Pune, March 01, 2023 (GLOBE NEWSWIRE) -- Respiratory Care Device Market Size & Share Analysis:
As per SNS Insider, the respiratory care device market was valued at USD 19.49 million in 2022 and is anticipated to attain USD 38.55 million by 2030, exhibiting a projected CAGR of 8.9% between 2023 and 2030.
The global respiratory care device market is experiencing a surge in demand due to the increasing frequency of respiratory diseases. Developing countries are increasing their healthcare expenditure, and there is a growing need for respiratory care devices in these regions. Furthermore, the development of miniaturized respiratory care devices is a significant trend in the market. The need for respiratory care devices is expected to remain high, making the market a promising area for investment in the coming years.
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Respiratory Care Device Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 19.49 Billion |
| Market Size by 2030 | US$ 38.55 Billion |
| CAGR | CAGR of 8.9% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segments | • By Product (Therapeutic Devices, PAP Devices, Ventilators, Nebulizers, Humidifiers, Oxygen Concentrators, Inhalers, Reusable, Resuscitators, Nitric Oxide Delivery Units, Oxygen Hoods) |
| Key Regional Coverage | North America, Europe, Asia-Pacific, The Middle East & Africa, & Latin America |
Major Trends Observed for Respiratory Care Device Market
- The demand for miniaturized devices is increasing rapidly due to the rising trend of home healthcare across the globe, where patients prefer to manage their respiratory conditions at home.
- The therapeutic devices segment is the largest revenue-generating segment in the market. These devices are designed to provide therapeutic support to patients with respiratory illnesses, helping them manage their symptoms and improve their quality of life.
- North America has emerged as the largest market for respiratory care devices, primarily due to the high prevalence of respiratory diseases, such as COPD. The region has witnessed a steady increase in the number of COPD cases in recent years, which has led to a surge in demand for respiratory care devices.
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Impact of recession on Respiratory Care Device Market
The economic downturn has resulted in a decrease in healthcare spending, particularly in developing countries. However, the target market has shown resilience during the recession. The demand for respiratory care devices has remained steady due to the high prevalence of chronic respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), and sleep apnea.
Key Developments Related to Respiratory Care Device Market
- Olympus Corporation, a global leader in medical technology, has made a $370 million bid to acquire Taewoong Medical, a leading manufacturer of gastrointestinal (GI) stents. The acquisition would expand Olympus' presence in the GI market and strengthen its portfolio of endoscopic devices.
- Medtronic, a global leader in medical technology, recently announced the relaunch of its Harmony transcatheter pulmonary valve for the treatment of patients with congenital heart disease. The Harmony valve is designed to improve blood flow to the lungs by replacing a patient's damaged or missing right-side heart valve.
Key Company Profiles Included Are:
- Koninklijke Philips N.V.
- ResMed
- Medtronic
- Fisher and Paykel Healthcare Limited
- BD
- Chart Industries Inc.
- Drägerwerk
- AG & Co. KGaA
- Hamilton Medical
- Teleflex Incorporated
- 3M
Respiratory Care Device Market Segmentation is Listed Below:
Segment by Product
- Therapeutic Devices
- Monitoring Devices
- Diagnostic Devices
- Consumables and Accessories
Segment by Indication
- Chronic Obstructive Pulmonary Disease (COPD)
- Asthma
- Sleep Apnea
- Infectious Disease
- Others
Segment by End-User
- Hospitals
- Home Care Settings
- Ambulatory Care Centers
- Others
Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Global Respiratory Care Device Market Segmentation on The Basis of Product
9. Global Respiratory Care Device Market Segmentation on The Basis of Indication
10. Global Respiratory Care Device Market Segmentation on The Basis of End-User
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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SNS Insider is one of the leading market research and consulting agencies that dominate the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
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