Press release
Global Respiratory Care Devices Market Set to Reach $44.96 Billion by 2032 | Key Players: Philips Respironics, ResMed & Teleflex
In 2022, the global respiratory care devices market was valued at USD 19.37 billion. The market is expected to expand at a CAGR of 8.8% over the forecast period, from USD 21.05 billion in 2023 to USD 44.96 billion in 2032.
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Market Introduction
Respiratory care devices are medical tools designed to assist patients with breathing difficulties by delivering supplemental oxygen, managing airway pressure, or clearing airway secretions. Individuals with respiratory conditions like asthma, COPD, or sleep apnea often use these devices. They can range from simple oxygen masks to complex mechanical ventilators, depending on the severity of the patient's needs.
They help patients with impaired breathing by providing supplemental oxygen, maintaining airway pressure, or assisting with airway clearance. Some of the common examples include Continuous Positive Airway Pressure (CPAP) machines, BiPAP machines, nebulizers, and oxygen concentrators, allowing patients to breathe more easily and improve their overall lung function.
Growth Drivers and Opportunities
• The global increase in respiratory illnesses is a key factor driving the growth of the respiratory care devices market.
• The incorporation of digital and sensor-driven technologies for creating a smart portfolio is facilitating the growth of the respiratory care devices market.
• With advancements in healthcare accessibility and an emphasis on patient-centered care, the market for respiratory care devices is set to expand considerably.
• As the elderly population increases, there is a growing demand for respiratory care devices.
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Key Players in Market
The market for respiratory care devices is characterized by its fragmented structure, predicting heightened competition due to the multitude of players in the industry. Some of them include:
Chart Industries
Dragerwerk
Fisher & Paykel Healthcare
Hamilton Medical
Inogen
Invacare Corporation
Masimo
Regional Analysis:-
North America region dominated the market with majority share in 2022, owing to rising prevalence of respiratory ailments and an aging populace
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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Segmental Overview
• The market for respiratory care devices is primarily segmented based on disease indication, product, end-user, and region.
• Based on product, the market is segmented into diagnostic devices, consumables and accessories, therapeutic devices, and monitoring devices.
• In 2023, therapeutic device segment dominated the market owing to the increase in number of people suffering from respiratory ailments and problems associated with it.
• The respiratory care devices market segmentation, based on end-user, is made into nursing homes and care centers, hospitals and clinics, and others.
• The hospitals and clinics segment represented a significant portion in 2022, as they are required to adhere to regulatory standards and guidelines related to the accessibility and upkeep of respiratory care devices for patient safety and the provision of excellent care.
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