Respiratory Devices Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Respiratory Diseases

Respiratory Devices Market 

The Respiratory Devices Market is estimated to be valued at US$ 23701.98 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Respiratory devices are used for diagnosis, treatment, and monitoring of respiratory diseases. They include devices like oxygen concentrators, nebulizers, positive airway pressure devices, ventilators, capnographs, gas analyzers, and pulse oximeters. Rising demand for home healthcare devices owing to increasing prevalence of respiratory diseases such as asthma, COPD, etc. is driving the growth of the respiratory devices market.

Market key trends:

One of the major trends in the respiratory devices market is the growing preference for portable and wireless respiratory devices. Devices such as portable nebulizers and oxygen concentrators offer mobility and ease of use to patients. Furthermore, integrated respiratory monitoring devices enable remote patient monitoring and help reduce hospital visits. Technological advancements like development of app-based respiratory devices that can transmit patient data in real-time are also facilitating growth of this market. Growing popularity of combination therapy with use of multiple respiratory devices at home is another key trend in this market.

Porter's Analysis

Threat of new entrants: The respiratory devices market has moderate threat as it requires high initial capital investment and stringent regulations. However, the growing aging population offer opportunities.

Bargaining power of buyers: The bargaining power of buyers is moderate as the market has many established brands. However, rising disposable incomes increase buyer power.

Bargaining power of suppliers: Material and component suppliers have moderate-high bargaining power as major players depend on a few suppliers. Supplier switching costs are also high.

Threat of new substitutes: Substitutes have low threat as respiratory devices have few alternatives for their intended medical uses.

Competitive rivalry: Intense as major players compete on innovation, quality and service.

SWOT Analysis

Strengths: Growing geriatric population and respiratory diseases. Technological advancements offer monitoring and therapeutic options.

Weaknesses: High device costs limit adoption. Lack of awareness in developing nations.

Opportunities: Untapped markets in developing countries. Growth of home healthcare and portable devices.

Threats: Stringent regulations delay approvals. Reimbursement issues and healthcare reforms.

Key Takeaways

The global Respiratory Devices Market Size is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing prevalence of respiratory diseases with rising pollution and aging population.

Regional analysis: North America currently dominates with a share of over 30% due to advanced healthcare infrastructure and growing patient base. However, Asia Pacific is expected to grow the fastest at a CAGR of 10.3% owing to developing healthcare facilities and rising medical tourism in countries like China, India.

Key players: Key players operating in the respiratory devices market are Masimo, Teleflex Incorporated, Fisher & Paykel Healthcare Limited, ResMed, Hamilton Medical, Medtronic, Koninklijke Philips N.V., ICU Medical, Inc., General Electric Company, Dragerwerk AG & Co. KGaA. They are focusing on product launches and acquisitions to strengthen their market position.

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