New York, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The global respiratory care devices market is expected to grow from $18.5 billion in 2022 to $41 billion by 2032, with a high annual growth rate of 8.3%. This growth is mainly fueled by an increase in the number of people with respiratory disorders like COPD and asthma, a rise in the overweight and obese population, and a higher incidence of preterm births globally.
Based on product, therapeutic devices account for the largest market share, while regional analysis reveals that North America accounts for over half of the global market share.
Over the past two decades, there has been a notable increase in preterm births, which can be attributed to factors like pregnancy at ages over 40 or below 20, leading to higher risks. Maternal health issues such as diabetes and high blood pressure, as well as extensive use of infertility treatments, contribute to preterm births. Certain ethnic groups, like African-American and Hispanic populations in the US, have a higher genetic predisposition to preterm births. Additionally, smoking and obesity during pregnancy further elevate the likelihood of preterm deliveries.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2022 | US$ 18.5 Bn | |
| Estimated Revenue 2032 | US$ 41 Bn | |
| Growth Rate - CAGR | 8.3% | |
| Forecast Period | 2023-2032 | |
| No. of Pages | 250 Pages | |
| Market Segmentation | By Component, Type and Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
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Key Factors Driving the Demand for Respiratory Devices
Several factors are driving the demand for respiratory devices. One significant factor is the increasing prevalence of respiratory disorders like chronic obstructive pulmonary disease (COPD), asthma, and tuberculosis. According to a 2018 study by the Global Initiative for Chronic Obstructive Disease, COPD is expected to cause 4.5 million annual deaths worldwide by 2030.
The demand for respiratory devices is also influenced by the growing number of preterm births and the rising elderly population. Both elderly individuals and premature newborns often have weakened immune systems, leading to the necessity for various breathing support devices to facilitate artificial breathing and prevent respiratory illnesses.
Home healthcare gadgets have gained popularity and market share in recent years. The introduction of therapeutic respiratory equipment for home healthcare is becoming a focal point for established international manufacturers and emerging suppliers alike.
Government and non-governmental organizations (NGOs) are playing a crucial role in shaping a positive market landscape. Their efforts to make high-quality healthcare services accessible to everyone, along with initiatives to establish new healthcare infrastructure and strengthen existing ones, contribute to the favorable outlook for the respiratory devices market.
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Market Dynamics:
Drivers: Long-term asthma, prolonged exposure to tobacco smoke, indoor/outdoor air pollution, and occupational fumes/dust contribute to COPD. Comorbid conditions like cardiovascular disease, musculoskeletal impairment, and diabetes are linked to COPD, affecting patient health and management. In 2019, around 262 million suffered from asthma globally, causing 0.5 million deaths. Asthma remains a significant health concern, with an expected increase of 100 million patients by 2025. In the US, 1 in 12 people has asthma, and Europe has nearly 10 million people over 45 living with the condition, resulting in an estimated 1,000 daily asthma-related deaths.
Restraints: The diagnostic industry, especially respiratory care diagnostics, faces a reimbursement challenge. The 2020 Medicare Physician Fee Schedule reveals a lack of reimbursements for various diagnostic tests. Home sleep test payment rates remained nearly the same, with a 2% decline. CPT 95806, for unattended sleep studies, saw a 15% decrease in global service payment. The difference lies in CPT 95800 including Peripheral Arterial Tone technology and the need for sleep time measurement by devices.
Opportunity: Point-of-care (POC) testing, performed at or near patient care sites, presents a niche market opportunity. Improved test accuracy and an increasing number of diagnostic tests create opportunities for POC devices in respiratory diagnostics. Increased self-testing by patients, technological advancements supporting miniaturization, and government recognition of POC technology as ideal for expanding public healthcare networks are driving POC diagnostics growth.
Challenges: Lack of patient compliance to Continuous Positive Airway Pressure (CPAP) therapy challenges market growth. Compliance issues stem from factors like affordability and comfort. Around 30% to 50% of CPAP users face difficulties continuing treatment due to claustrophobia, discomfort from masks, and affordability concerns, leading to non-compliance. In geographies like Asia (India and China) and RoW, weak reimbursements contribute to non-compliance, with half of CPAP patients discontinuing use within 1–3 weeks.
Market Segmentation:
The global market for respiratory care devices is categorized into two types: ICU ventilators and portable/transportable ventilators. In 2022, ICU ventilators held a larger market share due to factors like the increased availability of intensive care beds with ventilators, rising admissions to ICUs in developed countries, and favorable reimbursement conditions. The growing number of elderly individuals prone to severe health issues is leading to an increased demand for intensive care beds.
In terms of disease indication, the market is divided into chronic obstructive pulmonary disease (COPD), asthma, sleep apnea, infectious diseases, and others. The COPD segment is expected to have a higher Compound Annual Growth Rate (CAGR) due to factors such as tobacco smoking, a significant cause of COPD. According to the US Centers for Disease Control and Prevention (CDC), 8 in 10 COPD-related deaths are attributed to smoking. Additionally, increased levels of indoor and outdoor air pollution, along with exposure to dust and chemicals, contribute to the prevalence of COPD.
The market is segmented based on end users into home care settings, hospitals, ambulatory care centers, and others. Home care is the fastest-growing segment, primarily because of its convenience to patients. Sleep apnea therapeutics, especially the use of positive airway pressure devices, is a key contributor to the growth of the home care segment.
Regional Highlights:
Geographically, the global respiratory care devices market is divided into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. In 2022, Asia Pacific is projected to be the fastest-growing regional market. APAC is emerging as a medical tourism hub, offering cost-effective infrastructure, treatments, and access to highly educated physicians, particularly in countries like India and China.
Key Questions Answered in the Report:
- What are the contributing factors to the market's growth trends?
- What is the current market size, and how is it expected to change in the upcoming years?
- What are the key elements exerting influence on the market?
- How is the Respiratory Care Devices market segmented, considering types, applications, fuels, or other relevant factors?
- Who are the major participants in the Respiratory Care Devices market?
- What strategies are these players employing to establish a competitive edge?
- What factors are propelling the expansion of the Respiratory Care Devices market?
- Which regions are anticipated to witness notable growth, and what are the driving factors behind it?
- What recent technological advancements are impacting the Respiratory Care Devices industry?
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