New York, United States , May 04, 2023 (GLOBE NEWSWIRE) -- The Global Therapeutic Respiratory Device Market Size to grow from USD 19.4 Billion in 2021 to USD 28.6 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 6.15% during the forecast period, according to a research report published by Spherical Insights & Consulting.
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Therapeutic Respiratory Devices are mostly utilised in respiratory therapeutic treatments to help clear the airways of mucus and perform therapies to improve pulmonary functions. These kinds of equipment are used to help with respiratory issues. Bronchitis, respiratory obstructory pulmonary disease, sleep disturbances, asthma, and other chronic illnesses are examples of the ailments. The availability of such devices allows for the provision of point-of-care support during emergencies. These devices include mobile respiratory units used in home healthcare settings, portable respiratory units, and intensive care units. Therapeutic respiratory devices are employed when improving and facilitating respiratory functions in children during postnatal care due to their use in several applications.
The recent rise in the number of elderly persons has had a favourable effect on the global market for therapeutic respiratory equipment. The market is expanding due to the rising prevalence of respiratory illnesses. Additionally, the COVID 19 outbreak has positively benefited the market because to the rise in cases. In addition, rising cigarette smoking rates and excessive pollution levels are driving the market's expansion. Additionally, the market is being driven by nose and chest injuries that result in respiratory issues because of growing exposure to accidents and airborne infections. Over the course of the projected period, it is anticipated that the introduction of smart inhalers would present attractive growth prospects for the market.
Because there is a significant underdiagnosed and undertreated population as a result of lack of knowledge, the development of therapeutic respiratory devices is to some extent constrained. The market has seen a shortage of reimbursements for certain diagnostic procedures.
Major Key Players are Becton, Dickinson and Company, Getinge AB, Fisher & Paykel Healthcare Limited, GE Healthcare, Draegerwerk AG & CO. KGAA, Invacare Corporation, Medtronic, Koninklijke Philips N.V.3, ResMed, Smiths Medical and Others.
Global Therapeutic Respiratory Device Market Size To Worth USD 28.6 Billion by 2030 | CAGR of 6.15% | USD 19.4 Billion in 2021.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Therapeutic Respiratory Devices Market Size, Share, and COVID-19 Impact Analysis By Product (nebulizer, humidifiers, oxygen concentrators), By Technology (electrostatic filtration, HEPA filter technology, hollow fiber filtration, microsphere separation), By Filters (nebulizers filters, humidifier filters, positive airway pressure devices filter, oxygen concentrator filters, ventilators filters), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030". Get Detailed Report Description Here:
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Oxygen Concentrators segment to dominate the market over the forecast period
Based on product, the global therapeutic respiratory devices market is segmented into nebulizer, humidifiers, oxygen concentrators. Among these, the oxygen concentrators segment is anticipated to dominate the market over the forecast period. The primary factors driving the segmental expansion include the rising prevalence of respiratory disorders, the rising prevalence of tobacco use, the rising demand for home oxygen therapy, and technical advancements. In addition, the COVID 19 pandemic has increased demand for respiratory care devices like concentrators.
HEPA filter segment holds the largest market share over the forecast period
On the basis of technology, the global therapeutic respiratory devices market is segmented into c. Among these, HEPA filter segment holds the largest market share over the forecast period. To eliminate particles and retain various therapeutic respiratory devices, HEPA filters are used. Based on CDC guidelines, therapeutic equipment should have HEPA air filtering technology. HEPA filters, according to the U.S. Department of Energy (DOE), eliminate 99.97% of all particles larger than 0.3 microns.
Humidifier filters is dominating the market over the forecast period
Based on filters, the global therapeutic respiratory devices market is segmented into nebulizers filters, humidifier filters, positive airway pressure devices filter, oxygen concentrator filters, ventilators filters. Among these, humidifier filters segment is dominating the market with the largest market share over the forecast period. The increase in demand for them for various medicinal purposes is blamed for the surge. Since filters aid in avoiding the growth of germs and fungus in the circulating air, it is projected that rising demand for humidifiers in healthcare facilities, homes, schools, and hospitals will fuel market growth.
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North America is dominating the market with the largest market share over the forecast period
With the largest market share over the forecast period, North America will continue to rule the industry thanks to favourable outpatient treatment reimbursement, economic expansion brought on by expanding insurance coverage, U.S. healthcare centre accounts, improved healthcare systems, and growing medical knowledge. On the other hand, the Asia Pacific region is predicted to experience the fastest market growth throughout the forecast period due to technological improvements and the rising prevalence of disorders like asthma in both children and adults. The regional market is also being driven by the rising demand for oxygen concentrators in home healthcare settings.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Therapeutic Respiratory Device Market are Becton, Dickinson and Company, Getinge AB, Fisher & Paykel Healthcare Limited, GE Healthcare, Draegerwerk AG & CO. KGAA, Invacare Corporation, Medtronic, Koninklijke Philips N.V.3, ResMed, Smiths Medical and among others.
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