Global Therapeutic Respiratory Devices Market Size, Share, and COVID-19 Impact Analysis, By Product (nebulizer, humidifiers, oxygen concentrators), By Technology (electrostatic filtration, HEPA filter technology, hollow fiber filtration, microsphere separation), By Filters (nebulizers filters, humidifier filters, positive airway pressure devices filter, oxygen concentrator filters, ventilators filters), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030Industry: Healthcare
Global Therapeutic Respiratory Devices Market Insights Forecasts to 2030
- The Therapeutic Respiratory Devices Market Size was valued at USD 19.4 Billion in 2021.
- The Market is growing at a CAGR of 6.15% from 2022 to 2030
- The Worldwide Therapeutic Respiratory Devices Market is expected to reach USD 28.6 Billion by 2030
- Asia Pacific is expected to grow the fastest during the forecast period
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The Global Therapeutic Respiratory Devices Market is expected to reach USD 28.6 Billion by 2030, at a CAGR of 6.15% during the forecast period 2022 to 2030.
Therapeutic Respiratory Devices are mainly used for doing therapies for improving pulmonary functionalities by cleansing the airway, assisting for the removal of mucous from bronchi at the time respiratory therapeutics treatment. These types of devices are used for assisting with respiratory malfunction. The ailments can be bronchitis, respiratory obstructory pulmonary disease, sleep disorders, asthma, and other chronic ailments. The availability of such devices are used to do intensive care and mobile respiratory devices that are used in homecare settings and portable respiratory devices which are needed to be utilized at the time of emergency for offering point of care assistance. Due to its use in various applications, therapeutic respiratory devices are used if improvising and facilitating respiratory functions in children during post natal care.
Impact of COVID 19 On Therapeutic Respiratory Devices Market
With the onset of COVID 19 outbreak, different pharmaceutical and biotechnology organizations and healthcare centres have given special emphasis on safety wearables (face shields, PPE kits, masks), diagnostic kits, medications, and treatment therapies against the virus. Apart from this, research and development laboratories have started focussing to find a new vaccine which can fight against the virus. Moreover, people who are suffering from bronchitis should take special measures as it is listed under COPD.
Global Therapeutic Respiratory Devices Market Report Coverage
|Market Size in 2021:||USD 19.4 Billion|
|Forecast Period 2021-2030 CAGR:||6.15%|
|2030 Value Projection:||USD 28.6 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||100|
|Segments covered:||By Product, By Technology, By Filters, By Region, COVID-19 Impact Analysis|
|Companies Covered:||Becton, Dickinson and Company, Getinge AB, Fisher & Paykel Healthcare Limited, GE Healthcare, Draegerwerk AG & CO.KGAA, Invacare Corporation, Medtronic, Koninklijke Philips N.V.3, ResMed, Smiths Medical|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Key Driving Factors
Increasing geriatric population to drive the market
In the past few years, the global therapeutic respiratory devices market was impacted positively owing to the increasing number of geriatric people. The increased frequency of respiratory diseases are driving the market by its expansion. Moreover, the COVID 19 outbreak have impacted the market positively owing to the increasing number of cases. Apart from this, the increasing rates of cigarette smoking and high pollution levels are propelling the market growth. Furthermore, increasing vulnerability to airborne illnesses as well as accidents led to the nasal and chest injuries which result to respiratory difficulties that is driving the market. The introduction of smart inhalers is anticipated to offer lucrative growth opportunities for the market over the forecast period.
Key Market Challenges
The expansion of therapeutic respiratory devices is limited to some extent due to the lack of awareness which lead to the substantial under diagnosed and under treated population. The market is witnessed lack of reimbursements for various diagnostic tests.
Oxygen Concentrators segment to dominate the market over the forecast period
Based on product, the global therapeutic respiratory devices market is segmented into nebulizer, humidifiers, oxygen concentrators. Anong these, the oxygen concentrators segment is anticipated to dominate the market over the forecast period. The growth is attributed to the increasing demand for home oxygen therapy, increasing consumption of tobacco, rising prevalence of respiratory diseases, and technological advancements are the key reasons which are propelling the segmental growth. Apart from this, the COVID 19 pandemic has resulted into the rise in the demand for respiratory care products such as concentrators.
HEPA filter segment holds the largest market share over the forecast period
On the basis of technology, the global therapeutic respiratory devices market is segmented into c. Among these, HEPA filter segment holds the largest market share over the forecast period. HEPA filters are used to remove particle and retention different therapeutic respiratory devices. Therapeutic equipment should include HEPA filtration technology for air filtration based on CDC requirements. As per the Department of Energy (DOE) of the U.S., HEPA filters remove 99.97% if all particulars larger than 0.3 microns.
Humidifier filters is dominating the market over the forecast period
Based on filters, the global therapeutic respiratory devices market is segmented into nebulizers filters, humidifier filters, positive airway pressure devices filter, oxygen concentrator filters, ventilators filters. Among these, humidifier filters segment is dominating the market with the largest market share over the forecast period. The growth is attributed to the rising need for them for various therapeutic reasons. As filters help in preventing the formation of bacteria and fungus in the circulating air, increasing demand for humidifier in healthcare institutions, households, schools, and hospitals is anticipated to propel the expansion of market.
North America is dominating the market with the largest market share over the forecast period
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North America is dominating the market with the largest market share over the forecast period due to the favourable reimbursement in doing outpatient treatments, economic growth due to the increasing insurance coverage, U.S. healthcare centre accounts, enhanced healthcare systems, and improving healthcare knowledge. The Asia Pacific region, on the other hand is anticipated to witness the fastest market growth over the forecast period owing to the increasing prevalence of diseases such as asthma in both children and adults and technological advancements. Apart from this, the increasing demand for the oxygen concentrators in home healthcare settings is driving the regional segment.
Recent Market Developments
- In June 2022, CAIRE has introduced a portable oxygen concentrators in the U.S. LifeStyle in order to improve the quality of life of oxygen users across the North American region.
List of Key Companies
- Dickinson and Company
- Getinge AB
- Fisher & Paykel Healthcare Limited
- GE Healthcare
- Draegerwerk AG & CO.KGAA
- Invacare Corporation
- Koninklijke Philips N.V.3
- Smiths Medical
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Therapeutic Respiratory Devices Market based on the below-mentioned segments:
Therapeutic Respiratory Devices Market, Product Analysis
- Oxygen Concentrators
- Positive Airway Pressure Devices
- Gas Analyzers
Therapeutic Respiratory Devices Market, Technology Analysis
- Electrostatic filtration
- HEPA filter technology
- Hollow fiber filtration
- Microsphere separation
Therapeutic Respiratory Devices Market, Filter Analysis
- Nebulizers filters
- Humidifier filters
- Positive airway pressure devices filter
- Oxygen concentrator filters
- Ventilators filters
Therapeutic Respiratory Devices Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
1. What is the market size of Therapeutic Respiratory Devices Market?The global Therapeutic Respiratory Devices Market is expected to grow from USD 19.4 Billion in 2021 to USD 28.6 Billion by 2030, at a CAGR of 6.15% during the forecast period 2022-2030.
2. Who are the key market players of Therapeutic Respiratory Devices Market?Some of the key market players of Therapeutic Respiratory Devices Market are Becton, Dickinson and Company, Getinge AB, Fisher & Paykel Healthcare Limited, GE Healthcare, Draegerwerk AG & CO.KGAA, Invacare Corporation, Medtronic, Koninklijke Philips N.V.3, ResMed, Smiths Medical.
3. Which segment hold the largest market share?Humidifier Filter segment hold the largest market share is going to continue its dominance.
4. Which region is dominating the Therapeutic Respiratory Devices Market?North America is dominating the Therapeutic Respiratory Devices Market with the highest market share.
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