The Respiratory Devices And Equipment (Therapeutic And Diagnostic) Market Share, Market Size, And Growth Rate 2022
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The respiratory devices and equipment (therapeutic and diagnostic) market is forecasted to achieve notable growth in the coming few years with a forecast CAGR (compound annual growth rate) of almost 11%, as per The Business Research Company’s market report!
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The Respiratory Devices And Equipment (Therapeutic And Diagnostic) Market Size In 2022 And Forecast
The global respiratory devices and equipment (therapeutic and diagnostic) market grew from $25.23 billion in 2021 to $28.83 billion in 2022 at a compound annual growth rate (CAGR) of 14.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The respiratory devices and equipment (therapeutic and diagnostic) market is expected to grow to $43.61 billion in 2026 at a CAGR of 10.9%.
The respiratory devices and equipment (therapeutic and diagnostic) market consist of sales of respiratory devices and equipment (therapeutic and diagnostic) and related services.
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Increase In Diseases Is Driving The Growth Of The Respiratory Devices And Equipment (Therapeutic And Diagnostic) Market
According to World Health Organisation,4.9 million people die due to tobacco consumption, and smoking causes chronic obstructive pulmonary diseases (1 million deaths annually), cardiovascular and respiratory diseases (1.7 million deaths annually), and lung cancer (0.85 million deaths annually). According to an Italian journal, COPD in the U.S. is estimated to be 10% in the population aged 75 years or over. According to Asthma UK, 5.4 million people in the UK are currently receiving treatment for asthma out of these 1.1 million are children and 4.3 million are adults.
Competitive Landscape And The Regional Analysis Of The Respiratory Devices And Equipment (Therapeutic And Diagnostic) Market
Major players in the respiratory devices and equipment (therapeutic and diagnostic) market are Smiths Medical, Philips Healthcare, GE Healthcare, Chart Industries, Invacare Corporation, Fisher & Paykel Healthcare Limited, ResMed, Dragerwerk AG, Medtronic plc, Masimo corp., and CareFusion Corporation.
Additionally, as per TBRC’s research – Asia Pacific was the largest region in the respiratory devices and equipment (therapeutic and diagnostic) market in 2021 holding the largest market share.
The Respiratory Devices And Equipment (Therapeutic And Diagnostic) Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the respiratory devices and equipment (therapeutic and diagnostic) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the respiratory devices and equipment (therapeutic and diagnostic) market.
Increasingly Investing In Enhanced Mechanical Ventilators – A Key Trend In The Respiratory Devices And Equipment (Therapeutic And Diagnostic) Market
Companies in the respiratory devices and equipment market are increasingly investing in enhanced mechanical ventilators for efficient patient management. These mechanical ventilators use artificial intelligence to improve patient management by examining, analyzing, integrating, and incorporating data from extensive sources. These AI-enabled devices ensure consistency even in the absence of expert personnel, improve patients’ treatment, limit clinical mistakes, and predict prolonged mechanical ventilation by using artificial intelligence techniques.
Respiratory Devices And Equipment (Therapeutic And Diagnostic) Market Segmentation By The Business Research Company
1) By Type: Diagnostic devices, Therapeutic devices, Monitoring devices
2)By End User: Hospitals, Clinics, Homecare settings, Ambulatory service centers,
3) By Therapeutic Devices: Humidifiers, Nebulizers, Oxygen concentrators, Positive Airway Pressure (PAP) Devices, Ventilators, Others
4) By Diagnostic Devices: Spirometer, Polysomnographs, Peak Flow Meters
5) By Monitoring Devices: Pulse oximeters, Capnographs, Gas analyzers
6) By Application: Chronic Obstructive Pulmonary Disease (COPD), Asthma, Obstructive Sleep Apnea (OSA), Respiratory Distress Syndrome (RDS), Cystic Fibrosis, Pneumonia
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