New York, USA, July 13, 2023 (GLOBE NEWSWIRE) -- Digital Respiratory Devices Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Digital Respiratory Devices Market Information By Product, Indication, Distribution Channel, End Use and Region – Market Forecast Till 2032”, the market is projected to grow from USD 45.8 Billion in 2023 to USD 281.9 Billion by 2032, exhibiting a CAGR of 25.50% during the forecast period (2023 - 2032).
Market Scope:
Patients with respiratory disorders such asthma, COPD, pulmonary fibrosis, pneumonia, and pulmonary disease rely on respiratory devices to administer breathing gases. Some of the major factors anticipated to raise the need for the efficient respiratory devices for the diagnostic and monitoring of respiratory disorders include the rising prevalence of respiratory diseases, shifts in individual lifestyles, and rising pollution levels.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 281.9 Billion |
| CAGR | 25.50% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Indication, Distribution Channel and End Use |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing prevalence of respiratory disorders, such as COPD, TB, asthma, and sleep apnea is driving the market growth |
| Increasing number of enterprises are adding digital technologies into their products |
Digital Respiratory Devices Market Competitive Outlooks:
Key Companies in the Digital Respiratory Devices market include
- COHERO Health Inc.
- Cognita Labs
- Adherium Limited
- Amiko Digital Health Limited
- Teva Pharmaceuticals Industries Ltd.
- Propeller Health
- Novartis AG
- Pneuma Respiratory Inc.
- 3M Health Care Limited
- AireHealth, Inc.
- Among others.
Digital Respiratory Devices Market Trends:
Market Drivers
Growth in the market can be attributed to the increasing incidence of serious CRDs such as bronchial asthma, COPD, cystic fibrosis, lung illnesses, and pulmonary hypertension (PH). Risk factors for developing CRDs include an aging population, cigarette use, elevated levels of air pollution, and workers in the mining, forestry, and agriculture industries being exposed to dust on the job. Key market drivers boosting market growth include rising prevalence of respiratory disorders like COPD, TB, asthma, and sleep apnea, as well as advances in technology and an increase in homecare applications.
Market Restraints
However, it is expected that the expansion of the respiratory devices market during the forecast period would be hampered by the lack of awareness about novel respiratory devices in developing countries. Digital respiratory devices have a high price tag and limited availability, both of which raise concerns about their accuracy and reliability.
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COVID-19 Analysis:
The global spread of COVID-19 has increased the complexity of clinical trials, government approval procedures, and post-market implementation. This is mostly because of issues around patient recruiting, treatment, and enrolment in clinical trials. Smart inhalers, on the other hand, are expected to increase in popularity in the wake of the pandemic, as healthcare providers turn to interconnected medical equipment to make sure their patients always get the best advice and treatment possible. This is because many patients suffered because they were deprived of in-person access to care as a result of the pandemic's restrictions on travel. The pandemic demonstrated the devastating consequences of poorly responding to respiratory illnesses and disorders.
Digital Respiratory Devices Market Segmentation:
Product
In 2022, the global market was led by the "smart inhalers & nebulizers" subsegment. Asthma and other respiratory disorders are on the rise, and so is the public's desire for digital respiratory devices, all of which work together to predict a rise in demand. Additionally, it has been shown that those with COPD and asthma who use smart inhalers have a higher rate of adherence.
Indication
Asthma, chronic obstructive pulmonary disease, and other disorders make up a portion of the Digital Respiratory Devices Market's Indication subsegmentation. As of 2022, the COPD market was by far the largest in the world. The global COPD population is estimated at 200 million. Furthermore, respiratory illnesses are responsible for little over 8% of all chronic diseases worldwide.
Distribution Channel
In 2022, the market for digital respiratory devices was led by the hospital pharmacy sector. Patients of all ages commonly visit hospital pharmacies to purchase medication for a wide range of chronic respiratory illnesses treated there. In order to ensure that patients have timely access to their medications, hospital pharmacies frequently stock up on supplies for the medical staff.
By End-Use
In 2022, the market for digital respiratory devices was led by the hospitals' end-use sector. Increased public-private partnerships, rapid developments in healthcare infrastructure, and expanded access to healthcare services are all predicted to significantly boost the demand for hospitals in the future years. The market is divided between institutional settings like hospitals and non-institutional ones like homecare.
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Digital Respiratory Devices MarketRegional Analysis:
In 2022, 45.80 percent of all digital respiratory devices sold were in the North American market. The rising incidence of chronic respiratory diseases including asthma and chronic obstructive pulmonary disease is to blame.
In 2022, the market for digital respiratory devices in Europe was relatively large. Significant developments in digital respiratory products and their increased acceptance and accuracy are expected to fuel market expansion throughout the forecast period. In addition, Germany's market for digital respiratory devices was the largest in Europe, while the market in the United Kingdom was the fastest expanding.
From 2023 to 2032, the market for digital respiratory devices in Asia and the Pacific is projected to expand at a rapid clip. Rising rates of chronic obstructive pulmonary disease (COPD) and allergic asthma are mostly to blame for this growth in Asia. Chronic obstructive pulmonary disease (COPD) is the leading cause of disability in China.
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