NEWARK, Del, April 18, 2024 (GLOBE NEWSWIRE) -- Respiratory devices market have made significant strides in recent years due to the combination of novel therapies used to treat COPD and asthma and industry-academia collaboration. The COVID-19 pandemic has also highlighted the importance of these devices in mitigating the spread and severity of respiratory illnesses. As a result, the market valuation of respiratory devices to reach an astounding US$ 26,873.7 million in 2024.
Companies engaged in the manufacturing and distribution of respiratory devices are focusing on creating equipment that is not only efficient but also reasonably priced for the general public. Despite the emergence of alternative treatments and methodologies, the respiratory device market is expected to exceed a valuation of US$ 69,072.5 million by the end of 2034.
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Governments in underdeveloped and developing nations are implementing medical inclusion policies, which are enabling a significant number of people to access respiratory devices. An outstanding growth of 9.90% CAGR through 2034 is expected, making the prospects of the respiratory device market very lucrative.
“To meet the growing demands, companies in the respiratory device market are putting immense research and development hours in curating breathing aids that are not only effective but also affordable to the general populace.” Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Respiratory Device Market Study:
- The positive airway pressure device segment dominates the market with a share of 31.30% in 2024.
- Based on the end users, the hospital segment leads the respiratory device market with a share of 40.70% in 2024.
- The respiratory device market in Germany is anticipated to progress at a CAGR of 12.10% through 2034.
- The respiratory device market in France is estimated to rise at an 11.90% CAGR through 2034.
- The respiratory device market in India has the potential to increase at 11.40% CAGR through 2034.
- The Canada respiratory device market is predicted to rise by 10.30% CAGR through 2034.
- The respiratory device market in Mexico is very likely to develop at a CAGR of 10.10% through 2034.
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Competitive Landscape in the Respiratory Device Market:
The market is well-established, with numerous companies competing for international dominance.
- Hospitals, ambulatory surgical centers, clinics, and other healthcare facilities rely heavily on these companies for their respiratory needs.
- These companies are investing billions of dollars into developing effective and affordable product offerings for the general public.
- Some of the leading companies in the market include Massimo Corporation, Teleflex Incorporated, Fisher & Paykel Healthcare Limited, ResMed Inc., Hamilton Medical AG, Medtronic plc, and Koninklijke Philips N.V.
Recent Developments from the Respiratory Device Market:
- ResMed launched AirCurve 11 series with bilevel-positive airway pressure devices in Feb 2024.
- BOB, a tool unlocking respiratory data from devices, was developed by researchers from the University of Canterbury in Aug 2023.
- Dräger was awarded Frost & Sullivan's Company of the Year Award in global respiratory care in Feb 2024.
- University Medical Devices secured $1.6 million in seed funding to launch MicroWash, a nasal specimen collection device, in Feb 2024.
- Clario acquired AI-powered software company ArtiQ in Apr 2024 to enhance data quality and patient experience in respiratory clinical trials.
- SunMed acquired Avanos Medical's respiratory health business for $110 million in June 2023.
- ResMed acquired Somnoware, a software maker specializing in sleep and respiratory diagnostics, in Jul 2023.
- AirPhysio launched respiratory devices in Chennai, India in Oct 2022, partnering with Medsmart and Apollo Group for the rollout.
Top Key Companies in the Respiratory devices market:
- Massimo Corporation
- Teleflex Incorporated
- Fisher & Paykel Healthcare Limited
- ResMed Inc.
- Hamilton Medical AG
- Medtronic plc.
- Koninklijke Philips N.V.
- Smith’s Medical
- General Electric Healthcare Limited
- Drägerwerk AG & Co. KGaA
- Inogen Inc.
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Key Segments of the Respiratory Device Market:
Product Categories:
- Respiratory Consumables
- Respiratory Masks
- Nasal Cannulas
- Oxygen Tubing Sets
- Breathing Filters
- Nebulizers
- Compressed Jet Nebulizers
- Ultrasonic Nebulizers
- Oxygen Concentrators
- Home Oxygen Concentrators
- Portable Oxygen Concentrators
- Positive Airway Pressure (PAP) Devices
- Polysomnography Devices
- Ambulatory PSG Devices
- Clinical PSG Devices
- Pulse Oximeters
- Mechanical Ventilators
- Spirometers
End Users:
- Hospitals
- Ambulatory Surgical Centers
- Clinics
- Long Term Care Centers
- Others
Regions:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
About the Healthcare Division at Future Market Insights
The healthcare domain at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
Have a Look at the Related Report from the Respiratory Device Market:
- The global respiratory inhaler devices market size is anticipated to attain an impressive valuation of US$ 37,258.5 million in 2023 and is projected to reach US$ 60,114.7 million by 2033, trailing a CAGR of 4.90% during the forecast period.
- The global respiratory measurement devices market was valued at around US$ 7.9 Billion at the end of 2021. The market is projected to register a 5.1% CAGR and top a valuation of US$ 13.5 Billion by 2032.
- The therapeutic respiratory devices market is estimated to attain a market value of US$ 50.6 billion in the year 2023. From the period 2023 to 2033, the market is assessed to reach US$ 80.2 billion by 2033, registering a CAGR of 4.7%.
- The global respiratory pathogen testing kits market is expected to record a CAGR of 5.7% from 2023 to 2033. In 2023, the market size is projected to reach a valuation of US$ 4,083.1 million. By 2033, the valuation is expected to be worth US$ 7,136.8 million.
- The global respiratory distress syndrome management market is slated to reach a valuation of US$ 115.4 billion in 2023. According to Future Market Insights, the market is expected to grow at a 4.41% CAGR until 2033, valued at US$ 177.7 billion.
- The over-the-counter pain medication market size to attain a valuation of by 2034, up from in 2024. The over-the-counter analgesics market is projected to evolve at a CAGR of 4.0% between 2024 and 2034.
- The telehealth kiosk market is valued at US$ 2,060.50 million in 2024 and is expected to rise at a stable CAGR of around 7.20% over the forecast period.
- The intraoral IOL scanner market is projected to be worth US$ 732.6 million in 2024. The market is likely to reach US$ 1.3 billion by 2034. The Industry is expected to surge at a CAGR of 10.7% from 2024 to 2034.
- The metabolism assay market is predicted to be valued at US$ 1.7 billion in 2024 and rise to US$ 3.6 billion by 2034. The market is predicted to grow at a CAGR of 8.1% during the forecast period.
- The global catecholamine market is predicted to be valued at US$ 4.6 billion by 2024 and rise to US$ 9.3 billion by 2034. It is expected to grow at a CAGR of 7.2% during the forecast period.
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