Global Respiratory Care Medical Devices Market (by Disorder, Product Type, End User, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2026)

A respiratory illness, often known as a respiratory disease, refers to a category of pathogenic disorders that influence breathing in living organisms. Respiratory care devices are a kind of medical equipment that is used to treat, manage, regulate, diagnose, and care for patients with cardiopulmonary system disorders.

The ageing population, growing incidence of chronic respiratory disorders, unhealthy lifestyles, particularly among the urban population, high frequency of smoking, and other reasons have all led to the expansion of the respiratory care medical devices market. Respiratory care equipment can be used in both home care and hospital settings. The rising number of hospitals throughout the world has also led to increased demand for respiratory care devices. The global respiratory care medical devices is estimated to rise to US$24.08 billion in 2023, growing at a CAGR of 8.70% during the forecast period.

Segment Covered

By Disorder: In terms of disorder, the report identifies five segments of the global respiratory care medical devices market: COPD (chronic obstructive pulmonary disease), Asthma, Obstructive Sleep Apnea, Infectious Diseases, and Others. The COPD segment accounted for the maximum share in the global respiratory care medical devices market owing to the increasing prevalence of smoking and environmental factors. The obstructive sleep apnea segment is further segmented into three product types: Therapeutic Devices, Sleep Apnea Masks, and Diagnostic Devices. The global obstructive sleep apnea diagnostic devices market is expected to experience significant growth during the forecasted period driven by the wide use of polysomnography (PSG) devices in hospitals & sleep labs.

By Product Type: The report provides the bifurcation of the global market into four segments, on the basis of product type: Therapeutic Devices, Monitoring Devices, Diagnostic Devices, and Consumables & Accessories. The therapeutic devices segment held the largest share of the market. The demand for humidifiers, nebulizers, and oxygen concentrators has grown in the past few years on the ground of increasing respiratory diseases globally.

By End Users: The report further offers the categorization based on the end user of the respiratory care medical devices: Hospitals, Home Care Settings, and Ambulatory Care Centers. Home care settings are expected to grow at the highest CAGR owing to the growing importance of personalized healthcare services.

Geographic Coverage

According to this report, the global respiratory care medical devices market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The countries covered in North America region are the US, Canada and Mexico, while Europe includes Germany, the UK, France, Italy, Spain, and Rest of Europe. Moreover, China, Japan, India, South Korea, Australia, and Rest of the Asia Pacific are included in the Asia Pacific region. North America dominated the market with largest share of the global market. Rising life expectancy is changing the shape of the European nations' age pyramid, the most significant change would be a notable shift toward a much older demographic structure, a trend that is expected to continue. Therefore, the increasing geriatric population, reducing passive immunity, and rising prevalence of respiratory diseases in community-dwelling older adults are all expected to propel the growth of the respiratory care medical devices market in Europe. In the Asia Pacific, the market is expected to exhibit growth at a highest CAGR during the forecast period owing to factors such as the rising prevalence of asthma in adults as well as children and technological advancements.

Top Impacting Factors

Growth Drivers

• Rapid Growth in Aging Population
• High Prevalence of Respiratory Diseases
• Increasing Healthcare Expenditure
• High Prevalence of Smoking

Challenges

• Lack of Awareness of Respiratory Conditions
• Excise Tax Levied on Devices

Trends

• Growing Demand for Point-of-Care Diagnostic Devices
• Integration of Artificial Intelligence (AI) in Respiratory Care
• Increasing Demand for Enhanced Portable Devices
• Technological Advancements in Mechanical Ventilators

Driver: High Prevalence of Smoking

Smoking, alone or in combination with other factors, is directly responsible for about 75% of lung disease mortality. Despite the fact that smoking has been linked to many significant health problems, including cancer, asthma, and even death, people continue to smoke cigarettes across the world. By 2030, it is predicted that 8 million lives per year will be lost to tobacco usage worldwide if current smoking rates are maintained. As a result, there are more people with lung ailments as smoking rates rise over the world. Additionally, as lung disorders become more common, there is an increase in the need for respiratory care equipment, which is driving the global market.

Challenge: Lack of Awareness of Respiratory Conditions

Respiratory Chronic obstructive pulmonary disease (COPD) is a highly underdiagnosed disease, with the diagnosis typically missed or delayed. Although chronic obstructive pulmonary disease (COPD) is one of the leading causes of morbidity and mortality globally, several studies have shown little awareness of COPD in the general population. COPD and other respiratory diseases are slow progressing chronic disease where patients often fail to acknowledge the symptoms in the early stages leading to a delayed diagnosis. Therefore, increased awareness in the general population about COPD and other respiratory diseases is an important factor in the diagnosis. Hence, lack of proper awareness about respiratory conditions is one of the major restraining factors in the growth of respiratory care devices market.

Trend: Growing Demand for Point-of-Care Diagnostic Devices

Point-of-care testing allows patient diagnoses in the physician’s office, an ambulance, the home, the field, or in the hospital. The results of care are timely, and allow rapid treatment to the patient. Point-of-care testing gives immediate results in non-laboratory settings to support more patient-centered approaches to healthcare delivery. The growing demand for POC diagnostic devices are expected to provide significant growth opportunities for players operating in the respiratory care devices market in the coming years which in turn positively affect the growth of the market as well.

The COVID-19 Analysis

The global respiratory care medical devices market growth was positively affected by the COVID-19 pandemic. Due to COVID's close proximity to the lungs, many people experienced breathing difficulties, which increased the demand for respiratory equipment in late 2020 and the following year. On the other hand, COVID-19 can lead to lung issues such as pneumonia and, in the most severe cases, ARDS (acute respiratory distress syndrome), and Sepsis. This has further boosted the demand for respiratory devices. The post-COVID environment also appears to be fortunate for the respiratory care medical device market. A continuous rebound in the treatment of respiratory diseases beyond 2020 would support the expansion of this market.

Analysis of Key Players

The global respiratory care medical devices market is consolidated. The key players in the global respiratory care medical devices market are Fisher & Paykel Healthcare, Medtronic Plc, Koninklijke Philips NV, Masimo Corporation, Invacare Corporation, ResMed Inc., Teleflex Incorporated, Hamilton Medical AG, Allied Healthcare Products Inc., React Health, Inc., Acare Technology Ltd., and Drägerwerk AG & Co. KGaA.