Future Outlook of the Respiratory Devices And Equipment (Therapeutic And Diagnostic) Market: Growth, Trends, and Emerging Opportunities Explored
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What key factors are powering the surge in the respiratory devices and equipment (therapeutic and diagnostic) market right now?
The market size for respiratory devices and equipment, both therapeutic and diagnostic, has seen swift expansion in the recent past. It is projected to rise from a value of $12.18 billion in 2024 to reach $13.85 billion in 2025, experiencing a compound annual growth rate (CAGR) of 13.7%. The historic growth period was driven by factors such as the prevalence of respiratory conditions, an increasing aging population, pollution and environmental factors, along with the introduction of telehealth and remote monitoring.
How fast Is the respiratory devices and equipment (therapeutic and diagnostic) market expected to grow, and what’s its future value?
The market size for therapeutic and diagnostic respiratory devices and equipment is projected to undergo swift expansion in the forthcoming years. The market is anticipated to reach $24.31 billion by 2029, progressing at a compound annual growth rate (CAGR) of 15.1%. The development during the forecast period is ascribed to factors like the adoption of minimally invasive procedures, growth in emerging markets, supportive regulations and reimbursements, and the rise of personalized medicine. Key trends during this period encompass care at home, wearable tech and remote supervision, the incorporation of telemedicine, and practices that are environmentally friendly and sustainable.
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What are the leading drivers of growth in the respiratory devices and equipment (therapeutic and diagnostic) market?
The surge in illnesses like Chronic Obstructive Pulmonary Disease (COPD), asthma, and lung cancer is poised to propel the global therapeutic respiratory devices and equipment market. The rise in the aging population, tobacco usage, allergens, and air pollution escalates the incidents of respiratory diseases, thereby fueling the global therapeutic respiratory devices market. The World Health Organization reveals that tobacco consumption leads to 4.9 million fatalities, triggering chronic obstructive pulmonary diseases causing 1 million deaths annually, cardiovascular and respiratory diseases accounting for 1.7 million deaths per year, and lung cancer resulting in 0.85 million deaths each year. An Italian research journal postulates that COPD prevalence in the aged population of 75 years or above in the US stands at 10%. Asthma UK indicates that 5.4 million individuals in the UK are presently receiving asthma treatment, comprising 1.1 million children and 4.3 million adults.
What are the key segments defining the respiratory devices and equipment (therapeutic and diagnostic) market?
The respiratory devices and equipment (therapeutic and diagnostic) market covered in this report is segmented –
1) By Type: Diagnostic devices, Therapeutic devices, Monitoring devices
2) By Application: Chronic Obstructive Pulmonary Disease (COPD), Asthma, Obstructive Sleep Apnea (OSA), Respiratory Distress Syndrome (RDS), Cystic Fibrosis, Pneumonia
3) By End User: Hospitals, Clinics, Homecare settings, Ambulatory service centers
Subsegments:
1) By Diagnostic Devices: Spirometers, Pulse Oximeters, Arterial Blood Gas (ABG) Analyzers, Capnometers, Peak Flow Meters
2) By Therapeutic Devices: Nebulizers, Inhalers (Metered-Dose Inhalers, Dry Powder Inhalers), Positive Airway Pressure (PAP) Devices, Oxygen Concentrators, Ventilators
3) By Monitoring Devices: Respiratory Rate Monitors, Blood Oxygen Saturation Monitors, Capnography Monitors, Pulmonary Function Monitors
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Who are the key players steering the development of the respiratory devices and equipment (therapeutic and diagnostic) market?
Major companies operating in the respiratory devices and equipment (therapeutic and diagnostic) market include Smiths Medical Inc., Philips Healthcare, GE Healthcare, Chart Industries Inc., Invacare Corporation, Fisher & Paykel Healthcare Limited, ResMed Inc., Koninklijke Philips N.V., Dragerwerk AG, Medtronic plc, Masimo Corp., CareFusion Corporation, Compumedics Limited, Becton Dickinson and Company, Hamilton Medical, Mindray Medical International Limited, Vyaire Medical Inc., Getinge AB, AirSep Corporation, Breas Medical AB, Hill-Rom Holdings Inc., Inogen, Shenzhen Mindray Bio-Medical Electronics Co., Linde plc, DeVilbiss Healthcare LLC, Nihon Kohden Corporation, Nonin Medical Inc., O2 Concepts LLC, Precision Medical Inc., Pulmodyne Inc., Salter Labs Inc., Sechrist Industries Inc., Teleflex Inc., Ventec Life Systems, VitalAire, Weinmann Emergency Medical Technology GmbH + Co. KG, ZOLL Medical Corporation
What emerging trends are influencing the growth of the respiratory devices and equipment (therapeutic and diagnostic) market?
Firms operating within the respiratory devices and equipment market are progressively investing in advanced mechanical ventilators to boost patient management efficiency. These mechanical ventilators leverage artificial intelligence to enhance patient management through the examination, analysis, integration, and amalgamation of data from numerous sources. These AI-equipped devices guarantee dependability even without skilled personnel, improve patient care, minimize medical errors, and forecast extended mechanical ventilation utilizing artificial intelligence methods. Hamilton Medical AG, Koninklijke Philips N.V., and other major companies are amongst those offering these smart mechanical ventilators.
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Which regions are most influential in expanding the respiratory devices and equipment (therapeutic and diagnostic) market?
Asia-Pacific was the largest region in respiratory devices and equipment (therapeutic and diagnostic) market in 2023. Western Europe was the second-largest region in respiratory devices and equipment (therapeutic and diagnostic) market. The regions covered in the respiratory devices and equipment (therapeutic and diagnostic) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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