMI)

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-Nebulizers
--Compressor-based Nebulizers
--Piston-based Hand-held Nebulizers
--Ultrasonic Nebulizers
-Humidifiers
-Heated Humidifiers
--Passover Humidifiers
--Integrated Humidifiers
--Built-in Humidifiers
--Standalone Humidifiers
-Others

>By Application:

-COPD
-Obstructive Sleep Apnea
-Asthma
-Respiratory Distress Syndrome
-Cystic Fibrosis
-Others

>By End-use:

-Hospital
-Homecare Settings
-Emergency Centers

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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This release was published on openPR.