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The respiratory devices and equipment (therapeutic) market is forecasted to achieve notable growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 10%, as per The Business Research Company’s market report!

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The Respiratory Devices And Equipment (Therapeutic) Market Size In 2022 And Forecast

The global respiratory devices and equipment (therapeutic) market is expected to grow from $16.33 billion in 2021 to $18.03 billion in 2022 at a compound annual growth rate (CAGR) of 10.4%. 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, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The respiratory devices and equipment (therapeutic) market is expected to grow to $26.83 billion in 2026 at a CAGR of 10.4%.

The respiratory devices and equipment (therapeutic) market consists of sales of respiratory devices and equipment used to treat patients with acute or chronic respiratory disorders such as chronic obstructive pulmonary disease (COPD), chronic bronchitis, asthma, sleep disorders, etc.

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Increase In The Prevalence Of COPD And Sleep Apnea In The Geriatric Population Is Driving The Growth Of The Respiratory Devices And Equipment (Therapeutic) Market

According to World Health Organization, one million people die due to chronic obstructive pulmonary diseases caused by smoking among the 4.9 million people who die due to tobacco consumption and 65 million people suffer from moderate to severe COPD. As per its estimates, COPD is predicted to be the third leading cause of death worldwide and potentially fatal respiratory diseases. Tuberculosis, COPD, and lung cancer will account for about one in five deaths worldwide by 2030. According to National Health Interview Survey by the Centers for Disease Control and Prevention (CDC), the number of adults with diagnosed chronic bronchitis in the USA was 9.0 million. In the USA, it is estimated that 22 million Americans suffer from sleep apnea, with 80% of the cases of moderate and severe obstructive sleep apnea undiagnosed. According to epidemiological studies presented at the Associated Professional Sleep Societies in 2019, 37% of adults in North, Central, and South America suffer from Obstructive sleep apnea (OSA). The increased prevalence of COPD and sleep apnea in the geriatric population is driving the market for therapeutic respiratory devices.

Competitive Landscape And The Regional Analysis Of The Respiratory Devices And Equipment (Therapeutic) Market

Major players in the respiratory devices and equipment (therapeutic) market are Hamilton Medical AG, Koninklijke Philips N.V, Smiths Medica, Ge Healthcare, Philips Health Care, Chart Industries, Invacare Corporation, Fisher & Paykel Healthcare Limited, Resmed, and Dragerwerk AG.

Additionally, as per TBRC’s research – Asia Pacific was the largest region in the respiratory devices and equipment (therapeutic) market in 2021 holding the largest market share.

The Respiratory Devices And Equipment (Therapeutic) 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) 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) market.

Increasingly Using AI To Develop Respiratory Devices – A Key Trend In The Respiratory Devices And Equipment (Therapeutic) Market

The companies in the respiratory devices and equipment therapeutic market are increasingly using AI to develop respiratory devices to treat Asthma and COPD. Artificial intelligence supports the development of innovative sensors-equipped inhalers which help patients to track their dosage intake. These sensors are durable and consume less power and help caution the patients by noting the differences or fluctuations in respiration. These are used for both add-on and embedded inhalers. These inhalers with sensors can track data automatically and can alert both the doctors and patients about the health condition of the patients. Also, the companies in developing devices such as AI aided imaging systems and AI aided platforms that will act as voice biomarkers.

Respiratory Devices And Equipment (Therapeutic) Market Segmentation By The Business Research Company

1) By Product: Nebulizers, Humidifiers, Oxygen Concentrators, Positive Airway Pressure Devices, Ventilators, Capnographs, Gas Analyzers

2) By End-User: Homecare settings, Hospitals

3) By Technology: HEPA Filter, Electrostatic Filtration, Microsphere Separation, Hollow Fiber Filtration, Other Technologies

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