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How has the respiratory devices and equipment (therapeutic) market size evolved in recent years?
The market size for therapeutic respiratory devices and equipment has seen robust growth in the past few years. The market is projected to upgrade from $21.07 billion in 2024 to $23.04 billion in 2025, experiencing a compound annual growth rate (CAGR) of 9.3%. Factors contributing to this growth in the historic period include the prevalence of respiratory conditions, an aging population, advancements in technology, and management of respiratory diseases.
What are the predictions for the respiratory devices and equipment (therapeutic) market size in the coming years?
It is projected that the market size for respiratory devices and equipment (therapeutic) will witness substantial growth over the next few years, soaring to $32.93 billion by 2029, with a compound annual growth rate (CAGR) of 9.3%. This anticipated growth during the forecast period can be ascribed to various factors, including chronic illnesses, changes in lifestyle, the increase in telehealth, advances in technology, and effective COPD management. Key trends expected to shape this market in the given forecast period encompass digital health, remote patient monitoring, the inclusion of ventilators and life support systems, respiratory rehabilitative measures, and the incorporation of telehealth.
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What key factors are fueling the growth of the respiratory devices and equipment (therapeutic) market?
The therapeutic respiratory devices and equipment market has witnessed growth due to the rising occurrence of respiratory illnesses like chronic obstructive pulmonary disorder (COPD) and sleep apnea. World Health Organization reports indicate that of the 4.9 million deaths due to tobacco consumption each year, one million are a result of COPD caused by smoking, and 65 million people battle moderate to severe COPD. The same reports indicate that COPD is set to become the third chief cause of fatalities globally due to potential lethal respiratory diseases. By 2030, it is estimated that diseases such as Tuberculosis, COPD, and lung cancer will be responsible for nearly one-fifth of the total deaths globally. Further data from the National Health Interview Survey by the Centers for Disease Control and Prevention (CDC) revealed that 9.0 million adults in the USA have been diagnosed with chronic bronchitis. It’s also estimated that approximately 22 million Americans are suffering from sleep apnea, with a vast 80% of moderate and severe obstructive sleep apnea cases remaining undiagnosed. The rising incidences of COPD and sleep apnea, particularly among the aging population, act as a catalyst for the growth of the respiratory devices and equipment (therapeutic) market.
How is the global respiratory devices and equipment (therapeutic) market divided into key segments?
The respiratory devices and equipment (therapeutic) market covered in this report is segmented –
1) By Product: Nebulizers, Humidifiers, Oxygen Concentrators, Positive Airway Pressure Devices, Ventilators, Capnographs, Gas Analyzers
2) By Technology: HEPA Filter, Electrostatic Filtration, Microsphere Separation, Hollow Fiber Filtration, Other Technologies
3) By End-User: Homecare settings, Hospitals
Subsegments:
1) By Nebulizers: Pneumatic Nebulizers, Ultrasonic Nebulizers, Mesh Nebulizers
2) By Humidifiers: Bubble Humidifiers, Passover Humidifiers, Evaporative Humidifiers, Hot-Wire Humidifiers
3) By Oxygen Concentrators: Portable Oxygen Concentrators, Stationary Oxygen Concentrators
4) By Positive Airway Pressure Devices: Continuous Positive Airway Pressure (CPAP), Auto-Adjusting Positive Airway Pressure (APAP), Bi-Level Positive Airway Pressure (BiPAP)
5) By Ventilators: Non-invasive Ventilators, Invasive Ventilators, Transport Ventilators, ICU Ventilators
6) By Capnographs: Mainstream Capnographs, Sidestream Capnographs
7) By Gas Analyzers: Oxygen Analyzers, Carbon Dioxide Analyzers, Nitrous Oxide Analyzers, Multi-Gas Analyzers
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Who are the key firms paving the way for growth in the respiratory devices and equipment (therapeutic) market?
Major companies operating in the respiratory devices and equipment (therapeutic) market include Hamilton Medical AG, Koninklijke Philips N.V., Smiths Medical, GE Healthcare, Philips Healthcare, Chart Industries Inc., Invacare Corporation, Fisher & Paykel Healthcare Limited, ResMed Inc., Drägerwerk AG & Co. KGaA, Medtronic plc, Masimo Corporation, CareFusion Corporation, Getinge AB, Hill-Rom Holdings Inc., Becton, Dickinson and Company, Air Liquide S.A., Vyaire Medical Inc., Compumedics Limited, Covidien plc, Mindray Medical International Limited, Inogen Inc., Nihon Kohden Corporation, Siemens Healthcare GmbH, Teleflex Incorporated, Breas Medical AB, AirSep Corporation, Rotech Healthcare Inc., 3B Medical Inc.
Which trends are expected to transform the respiratory devices and equipment (therapeutic) market?
Firms operating in the therapeutic respiratory devices and equipment segment are making increased use of artificial intelligence (AI) in the creation of respiratory equipment designed to manage Asthma and COPD. AI facilitates the design and development of novel sensor-built inhalers that enable patients to monitor their drug consumption. These sensors, which are energy-efficient and have a long life span, alert patients by identifying changes or irregularities in breathing. They are employed in both supplementary and built-in inhalers. Sensors within these inhalers can automatically record data and can notify both physicians and patients about the patient’s wellbeing. In addition, companies in the sector are creating devices like imaging systems supported by AI and platforms that function as voice biomarkers, which are aided by AI. For example, in March 2022, US-based respiratory tech company Respira Labs launched an AI-driven wearable lung monitor named ‘Sylvee’. This innovative product employs acoustic resonance to evaluate lung functionality and pinpoint any discrepancies in lung operation.
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What regions are contributing significantly to the growth of the respiratory devices and equipment (therapeutic) market?
Asia-Pacific was the largest region in the respiratory devices and equipment (therapeutic) market in 2023. Western Europe was the second-largest region in the respiratory devices and equipment (therapeutic) market. The regions covered in the respiratory devices and equipment (therapeutic) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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