July 24, 2024

Life Harbor

Information regarding Healthcare

Respiratory Care Market to Top $49.84 Billion by 2031:

5 min read

Burlingame, June 11, 2024 (GLOBE NEWSWIRE) — The global respiratory care market size was valued at US$ 25.95 Billion in 2024 and is expected to reach US$ 49.84 Billion by 2031, growing at a compound annual growth rate (CAGR) of 9.8% from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. The increasing geriatric population which is more susceptible to such conditions is also contributing to the growth of this market. As respiratory diseases cannot be cured and can only be managed, the demand for respiratory care devices, drugs, diagnostic tools and services will continue to increase over the coming years.

Market Dynamics:

The respiratory care market is witnessing high growth owing to rising cases of respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD). According to a study published by World Health Organization (WHO) in 2019, around 235 million people worldwide suffer from asthma while nearly 3 million die from COPD each year. Respiratory care products such as nebulizers, humidifiers, and oxygen therapy monitors aid in providing relief and improving quality of life for respiratory patients. In addition, increasing geriatric population which is more susceptible to respiratory disorders is creating high demand for respiratory care solutions. This is further driving the growth of respiratory care market.

Request Sample Report:

Market Trends:

The respiratory care market is witnessing increasing demand for portable devices which can be used both at home and during travel. Key players are focusing on developing compact, lightweight respiratory care solutions to improve patient mobility. For instance, in 2021, Vyaire Medical launched its Teralyne Enteral Feeding Pump which is 20% smaller and lighter than previous models. Similarly, companies such as B&D and O-Two Medical Technologies have portable oxygen concentrators and nebulizers in their product portfolio.

3D printing is gaining traction in manufacturing of customized respiratory masks and fittings. It allows for precision design of parts as per patient’s facial structure. In 2020, researchers at University of South Australia 3D printed Silicone Nasal Masks using facial scans of sleep apnea patients. 3D printing provides opportunities for personalized respiratory care and drives innovation.

Respiratory Care Market Report Coverage

Report Coverage Details
Market Revenue in 2024 $25.95 billion
Estimated Value by 2031 $49.84 billion
Growth Rate Poised to grow at a CAGR of 9.8%
Historical Data 2019–2023
Forecast Period 2024–2031
Forecast Units Value (USD Million/Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Product Type, By Indication, By End User
Geographies Covered North America, Europe, Asia Pacific, and Rest of World
Growth Drivers • Emergence of New Technologies

• Growing Prevalence of Respiratory Diseases

Restraints & Challenges • Increasing Product Recalls

• High Costs Associated with Advanced Respiratory Equipment

Market Opportunity:

Oxygen therapy segment is expected to witness significant growth over the forecast period. Growing prevalence of respiratory disorders such as COPD and asthma has increased the demand for long-term oxygen therapy. Portable oxygen concentrators are gaining popularity due to their convenience of use compared to stationary oxygen concentrators. Technological advancements in oxygen delivery methods such as portable liquid oxygen systems are further propelling the demand. According to World Health Organization (WHO), over 380 million people suffer from COPD worldwide. Increasing pollution levels are contributing to rising COPD incidence rates worldwide.

Polysomnography devices segment is growing rapidly due to increasing awareness about sleep disorders. Obstructive sleep apnea (OSA) is a common yet underdiagnosed sleep disorder affecting over 936 million people worldwide. Rising diagnosis and treatment rates of OSA are driving the demand for polysomnography devices which are used to diagnose and treat OSA. At-home sleep testing using portable monitoring devices is gaining traction over laboratory-based polysomnography due to convenience and cost-effectiveness. However, technological limitations of home sleep testing restrict their use only for screening high risk patients.

Immediate Delivery Available | Buy This Premium Research Report:

Key Market Takeaways:

The global respiratory care market is anticipated to witness a CAGR of 4.8% during the forecast period 2024-2031, owing to the increasing prevalence of chronic respiratory diseases worldwide and growing geriatric population.

On the basis of product type, nebulizers segment is expected to hold a dominant position, owing to the rising demand for portable nebulizers for home therapy of asthma and COPD.

On the basis of indication, chronic obstructive pulmonary disease segment is expected to hold a dominant position over the forecast period, due to the high and growing disease burden of COPD globally.

On the basis of end user, hospitals segment is expected to hold a dominant position, due to availability of high-end equipment and presence of skilled professionals.

On the basis of region, North America is expected to hold a dominant position over the forecast period, due to higher disease prevalence, availability of advanced treatment options and favorable reimbursement policies in the region.

Key players operating in the respiratory care market include Medtronic, Koniklijke Philips N.V, ICU Medical, Inc., Teleflex Incorporated, ResMed, Dragerwerk AG & Co., KGaA, among others. Strategic partnerships and new product launches are some of the key strategies adopted by market players to strengthen their market position.

Recent Developments:

In January 2023, Synergy Life Science, Inc., announced the launch of Nebi, the first pocket-sized and fully battery-operated nebulizer for use in a variety of application,

In November 2022, Reckitt Benckiser Group, launched a new education and early detection campaign for patients with undiagnosed chronic obstructive pulmonary disease.

Customize this study as per your requirement:

Detailed Segmentation-

By Product Type:

  • Nebulizers 
  • Oxygen Concentrators 
  • Polysomnography Devices
  • Positive airway pressure devices
  • Respiratory Consumables 
  • Others

By Indication:

  • Chronic Obstructive Pulmonary Disease (COPD)
  • Asthma
  • Pneumonia 
  • Others

By End User:

  • Hospitals
  • Ambulatory Surgical Centers
  • Clinics
  • Others

By Region:

North America:

Latin America:

  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America

Europe:

  • Germany
  • U.K.
  • Spain
  • France
  • Italy
  • Russia
  • Rest of Europe

Asia Pacific:

  • China
  • India
  • Japan
  • Australia
  • South Korea
  • ASEAN
  • Rest of Asia Pacific

Middle East:

  • GCC Countries
  • Israel
  • Rest of Middle East

Africa:

  • South Africa
  • North Africa
  • Central Africa

Browse More Insights:

Digital Dose Inhaler Market: Global digital dose inhaler market is estimated to be valued at USD 18.33 Bn in 2024 and is expected to reach USD 64.33 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 19.6% from 2024 to 2031.

Rapid Infuser Market: Global rapid infuser market is estimated to be valued at USD 796.9 Mn in 2024 and is expected to reach USD 1,109 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.8% from 2024 to 2031.

Smart Pacifier Market: The smart pacifier market is estimated to be valued at USD 442.3 Mn in 2024 and is expected to reach USD 640.2 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.

Respiratory Inhalers Market: The global Respiratory Inhaler Market is estimated to account for US$ 32,921.8 Mn in terms of value and is expected to reach US$ 46,984.1 Mn by the end of 2027.

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

Follow Us: LinkedIn | Twitter


            

link

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © All rights reserved. | Newsphere by AF themes.