Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "Global Respiratory Devices - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
The global respiratory devices market is set to expand significantly, reaching a projected value of USD 35.58 billion by 2029, propelled by a compound annual growth rate of 5.89% between 2024 to 2029. This growth trajectory is influenced by the rising number of respiratory-related health conditions, as well as groundbreaking advancements in the field of medical technology. The COVID-19 pandemic initially caused disruptions in the market but led to a heightened focus on respiratory health and substantial governmental support, setting a precedent for increased investment and innovation within the industry. The subsequent heightened demand has resulted in a stable growth projection over the forecast period.
Rising Respiratory Disorders Fuel Market Expansion
The increasing prevalence of respiratory ailments such as chronic obstructive pulmonary disease (COPD), tuberculosis (TB), asthma, and sleep apnea is acting as a major catalyst for the growth of the respiratory devices market. Notably, there is a surge in TB cases in regions identified by the World Health Organization, accentuating the need for improved respiratory care. Similarly, asthma remains a significant concern, with the Centers for Disease Control and Prevention reporting considerable percentages of asthma prevalence in both the adult and child populations in the United States.
Technological Innovations in Respiratory Care
Technological advancements, particularly the incorporation of artificial intelligence in healthcare, are revolutionizing respiratory device development. Innovations such as AI-enabled respiratory muscle training devices are emerging, catering to a more personalized and efficient healthcare experience. Such milestones in device advancement are instrumental in driving the upward trend of the respiratory devices market.
Pulse Oximeters Showcase Promising Growth
Within the respiratory devices sector, the pulse oximeters segment is poised to experience substantial growth. Pulse oximetry's vital role in the management of chronic lung conditions positions it as a key player in the market. Continuous research and innovation, validated by clinical trials and advancements in technology that cater to a diverse range of patients, are among the primary contributors to the strength of this market segment.
North America Dominates the Market
The North American region holds a significant share of the respiratory devices market. Factors contributing to this dominance include the high incidence of respiratory disorders and the presence of state-of-the-art research and development facilities. Additionally, robust investment in healthcare research and a strong pipeline of product launches and strategic partnerships by key players are further propelling the growth in this region.
Market Outlook
The respiratory devices market remains a dynamic sector with a moderate level of consolidation, where a blend of international and regional players contributes to a competitive marketplace. With the current growth indicators, this market is on course to continue its expansion, backed by significant research endeavors and a concentrated effort by the industry stakeholders to meet the increasing demands for advanced respiratory care solutions.
The rise of respiratory diseases and the strategic initiatives by key market players promise a solid future for the respiratory devices market on a global scale. With technology and healthcare becoming more intertwined, the market is poised for innovative advancements, bolstering its growth and reach across healthcare systems worldwide.
A selection of companies mentioned in this report includes, but is not limited to:
- Asahi Kasei Corporation (ZOLL Medical Corporation)
- Drive DeVilbiss Healthcare
- Dragerwerk AG
- Fisher & Paykel Healthcare Ltd.
- GE Healthcare
- Getinge AB
- GlaxoSmithKline PLC
- Baxter International Inc.
- Invacare Corporation
- Koninklijke Philips NV
- Medtronic PLC
- ResMed Inc.
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd .
For more information about this report visit https://www.researchandmarkets.com/r/lw914u
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