The Respiratory Therapeutic Devices Market is anticipated to reach USD 12,231.6 Million by 2030 at 8.6% CAGR during the forecast period 2022-2030. Respiratory therapeutic devices are major medical equipment for treating and controlling different respiratory diseases. These devices are highly used in the treatment of lung diseases such as acute bronchitis, chronic obstructive pulmonary diseases (COPD), asthma, cystic fibrosis, and others. The number of lung patients increasing daily is rising the demand of the Market.
Respiratory therapeutic devices such as the oxygen concentrator, nebulizer, ventilators and others have become mandatory equipment in almost every hospital, which is increasing Respiratory Therapeutic Devices Market Share. The government's investment in healthcare expenditure is a major market growth factor. The rise in the adoption of different therapeutic devices in home care settings fuels the market.
Due to the global pandemic, there was a sudden huge rise in the demand for respiratory therapeutic devices, which boosted up the Respiratory Therapeutic Devices Market. The driving factors resulting in the market's increased growth, such as the high prevalence of respiratory diseases and tobacco smoking, increased rate of urbanization and growing levels of air pollution, and lifestyle changes, will help the Market to reach a good value during the forecasted period.
Respiratory assist devices are intended for helping patients in need of support for breathing, carbon dioxide removal, and therapy for reducing disuse atrophy of abdominal wall muscles. The FDA issued EUAs for helping the increase in the availability of respiratory assist devices, which are integral for treating patients during the pandemic.
During the COVID-19 pandemic, many hospitals were established to treat the patients, which were vigorously increasing. Many prominent regions started building hospitals for COVID patients. The coronavirus was majorly affecting the lungs, which increased the demand for critical care devices such as respiratory therapeutic devices. The manufacturing of these devices increased due to their higher demand, and this factor has propelled the growth of the Respiratory Therapeutic Devices Market. The government was also highly invested in the manufacture of respiratory care devices.
As the disease was an infectious respiratory disease, it chiefly drove the market at the global level. It has resulted in the demand for personal protection equipment and ventilators, and governmental and industrial support, which has accelerated the Respiratory Therapeutic Devices Market Growth.
Chief Factors Existing In The Market
The growth drivers of the Respiratory Therapeutic Devices Market are responsible for lifting up its growth rate. The cost advantages of home therapeutics devices are the key factors driving the market. Major reasons such as the rise in healthcare costs a huge number of patients suffering from chronic respiratory diseases are other major driving factors. The growing demand for products such as nebulizers, ventilators, and CPAP devices, for treatment, diagnosis, and monitoring the patients suffering from respiratory diseases in-home care settings is highly driving the market.
The Respiratory Therapeutic Devices Market is facing challenges affecting its growth rate. The lower awareness rate among people about respiratory infectious disease is challenging the market. A huge number of lung-related diseases are still underdiagnosed and undertreated due to the lack of awareness. Due to this, people are also not receiving timely treatment. The unavailability of adequate resources for diagnosing the disease is even challenging the Market.
There are rising growth opportunities that are fueling the Respiratory Therapeutic Devices Market at the global level. The increased demand for home care therapeutic devices and the growth of the senior population, along with the increased rate of chronic respiratory diseases, are letting the market emerge. The higher growth in emerging markets, decentralization of healthcare, and the invention and improvement of miniaturized devices are responsible for providing significant growth opportunities.
Patients depend on reimbursements for treatment. The diagnostic industry is presently facing challenges due to a lack of reimbursements for various diagnostic tests. This factor is restricting theRespiratory Therapeutic Devices Market growth. Also, the mainstream countries have negligible reimbursement coverage for respiratory therapeutic devices, which is acting as a restraining factor.
Cumulative Evaluation Of The Market
The evaluation of the Respiratory Therapeutic Devices Market Analysis states about the market's growth at the global level. The presence of market dynamics such as the growth drivers and opportunities surges the market's growth. At the same time, the challenging factors and restraints of the market are limiting its growth rate. The player's development and other strategies will help the market reach good share value. The pandemic has positively impacted the market due to the higher demand for respiratory therapeutic devices. During the pandemic, the market's growth rate increased and ensured achieving the estimated CAGR value. Even in the post-pandemic period.
The Respiratory Therapeutic Devices Market Size is segregated into the product, technology, application, and end-users.
The product segment of the market is classified into various products such as nebulizers, capnography, humidifiers oxygen concentrators, and others. The nebulizers segment is divided into soft mist inhalers, human-powered nebulizers, and others. The capnography is also sub-segmented into main-stream and side-stream capnography, and others.
The technology segment of the market is fragmented into hollow fiber filtration, electrostatic filtration, HEPA filtration, microsphere separation, and others.
The application section of the market is divided into asthma, cystic fibrosis, chronic obstructive pulmonary disease (COPD), and others.
The end-user segment is bifurcated into hospitals and clinics, retail pharmacies, home care, etc.
According to the geographical distribution of the Respiratory Therapeutic Devices Market, it is divided into major regions such as the Americas, Europe, Asia Pacific and the Middle East and Africa.
Among the above regions, the Americas are leading the market due to a well-developed healthcare sector and an increased rate of lung diseases. The lifestyles changes and increase in healthcare investments are boosting up the regional market growth of the specific region. The presence of prominent industrial players in the emerging countries, the U.S. and Canada, are accelerating regional growth.
Followed by America, the European region is considered the second largest market due to the well-established healthcare infrastructure. Government support towards research and development activities with a huge patient population is driving the regional market. Developing countries such as Germany, the U.K, and France are fueling up the market.
The Asia Pacific is considered the fastest-growing region due to a huge patient population of lung diseases; developing countries like India and China are setting huge opportunities for the APAC market. Even the favorable government policies such as the reduced excise and customs duty along with exemptions in service tax are boosting up the market.
The Middle East and Africa are holding the least market share due to the poor economic condition, absence of a developed healthcare sector and stringent policies by the government that are restraining its regional growth. The Middle East region holds the maximum share due to the huge healthcare expenditures and the presence of countries like Kuwait, Saudi Arabia, Dubai, and Qatar.
Competitive Intensity Within The Industry
The key players of the Market are responsible for the market's development and establishment. The competition between the players and their presence in a different region of the world is accelerating the global market. The players' acquisitions, partnerships, collaborations, and new product launches are improving the Respiratory Therapeutic Devices Market Trends and performance.
Recent Market Developments
The Respiratory Therapeutic Devices Market Forecast report states the complete market's growth in recent years. The market dynamics show their impact on the market as per their characteristic feature. The report also states about the market segments and regional growth. The segmentation report states the major segments, while the regional analysis shows the prominent regions covered along with the market's regional growth. The presence of major industrial players is responsibly accelerating its global growth. The recent and future developments will help the market prove its presence at the competitive level. The overall study states that the Respiratory Therapeutic Devices Market Outlook will successfully achieve its estimated compound annual growth rate during the forecast period.
Key Industrial Segments
By End Users
Respiratory Therapeutic Devices Market can expand at 8.6% CAGR during the forecast period.
The Americas can dominate the Global Respiratory Therapeutic Devices Market due to large prevalence of lung diseases.
APAC can grow the fastest in the Global Respiratory Therapeutic Devices Market due to large patient pool in China and Indi
The Middle East & Africa has the lowest potential for the Global Respiratory Therapeutic Devices Market due to a lack of developed economies in Africa and a lack of a healthcare framework.
Smiths Group Plc., Bayer AG, F. Hoffmann-La Roche Ltd, ACare Technology, Rotech Healthcare Inc., BD, Masimo, and Chart Industries are prominent players of the global respiratory therapeutic devices market.