COVID-19 Spurs Demand for Respiratory Care Devices, Driving Market Growth and Post-Pandemic Resilience in Respiratory Disease Treatment

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Oct 20, 2023, 14:30 ET

DUBLIN, Oct. 20, 2023 /PRNewswire/ -- The "Global Respiratory Care Medical Devices Market (by Disorder, Product Type, End User, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2026)" report has been added to ResearchAndMarkets.com's offering.

The global respiratory care medical devices market is poised for substantial growth, with an estimated value of US$24.08 billion by 2023, reflecting a robust CAGR of 8.70% during the forecast period. This surge is driven by several factors, including the rising incidence of respiratory disorders, an aging population, and technological advancements in the industry.

Respiratory illnesses, encompassing a range of pathogenic disorders affecting breathing in living organisms, necessitate the use of respiratory care devices. These medical equipment play a pivotal role in treating, managing, diagnosing, and caring for patients with cardiopulmonary system disorders. Moreover, these devices are versatile, suitable for use in both home care and hospital settings, catering to the needs of a broad spectrum of patients.

Key Market Segments

By Disorder: The report identifies five key segments within the global respiratory care medical devices market, including COPD (chronic obstructive pulmonary disease), Asthma, Obstructive Sleep Apnea, Infectious Diseases, and Others. COPD, driven by factors like increased smoking prevalence and environmental influences, claims the largest market share. Additionally, the obstructive sleep apnea segment, further segmented into three product types, is set to experience significant growth during the forecast period, particularly in the area of diagnostic devices.
By Product Type: The market can be categorized into four segments based on product type: Therapeutic Devices, Monitoring Devices, Diagnostic Devices, and Consumables & Accessories. Therapeutic devices, such as humidifiers, nebulizers, and oxygen concentrators, dominate the market due to the escalating global incidence of respiratory diseases.
By End Users: Respiratory care medical devices cater to various end users, including Hospitals, Home Care Settings, and Ambulatory Care Centers. Notably, the home care settings segment is expected to exhibit the highest CAGR, underlining the growing importance of personalized healthcare services.

Geographic Coverage

The global respiratory care medical devices market is geographically divided into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America takes the lead, encompassing the US, Canada, and Mexico. Europe, characterized by an aging population and increasing prevalence of respiratory diseases in older adults, is witnessing notable growth. The Asia Pacific region, with its rising asthma rates and technological advancements, is expected to experience the highest CAGR during the forecast period.

Top Impacting Factors

Growth Drivers

Rapid Growth in Aging Population
High Prevalence of Respiratory Diseases
Increasing Healthcare Expenditure
High Prevalence of Smoking

Challenges

Lack of Awareness of Respiratory Conditions
Excise Tax Levied on Devices

Trends

Growing Demand for Point-of-Care Diagnostic Devices
Integration of Artificial Intelligence (AI) in Respiratory Care
Increasing Demand for Enhanced Portable Devices
Technological Advancements in Mechanical Ventilators

COVID-19 Impact

The COVID-19 pandemic had a substantial impact on the respiratory care medical devices market, with increased demand for respiratory equipment due to breathing difficulties associated with the virus. Furthermore, COVID-19 can lead to respiratory issues, further boosting demand. The post-COVID environment is expected to continue supporting market growth as the treatment of respiratory diseases rebounds.

Companies Mentioned

Acare Technology Ltd.
Allied Healthcare Products Inc.
Dragerwerk AG & CoKGaA
Fisher & Paykel Healthcare
Hamilton Medical AG
Invacare Corporation
Koninklijke Philips NV
Masimo Corporation
Medtronic Plc
React Health, Inc.
ResMed Inc.
Teleflex Incorporated

For more information about this report visit https://www.researchandmarkets.com/r/7gis10

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