Therapeutic Respiratory Devices Market Size, Share, Trends Analysis, 2032

Therapeutic Respiratory Devices Market: Industry Perspective

The global therapeutic respiratory devices market size was worth around USD 55.11 Billion in 2023 and is predicted to grow to around USD 78.85 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.06% between 2024 and 2032. The report analyzes the global therapeutic respiratory devices market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the therapeutic respiratory devices industry.

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The report covers forecasts and analysis for the therapeutic respiratory devices market on a global and regional level. The study provides historical data from 2028 along with forecasts from 2024 to 2032 based on revenue (USD Billion). The study includes drivers and restraints for the therapeutic respiratory devices market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the therapeutic respiratory devices market on a global as well as regional level.

In order to give the users of this report a comprehensive view of the therapeutic respiratory devices market we have included a competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate and general attractiveness.

The report provides a company market share analysis in order to give a broader overview of the key players in the therapeutic respiratory devices market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the therapeutic respiratory devices market on a global and regional basis.

Therapeutic Respiratory Devices Market: Overview

Therapeutic respiratory devices are used for treating various chronic respiratory conditions such as chronic obstructive pulmonary disease (COPD), chronic bronchitis, asthma, sleep disorders, etc. These devices assist in airway clearance thus improving pulmonary function. Different types of respiratory devices are available such as long-term respiratory devices for intensive care, emergency respiratory devices for rescue applications, and mobile home respiratory devices.

Therapeutic Respiratory Devices Market: Dynamics

The demand for therapeutic respiratory devices market is driven by the increasing occurrence of various respiratory and pulmonary disorders such as asthma, cystic fibrosis, and chronic obstructive pulmonary disease (COPD) along with the increasing aging population across the globe.

However, the lack of patient adherence to treatment and the increasing cost burden of respiratory diseases may hamper the market growth over the forecast period. Untapped markets and technological advancements to improve therapeutic respiratory device efficiency and miniaturization to make them portable are factors that are expected to bring new growth avenues for major market players in the global therapeutic respiratory devices.

Therapeutic Respiratory Devices Market: Segmentation Analysis

The study provides a crucial view of therapeutic respiratory devices by segmenting the market based on product, end user and region. All the segments of the therapeutic respiratory devices market have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Based on product, the global therapeutic respiratory devices market is bifurcated into humidifiers, inhalers, ventilators, obstructive sleep apnea (OSA) devices, and other products. OSA devices product segment accounted for almost two-thirds of the overall market share in 2023 due to the growing prevalence of sleep disorders such as insomnia, sleep apnea, snoring, etc.

OSA devices segment is projected to retain its market share over the forecast period whereas ventilators are expected to register the highest growth due to various factors such as increasing aging population, rise in number of surgeries, preterm births and respiratory diseases. OSA devices product segment is sub-segmented into adaptive servo-ventilators, oxygen concentrators and PAP devices. Humidifiers are sub-segmented into standalone humidifiers, built-in humidifiers, integrated humidifiers, Passover humidifiers and heated humidifiers. The inhalers segment is sub-segmented into metered dose inhalers (MDIs), nebulizers and dry powder inhalers (DPIs).

The end-user segment is divided into homecare settings, hospitals and other end users. The hospital end-user segment held the largest market share due to ease of access, availability of advanced health facilities, equipment, skilled professionals and increasing patient pool. Homecare setting end users will see the highest growth over the forecast period for the therapeutic respiratory devices market due to the increasing elderly population requiring home healthcare services.

Therapeutic Respiratory Devices Market: Report Scope

Therapeutic Respiratory Devices Market: Regional Analysis

North America dominated the global therapeutic respiratory devices market in 2023. The increasing prevalence of respiratory diseases, increasing aging population, increasing lifestyle changes such as smoking and environmental factors are expected to drive the market growth in North America. Europe was the second leading regional market. Availability of developed infrastructure, increasing awareness and growing prevalence of respiratory diseases are major factors that boost market growth in this region.

Latin America is estimated to witness moderate growth over the forecast period. Asia Pacific region is projected to see the highest growth for the therapeutic respiratory devices market in the coming years. An increasing aging population, an increasing need for portable, easy-to-use home therapeutic devices for elderly care, lifestyle changes and environmental conditions are factors that fuel Asia Pacific therapeutic respiratory devices market growth. The Middle East and Africa are projected to see considerable growth in the coming years.

Therapeutic Respiratory Devices Market: Competitive Analysis

Some of the major players in the global therapeutic respiratory devices market include:

• Smiths Medical
• Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
• Teleflex Incorporated
• Medtronic
• ResMed
• Koninklijke Philips N.V.
• Invacare Corporation
• Inogen
• Hill-Rom
• Hamilton Medical
• GE Healthcare
• Fisher & Paykel Healthcare Limited
• Compumedics Limited
• Becton, Dickinson and Company
• Breas Medical
• AirSep Corporation

The report segments of global therapeutic respiratory devices market as follows:

By Product Analysis

• Obstructive Sleep Apnea (OSA) Devices
  • PAP Devices
  • Oxygen Concentrators
  • Adaptive Servo-ventilators
• Ventilators
• Inhalers
  • Nebulizers
  • Metered Dose Inhaler (MDI)
  • Dry Powder Inhaler (DPI)
• Humidifiers
  • Heated Humidifiers
  • Passover Humidifiers
  • Integrated Humidifiers
  • Built-in Humidifiers
  • Standalone Humidifiers
• Other Products

By End User Analysis

• Hospitals
• Homecare Settings
• Other End Users

By Region Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa