Respiratory Devices And Equipment (Therapeutic And Diagnostic) Market 2024 - Industry Size, Business Segments, Innovative Strategies And Outlook by 2033

The Business Research Company recently released a comprehensive report on the Global Respiratory Devices And Equipment (Therapeutic And Diagnostic) Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 in the historic period can be attributed to respiratory conditions prevalence, aging population, pollution and environmental factors, telehealth and remote monitoring.

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 growth in the forecast period can be attributed to minimally invasive techniques, emerging markets growth, regulatory support and reimbursement, personalized medicine. Major trends in the forecast period include home-based care, wearable and remote monitoring, telemedicine integration, sustainable and eco-friendly practices.

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Market Drivers and Trends:

The global therapeutic respiratory devices and equipment market will be driven by the increase in diseases such as Chronic Obstructive Pulmonary Disease (COPD), asthma, and lung cancer. Growth in the geriatric population, tobacco consumption, allergens, and air pollutants increase the prevalence of respiratory diseases, in turn driving the global therapeutic respiratory devices market. According to World Health Organisation,4.9 million people die due to tobacco consumption, and smoking causes chronic obstructive pulmonary diseases (1 million deaths annually), cardiovascular and respiratory diseases (1.7 million deaths annually), and lung cancer (0.85 million deaths annually). According to an Italian journal, COPD in the U.S. is estimated to be 10% in the population aged 75 years or over. According to Asthma UK, 5.4 million people in the UK are currently receiving treatment for asthma out of these 1.1 million are children and 4.3 million are adults.

Companies in the respiratory devices and equipment market are increasingly investing in enhanced mechanical ventilators for efficient patient management. These mechanical ventilators use artificial intelligence to improve patient management by examining, analyzing, integrating, and incorporating data from extensive sources. These AI-enabled devices ensure consistency even in the absence of expert personnel, improve patients' treatment, limit clinical mistakes, and predict prolonged mechanical ventilation by using artificial intelligence techniques. Some of the major companies offering intelligent mechanical ventilators such as Hamilton Medical AG, Koninklijke Philips N.V., and others.

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Major Key Players of the Market:

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

Respiratory Devices And Equipment (Therapeutic And Diagnostic) Market 2024 Key Insights:

• 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%.
• Rising Prevalence Of Respiratory Diseases Drives Growth In Therapeutic Respiratory Devices Market
• Ai-Enhanced Mechanical Ventilators Revolutionize Patient Management In Respiratory Device Market
• Asia-Pacific was the largest region in respiratory devices and equipment (therapeutic and diagnostic) market in 2023

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