Respiratory Care Devices Market: Industry to reach USD 31.8 billion by 2028

The global respiratory care devices market is projected to reach USD 31.8 billion by 2028 from USD 21.8 billion in 2023, at a CAGR of 7.8%. Rising prevalence of respiratory diseases as a result of the rapid growth in the global geriatric population will drive the market growth.

COPD and asthma are the most prevalent respiratory disorders across the globe. As per the WHO, COPD is the third leading cause of death worldwide, causing 3.2 million deaths in 2019. More than 80% of these deaths have occurred in low and middle-income countries. Over 380 million people globally are anticipated to have COPD. Largely undiagnosed COPD patients are high in regions and countries, such as China, India, Brazil, and Eastern Europe. The cost incurred to healthcare systems for COPD across the globe is nearly USD 50 billion annually. Some of the major causes of COPD are long-term asthma and prolonged exposure to tobacco smoke, indoor & outdoor air pollution, and occupational fumes & dust. Other comorbid chronic conditions, including cardiovascular disease, musculoskeletal impairment, and diabetes mellitus, are related to COPD. These conditions may also impact the health status of patients, as well as interfere with COPD management.

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"The ventilators segment holds the major share of the therapeutic respiratory care devices market"

The therapeutic respiratory care devices market is segmented into ventilators, positive airway pressure (PAP) devices, humidifiers, nebulizers, oxygen concentrators, reusable resuscitators, inhalers, masks, nitric oxide delivery units, and oxygen hoods. In 2022, the ventilators segment holds the major share of the therapeutic respiratory care devices market. A large share of the ventilator segment can be attributed to the rising number of intensive care beds equipped with ventilators, increasing ICU admission and re-admissions in developed countries, and the favorable reimbursement scenario.

"The COPD segment holds the major share of the respiratory care devices market"

By disease indiation the respiratory care devices market is segmented into chronic obstructive pulmonary disease (COPD), asthma, sleep apnea, infectious diseases, and other disease indications. The COPD segment holds the major share of the respiratory care devices market. A large share of the COPD segment can be attributed to the tobacco smoking, genetic disorders, and the increasing geriatric population. The high prevalence of COPD and the growing number of deaths caused by COPD are expected to drive the demand for respiratory care devices during the forecast period.

"The hospitals segment holds the major share of the respiratory care devices market"

By end user the respiratory care devices market is segmented into hospitals, home care settings, ambulatory care centers (ACCs), and other end users. The hospitals segment holds the major share of the respiratory care devices market. A large share of the hospitals segment can be attributed to the financial capabilities of hospitals to purchase expensive equipment and the availability of trained professionals in hospitals to operate respiratory care devices. Additionally, the trend of economic expansion and government focus on broader welfare policies has led to the growth of the healthcare sector in emerging economies.

"Asia Pacific will grow at highest CAGR during the forecast period"

In 2022, Asia Pacific will grow at highest CAGR during the forecast period. The high growth in this market can majorly be attributed to the to high-growth markets such as Japan, China, India, South Korea, Taiwan, Australia, and Singapore. In these countries, the rising geriatric population, growing per capita income, increasing investments in the healthcare industry by key market players.

"Improved profitability & mobility and enhanced remote moitoring-unmet needs in the respiratory care devices market"

Many respiratory patients need oxygen therapy but require more lightweight, compact devices for increased mobility. Currently available portable devices may not fully meet this need.
There's a growing demand for remote patient monitoring to reduce hospital admissions and improve patient outcomes. However, existing solutions may lack full integration or real-time data transmission.

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