DUBLIN–(BUSINESS WIRE)–The “Global Respiratory Care Devices Market, Size, Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
The Respiratory Care Devices Market size is anticipated to grow to US$ 38.76 Billion by 2030 from $22.32 billion in 2023, growing with a CAGR of 8.2% during 2024-2030.
The growing prevalence of respiration diseases drives the respiration care device market share, the growing old populace, and the growing demand for home care settings. The rising incidence of respiratory diseases, which includes chronic obstructive pulmonary ailment, allergies, and sleep apnea, drives demand for respiration care devices. With the worldwide populace’s aging and environmental factors impacting respiration health, the demand for efficient breathing care solutions is at the upward push.
In October 2022, according to WHO, 30 nations with a high TB burden accounted for 87% of the latest TB instances. The number of recent TB cases in the WHO South-East Asian Region, with 46% new instances, was observed in the WHO African Region, with 23% new instances, and the WHO Western Pacific, with 18%. Such a surge in TB cases leads to rising breathing demand, driving the market growth.
The increasing growing old populace has a higher incidence of breathing conditions amongst aged people. Elderly individuals are more susceptible to respiration diseases, which encompass continual obstructive pulmonary ailment, pneumonia, and sleep apnea. According to World Health Organization records, more than 2 billion people will probably be 60 and older by 2050. This drives the demand for respiratory care devices to maintain adequate respiration and ensure most advantageous respiratory characteristic. Thus, the respiration care device market is predicted to grow in the upcoming years. As the number of humans identified with respiration illnesses will increase, the demand for respiratory care devices is predicted to grow.
The Global Respiratory care devices marketplace requires a dependable and efficient infrastructure for low-earning individuals or healthcare centers. The inadequate infrastructure and training distribution need to be progressed, which can also moreover restrict the increase of the respiration care device market. Also, cost constraints may additionally create challenges for demanding situations for manufacturers of respiratory care devices and end-users.
Technology and upgrades in artificial intelligence have dramatically modified the healthcare sector. Various marketplace companies are making an investment and innovating in the advancement of breathing devices. For example, in November 2022, Xplore Health Technologies released a first-of-its-type breathing training (RMT) device known as Airofit Pro. The product comes from a collaboration with Airofit, Denmark. It became one of the first facts-pushed modern breathing education system priced at USD 422.74. Airofit Pro personalizes respiratory training for customers and makes their respiratory muscle tissues more potent, faster, and greater efficient. Therefore, with such technological enhancements in respiratory devices, the market is expected to develop in the upcoming duration.
The pulse oximetry market is projected to grow in the upcoming years
The pulse oximetry market is poised for enduring expansion in healthcare technology because it traverses the forecast period. This sector plays a pivotal role in monitoring oxygen levels in patients, with its demand displaying no signs of slowing down. The continual growth displays the growing importance of pulse oximeters in clinical and home settings, as they offer essential data for respiratory health.
As this vital sector progresses, it offers promising potentialities for companies and buyers within the healthcare industry. As an instance, consistent with records from clinicaltrials.gov, the study supported RaydiantOximetry, Inc., which started in July 2022 and is projected to conclude in December 2023. The RaydiantOximetry Sensing System, known as Lumerah, is a non-invasive fetal pulse oximeter designed for measuring fetal arterial oxygen saturation via secure and non-invasive transabdominal close-to-infrared spectroscopy.
Therapeutic respiratory devices are vital in treating respiration situations, presenting crucial remedies, and raising patients’ standard, high-quality lifestyles
Therapeutic respiratory devices stand as indispensable equipment in the management of respiratory conditions. These devices play a pivotal role in alleviating breathing problems, imparting a lifeline to people grappling with chronic obstructive pulmonary sickness (COPD), bronchial asthma, or even acute respiratory distress.
These treatments facilitate stepped-forward airflow through mechanisms like nebulizers, inhalers, and acceptable airway pressure devices, making each breath more effortless. This, in turn, translates into a remarkable enhancement in the overall quality of lifestyles for patients, letting them interact in day-by-day activities with increased comfort and independence, a true testament to the importance of these life-enhancing medical devices.
Oxygen Concentrates thrive in the respiratory care device market
The Oxygen Concentrators market is a pivotal sector within the expansive realm of the Respiratory Care Device industry. These devices have profoundly impacted the lives of individuals with numerous respiratory situations, including chronic obstructive pulmonary disease (COPD), asthma, and many more.
Oxygen concentrators are instrumental in delivering reliable and continuous oxygen to patients, changing the need for traditional oxygen tanks. Their convenience, cost-effectiveness, and sustainability make them increasingly essential in healthcare settings and at home. With the prevalence of respiration illnesses growing, the oxygen concentrator market is poised for continued demand, promising improved quality of life for countless patients.
The healthcare facility sector, particularly hospitals, held the predominant market share in the Respiratory Care Device industry
In the dynamic landscape of the Respiratory Care Device industry, hospitals emerged as the undisputed leaders, commanding the market with authority. Their dominance is rooted in their pivotal role as primary healthcare providers, where various respiratory conditions are diagnosed and treated.
Hospitals utilize an array of respiratory care devices, from ventilators to oxygen concentrators, to ensure the well-being of patients. This extensive application of respiratory care technology solidifies their prominence. Furthermore, their advanced infrastructure, skilled healthcare professionals, and comprehensive approach to respiratory health cement hospitals as the industry’s epicenter of innovation and care.
The United States is declaring its market dominance, driven by the upward thrust in respiratory diseases consisting of COPD, tuberculosis, asthma, and sleep apnea
The United States of America has the biggest market proportion because of the excessive occurrence of conditions inclusive of COPD, tuberculosis, allergies and sleep apnea. For example, consistent with the CDC’s 2022 document, 4.6% of adults aged 18 years and older in the U.S. will be afflicted by COPD, emphysema, or continual obstructive pulmonary disease through 2021, that is driving market growth.
The market enlargement is also driven with the aid of advanced research and improvement, that is creating innovative devices. In 2022, funding has been allotted in the U.S. for respiratory disease R&D, along with US$ 150 million for COPD, US$ 328 million for bronchial asthma, US$ 621 million for tuberculosis, and US$ 515 million for sleep arena research. This investment is expected to cause the enhancement of new device. Additionally, the increase of the market is projected to be contributed through the strategic initiatives, product launches, and activities of the market players in India.
Key Attributes:
Report Attribute
Details
No. of Pages
220
Forecast Period
2023 – 2030
Estimated Market Value (USD) in 2023
$22.32 Billion
Forecasted Market Value (USD) by 2030
$38.76 Billion
Compound Annual Growth Rate
8.2%
Regions Covered
Global
Company Analysis: Business Overview, Recent Developments, Sales Analysis
Medtronic Plc
Koninklijke Philips
General Electric Company
Masimo Corporation
ResMed Inc.
Becton Dickinson
Chart Industries Inc.
Getinge AB
InogenInc
Device Type – Market has been covered from 4 viewpoints
Therapeutic Devices
Monitoring Devices
Diagnostic Devices
Consumables & Accessories
Products – Market has been covered from 8 viewpoints
Respiratory Consumables
Nebulizers
Oxygen Concentrators
Polysomnography Devices
Pulse Oximeter
Mechanical Ventilators
Spirometers
Others
Application – Market has been covered from 6 viewpoints
Chronic Obstructive Pulmonary Disease (COPD)
Obstructive Sleep Apnea
Asthma
Respiratory Distress Syndrome
Cystic Fibrosis
Others
End Users – Market has been covered from 3 viewpoints
Hospitals
Home Care
Ambulatory Care
Country – This report covers the 18 countries Respiratory Care Devices Market
North America
United States
Canada
Latin America
Mexico
Brazil
Europe
United Kingdom
Germany
France
Italy
Spain
Netherlands
Asia Pacific
China
Japan
India
South Korea
Australia
Middle East & Africa
United Arab Emirates
South Africa
Rest of the World
For more information about this report visit https://www.researchandmarkets.com/r/7aa300
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