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| Respiratory Care Market Size |
The respiratory care market caters to various respiratory devices and equipment
used for diagnosis, prevention and treatment of respiratory diseases. Key
products in this market include therapeutic devices such as oxygen
concentrators, inhalers, Ventilators, masks, nebulisers, PAP devices and
others. These devices aid in the prevention and treatment of chronic
obstructive pulmonary disease (COPD), asthma, lung cancer, pneumonia and other
respiratory disorders. With rising pollution levels, unhealthy lifestyle habits
such as smoking and increasing geriatric population prone to respiratory
issues, the global incidence of respiratory diseases has witnessed a
significant rise. As a result, the demand for respiratory care devices and
equipment has heightened substantially.
The global respiratory care market is estimated to be valued at US$ 49.84 Bn in 2024 and is expected to exhibit a CAGR of 9.8% over the forecast period
of 2024 to 2031.
Key Takeaways
Key players operating in the respiratory care market are Medtronic, Koninklijke
Philips N.V., ICU Medical, Inc., Teleflex Incorporated, ResMed, Dragerwerk AG
& Co. KGaA, Belluscura, VYAIRE, Medline Industries, OMRON Corporation,
Xplore Health Technologies Pvt. Ltd., Masimo, Fisher & Paykel Healthcare
Limited, Hamilton Medical, TytoCare Ltd., Inogen, Inc., Honeywell International
Inc., and PARI Pharma GmbH. These players are undertaking various organic and
inorganic strategies such as mergers & acquisitions, partnerships, product
launches, to strengthen their market presence.
The rising incidence of chronic respiratory disorders presents significant
growth opportunities for players in the Respiratory
Care Market Size. Advancements in technology are allowing development
of portable, easy to use and effective respiratory care devices. This is supporting
wider acceptance and adoption of respiratory care products.
North America currently dominates the respiratory care market. However, the
Asia Pacific region is anticipated to provide lucrative growth opportunities
during the forecast period owing to growing healthcare infrastructure, rising
medical tourism and increasing focus of key players on expanding presence in
emerging Asia Pacific countries.
Market Drivers
The growing geriatric population is a major driver for the respiratory care
market. Older adults are more susceptible to respiratory conditions due to
weakening of respiratory muscles and weaker immune system with age. According
to WHO, the number of people aged 60 years and older is expected to reach 2
billion by 2050 from 900 million in 2015. This expanding geriatric demographic
will significantly fuel the demand for respiratory care devices in coming
years.
Market Restraints
High device costs pose a major challenge for widespread adoption of respiratory
care equipment. Devices incorporated with newer technologies have greater unit
costs which limits their adoption in price sensitive developing regions.
Furthermore, lack of proper reimbursement policies in many countries hinders
sales of high-end respiratory care devices. This acts as a key restraint for
the respiratory care market growth.
Segment Analysis
The respiratory care market is dominated by the therapeutic devices segment.
Therapeutic devices sub segment accounts for over 65% share of the overall
market. This is because therapeutic devices such as inhalers, oxygen
concentrators, ventilators and masks are widely used for treatment of various
respiratory diseases like asthma, chronic obstructive pulmonary disease (COPD)
and sleep apnea. Growing prevalence of such respiratory diseases globally is
driving the demand for therapeutic devices in the respiratory care market.
Global Analysis
North America accounts for the largest share in the global respiratory care
market, owing to rising prevalence of respiratory diseases, growing geriatric
population, high adoption of innovative respiratory care devices and products
and presence of major players in the region. However, Asia Pacific is expected
to witness highest growth during the forecast period. Rapidly increasing
population, improving healthcare infrastructure and rising disposable incomes
in Asia Pacific countries are some of the key factors augmenting the Asia
Pacific respiratory care market growth. Additionally, countries like India and
China are expected to become most lucrative markets owing to growing pollution
levels and increasing COPD incidences in these regions.
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