Global Respiratory Care Devices Market to accrue USD 30.1 billion by 2027

January 11, 2022

As cited by the research report titled ‘Global Respiratory Care Devices Market Size study, by Product (Therapeutic Respiratory Care Devices, Respiratory Care Monitoring Devices, Diagnostic Respiratory Care Devices, Consumables and Accessories), by Disease Indications (COPD, Sleep Apnea, Asthma, Infectious Diseases, Others), by End User (Hospitals, Home Care, Ambulatory Care), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global respiratory care devices market was valued at USD 17 billion in 2020 and is estimated to record a CAGR of 8.5% over 2021-2027, subsequently accumulating a valuation of USD 30.1 billion by the end of forecast period.

Increasing geriatric population, rising urbanization, and growing pollution levels are the major factors driving global respiratory care devices market growth.

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As per the United Nations-World Population Ageing 2020, global geriatric population was around 727 million in 2020, and is likely to reach 1.5 billion by 2050. This is slated to increase the prevalence of respiratory diseases in elderly population and thus augment the demand for respiratory care devices, favoring the overall industry dynamics.

For the record, such devices are used for diagnosing, monitoring, and treating respiratory diseases such as chronic obstructive pulmonary disease (COPD), tuberculosis, pneumonia, and asthma. These devices provide enhanced care to patients with chronic and acute respiratory diseases.

Rapid developments in point-of-care diagnostics is further generating lucrative opportunities for the industry growth. On the downside, high cost of the continuous positive airway pressure (CPAP) machines is likely to impede global respiratory care devices industry regression over the projected timeline.

Based on product type, worldwide respiratory care devices industry is segmented into therapeutic respiratory care devices, diagnostic respiratory care devices, respiratory care monitoring devices, and consumables & accessories.

On the basis of disease indications, the marketplace is divided into sleep apnea, asthma, COPD, infectious diseases, and others. Considering the end user range, the business space is categorized into home care, hospitals, and ambulatory care.

The geographical analysis of the industry extends to Asia Pacific, Europe, North America, and Latin America. North America is expected to capture a significant market share over the estimated timeframe, on account of rising healthcare expenditure, presence of large patient pool having respiratory ailments, and technological advancements & developments.

Prominent players swaying the worldwide respiratory care devices industry trends are Masimo Corporation, Air Liquide S.A., ResMed Inc., Getinge AB, Nihon Kohden Corporation, Invacare Corporation, Drager AG, Fisher & Paykel Healthcare Corporation Limited, Medtronic plc, and Philips Healthcare.

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