Therapeutic Respiratory Devices Market
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Therapeutic Respiratory Devices Market size was worth more than USD 47 billion in 2022 and is poised to exhibit 4.7% CAGR from 2023 to 2032 driven by the rising prevalence of respiratory diseases globally.
In recent years, respiratory diseases have turned to be the major cause of mortality in both developing and underdeveloped nations. There has also been a rapid rise in the number of non-contagious respiratory disorders, such as asthma, COPD, cystic fibrosis, and lung cancer. As per the European Academy of Allergy and Clinical Immunology (EAACI) Global Atlas of Asthma 2022, more than 350 million people worldwide suffer from asthma. Furthermore, the rising levels of air pollution is increasing the burden of lung and respiratory ailments.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Therapeutic Respiratory Devices Market size in 2022: | USD 47.2 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 4.7 |
| 2023 Value Projection: | USD 72.8 Billion |
| Historical Data for: | 2018 to 2022 |
| No of Pages: | 330 |
| Tables, Charts & Figures: | 625 |
| Segments Covered: | Product, Application, End-use, Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Therapeutic respiratory devices play a pivotal role in managing respiratory diseases, by providing much-needed relief and improving the quality of life for patients. These devices encompass a wide range of tools, including inhalers, nebulizers, positive airway pressure machines, and oxygen concentrators. Additionally, the advent of medically advanced respiratory devices has revolutionized the treatment of respiratory diseases for improved respiratory functions and enhanced overall well-being.
The COVID-19 pandemic proved beneficial to the demand for therapeutic respiratory devices. The increasing spread of the infection by respiratory droplets and the rising impacts on the respiratory system led to the surging adoption of respiratory medical devices. Furthermore, the influx of new product improvements and launches to meet the rising demand boosted the market expansion. For instance, the U.S. FDA granted emergency authorization to use Vesper, a device created by Prisma Health for sustaining up to four patients on a ventilator.
The increasing R&D spending on different technical breakthroughs in therapeutic respiratory devices will accelerate the market development. Advanced respiratory devices allow patients to utilize practical and user-friendly gadgets for the treatment of various respiratory disorders. Furthermore, the demand for portable and miniaturized therapeutic ventilators is picking pace as they are quick, affordable, and may be used outdoors without the supervision of doctors.
Therapeutic respiratory devices market size from the inhalers product segment is expected to generate more than USD 40 billion in revenue by the end of 2032. The higher availability of newly developed automated inhalers, including metered-dose inhalers, dry powder inhalers, and soft mist inhalers for aiding the administration of appropriate quantities of drugs to patients has boosted the demand for inhalers.
Based on application, the asthma segment in the therapeutic respiratory devices market share is estimated to record USD 19 billion through 2032. This can be attributed to the rising prevalence of chronic illness affecting children worldwide, including asthma. According to the Asthma and Allergy Foundation of America, around 25 million individuals in the U.S. suffer from asthma, accounting for nearly one in every thirteen people. The rising incidence of asthma worldwide has spurred the demand for inhalers and nebulizers.
North America therapeutic respiratory devices market size is poised to expand at over 3.5% CAGR by 2032. The industry development can be ascribed to the growing frequency of respiratory disorders, higher availability of modern healthcare infrastructure, and the presence of leading market players across the region. Also, the widespread adoption of new technologies among patients along with favorable reimbursement circumstances may augment the industry outlook.
Some of the major companies operating in the therapeutic respiratory devices market include
Market Size, By Product
Market Size, By Application
Market Size, By End-use
The above information is provided for the following regions and countries:
Some of the key therapeutic respiratory device providers include Hill-Rom Services Inc. (Baxter), ResMed Inc., Dr
Global market size for therapeutic respiratory devices was USD 47.2 billion in 2022 and is projected to record 4.7% CAGR by 2032 attributed to the high prevalence of respiratory diseases worldwide.
North America therapeutic respiratory devices is set to exhibit growth at over 3.5% CAGR from 2023 to 2032 owing to the high frequency of respiratory disorders and the growing availability of modern healthcare infrastructure.
The inhalers product segment is expected to amass more than USD 40 billion by 2032 attributed to the increasing availability of newly developed automated inhalers.