Respiratory Device Market Size, Share, Growth, and Industry Analysis by Type (Airway Management Products & Vent/Oxygenation Products), By Application (Adult, Pediatric and Neonatal), Regional Insights, and Forecast To 2032

Updated On: 29 April 2024

Respiratory Device Market REPORT OVERVIEW

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The global respiratory device market size was USD 16795 million in 2021 and is expected to reach USD 27100 million in 2027, exhibiting a CAGR of 8.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with respiratory device industry experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A respiratory device is a technological or medical equipment used to help people breathe or treat respiratory disorders. These gadgets might range in sophistication and aim, but their main job is to help the lungs exchange oxygen and carbon dioxide. These devices support people who, owing to disease or accident, are unable to breathe on their own. They provide the lungs with controlled amounts of air, which includes oxygen, to ensure appropriate oxygenation and carbon dioxide elimination. These tools are frequently used to treat sleep apnea and other sleeping breathing problems.

For better breathing, they provide an ongoing or varying flow of air pressure to keep the airways open. A thin mist that may be breathed into the lungs is created from liquid medication by nebulizers. They are frequently employed to give drugs for ailments like respiratory infections, chronic obstructive pulmonary disease (COPD), and asthma. These gadgets draw oxygen from the atmosphere and give it to people whose blood oxygen levels are low. They are widely utilized in patients recovering from surgery or those with persistent respiratory disorders.

COVID-19 Impact: Industry Shutdown Causes Market Distortion

The COVID-19 outbreak caused problems for manufacturers of healthcare materials, including unstable markets, a drop in customer confidence, and difficulties with import and export commerce. The sourcing of raw materials, packaging, and distribution are all parts of the global supply chain. Due to lockdowns, moving commodities, labels, and other items has become difficult. In addition to having an immediate influence on markets, supply chains, supply and demand, and all of these other things, it also had a financial impact on the markets for healthcare. The pandemic altered the dynamics of the industry, compelling organizations to redesign every aspect of their operational frameworks in order to preserve stability amidst the disturbances. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall healthcare industry. This has partially impacted the respiratory device industry.

LATEST TRENDS

"Home-Based Care to Boost the Market Growth"

The trend of home-based respiratory care was gaining significant traction in the market. Managing their care at home was typically more comfortable and convenient for patients with chronic respiratory diseases. They were able to keep up their regular schedules and cut down on the number of trips to the hospital thanks to home-based care. Care provided at home was frequently more affordable than protracted hospital stays or numerous outpatient visits. Both patients and healthcare professionals found this intriguing, especially in systems with budget restrictions. Respiratory equipment has become more compact, portable, and user-friendly as a result of technological improvements. Patients could now self-administer medications and keep track of their health at home more easily as a result.  Thus, a key trend that is opening up potential for the industry to grow is the home-based respiratory care. These new developments are mostly to blame for the market's overall growth.

Respiratory Device Market SEGMENTATION

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• By Types 

Based on type, the market is classified into airway management products & vent/oxygenation products.

• By Application

Based on the market is categorized into adult, pediatric and neonatal.

DRIVING FACTORS

"Healthcare Accessibility to Give the Market Extra Boost"

Healthcare accessibility plays a crucial role in the respiratory device, impacting both the demand for these devices and the ability of individuals to receive appropriate care. The availability of healthcare varies greatly around the globe, with many areas lacking the necessary infrastructure and resources. People could not have access to these tools, a respiratory problem diagnosis, or treatment in areas with poor access to healthcare services. The need for these gadgets frequently rises as healthcare becomes more widely accessible. Inhalers, nebulizers, and oxygen therapy equipment are in greater demand as more individuals have access to healthcare services and can be diagnosed with respiratory diseases. As a result, the growth, and the increasing healthcare accessibility will boost the market. It will contribute to the expansion of the healthcare industry and it will improve the overall respiratory device market growth.

"Technological Advancement to Encourage Market Expansion"

Technological advancements have been driving innovation in the respiratory device industry, leading to the development of more effective and user-friendly devices. Devices are now smaller and more portable as a result of miniaturization advances. This makes it simpler for patients to transport and operate tools like inhalers and portable oxygen concentrators. These gadgets now have connectivity capabilities. This enables healthcare professionals to remotely monitor patients' health and treatment compliance. Additionally, it enables people to monitor their development and give their doctors data. Inhalers with connectivity and sensors are referred to as smart inhalers. By monitoring inhaler consumption, giving reminders, and sharing information to medical specialists for better disease management, they assist people in managing their asthma or COPD. As a result, these factors are collectively promoting market expansion, increasing company revenues. As a result, above mentioned factors will help the market to boost.

RESTRAINING FACTORS

"High Cost to Impede Market Expansion"

High cost is the element impeding market expansion. A lot of cutting-edge equipment, such ventilators and CPAP machines, can be pricey. Particularly in areas with constrained healthcare resources, high fees might restrict access for people and healthcare institutions. These limitations limit the market's overall growth. This may be a significant issue limiting market expansion. If this problem is fixed, the market will start to grow right away.

Respiratory Device Market REGIONAL INSIGHTS

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"North America to Dominate the Market owing to Rapid Industrialization"

The market for respiratory device in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the respiratory device market share is the growing demand of products in adult, paediatric and neonatal one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

• Fisher and Paykel (U.S.)
• Armstrong Medical (U.S.)
• GE Healthcare (U.S.)
• Medtronic (Ireland)
• Drive Medical (U.S.)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost respiratory device market. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.