Therapeutic Respiratory Devices Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 16.40 Billion |
| Market Size (2029) | USD 23.71 Billion |
| CAGR (2024 - 2029) | 7.65 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Therapeutic Respiratory Devices Market Analysis
The Therapeutic Respiratory Devices Market size is estimated at USD 16.40 billion in 2024, and is expected to reach USD 23.71 billion by 2029, at a CAGR of 7.65% during the forecast period (2024-2029).
The rising incidence of respiratory conditions such as asthma, COPD (Chronic Obstructive Pulmonary Disease), and sleep apnea is a significant driver for the therapeutic respiratory devices market. As the global population ages and environmental factors contribute to respiratory issues, the demand for devices to manage these conditions increases.
Moreover, the rising adoption of portable devices for treating respiratory diseases is also likely to drive market growth. For instance, in June 2024, Inogen, Inc. showcased the results of a study published in the Journal of Pulmonary Therapy, which demonstrated the association of portable oxygen concentrators with increased survival and cost-effectiveness ratio compared to other long-term oxygen therapies. The results showed that using a portable oxygen concentrator alone or in combination with other oxygen modalities was associated with improved survival and cost-effectiveness. The positive findings from the study are likely to drive a higher demand for oxygen concentrators, specifically portable ones.
Additionally, ongoing technological advancements in respiratory devices, such as portable nebulizers, smart inhalers, and high-flow oxygen therapy systems, drive market growth. Innovations enhance these devices' effectiveness, convenience, and patient compliance, leading to increased adoption. For instance, in January 2023, Getinge AB introduced the Servo-c ventilator, targeting respiratory diseases in both adult and pediatric patients, as part of its strategy to broaden its ICU product range. Servo-c provides uninterrupted respiratory support without having to switch ventilators.
Therefore, the rising incidence of respiratory conditions coupled with the introduction of innovative products and showcasing the benefits of portable devices will likely boost the market's growth during the forecast period. However, the high cost of devices is likely to restrain the market's growth.
Therapeutic Respiratory Devices Market Trends
Oxygen Concentrators is Expected to Witness Significant Growth Over the Forecast Period
An oxygen concentrator is a medical device that supplies oxygen to people with breathing difficulties or conditions affecting their lungs.
Factors such as the surging demand for home oxygen therapy, increasing prevalence of respiratory diseases like COPD, a swiftly aging population, high tobacco consumption, and technological innovations such as portable oxygen concentrators in respiratory devices are propelling the segment's growth. For instance, a December 2023 study in the JAMA Network projected that global COPD cases could be near 600 million by 2050, marking a 23% increase from 2020 figures. The most significant growth was projected among females and within low- and middle-income countries and regions.
Moreover, manufacturers are focusing on the shift toward personalized and technology-driven solutions. They are focused on durability, ease of use, and the ability to cater to specific medical conditions in the oxygen concentrator space. For instance, in September 2024, Oxymed launched a P2 Portable Oxygen concentrator for the Indian market. The Oxymed P2 is touted as the lightest and smallest portable oxygen concentrator in the Indian market, weighing only 1.98 kg. Despite its compact size, it delivers oxygen with a 90-95% purity level across all flow rates. Such launches of advanced devices will likely drive the demand for oxygen concentrators in the market.
Thus, the oxygen concentrators segment of the therapeutic respiratory devices market is anticipated to witness significant growth, fueled by the increasing adoption of portable oxygen concentrators among end users and launches of new advanced products.
North America is Expected to Dominate the Therapeutic Respiratory Devices Market
North America holds a healthy market share of the respiratory devices market due to the region's high burden of COPD, asthma, and sleep apnea. Moreover, favorable government support and increasing initiatives for the major players in the region are likely to drive the region's growth.
For instance, according to the CDC's June 2024 update, nearly 16 million United States adults have COPD. Because of this, the high number of respiratory diseases in the United States is expected to drive market growth over the next few years.
In addition, advanced research and development (R&D) facilities have led to the development of technologically advanced devices, product launches, and partnerships, leading to significant market growth in North America. According to the American Thoracic Society, annually, respiratory-related research receives 2-3% of the total NIH budget, translating to a substantial allocation of $675 million. Moreover, in 2023, the American Lung Association inaugurated its Research Institute, pledging to boost its annual investment in lung disease research to USD 25 million. Therefore, the rising spending on respiratory disease research is expected to boost the development of innovative respiratory devices in the nation, further augmenting the market's growth during the forecast period.
Additionally, the increasing initiatives, product launches, and strategies by market players in India are expected to contribute to the market's growth. For example, in February 2024, ResMed unveiled its latest innovation, the AirCurve 11 series. These advanced bilevel devices utilize dual support levels: inspiratory positive airway pressure (IPAP) and expiratory positive airway pressure (EPAP). These devices are enhanced with digital technology and aim to simplify sleep apnea treatment for healthcare providers.
Therefore, owing to the above-mentioned factors, such as the rise in respiratory disease and the increase in company initiatives, North America is expected to dominate the market for therapeutic respiratory devices.
Therapeutic Respiratory Devices Industry Overview
The therapeutic respiratory devices market is fragmented in nature due to the presence of several companies operating globally as well as regionally. Each entity contributes to this fragmentation through unique innovations, regional launches, partnerships with diverse organizations, and promotions across various leading platforms. Some of the key players operating in the market are Dragerwerk AG, Fisher & Paykel Healthcare Limited., GE Healthcare, Invacare Holdings Corporation, and ResMed Inc. among others.
Therapeutic Respiratory Devices Market Leaders
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Dragerwerk AG
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Fisher & Paykel Healthcare Limited
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GE Healthcare
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Invacare Holdings Corporation
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ResMed Inc.
*Disclaimer: Major Players sorted in no particular order
Therapeutic Respiratory Devices Market News
- October 2024: Honeywell has entered into a long-term supply agreement with DevPro Biopharma. Together, they aim to develop a respiratory inhaler that prioritizes patient well-being and minimizes carbon emissions typically linked to conventional inhalers.
- April 2023: OxyGo announced the launch of OxyHome 5L Stationary Concentrator, specifically designed to provide continuous oxygen flow of up to 5 liters per minute for use at home.
Therapeutic Respiratory Devices Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Respiratory Disorders
4.2.2 Technological Advancements and Increasing Applications of Therapeutic Devices in Homecare Setting
4.3 Market Restraints
4.3.1 High Cost of Devices
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Product
5.1.1 Positive Airway Pressure Devices
5.1.2 Ventilators
5.1.3 Humidifiers
5.1.4 Oxygen Concentrators
5.1.5 Nebulizers
5.1.6 Inhalers
5.1.7 Others
5.2 By Application
5.2.1 Asthma
5.2.2 COPD
5.2.3 Obstructive Sleep Apnea
5.2.4 Others
5.3 By End-User
5.3.1 Hospitals
5.3.2 Homecare Settings
5.3.3 Others
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Condair Group
6.1.2 Dragerwerk AG
6.1.3 Drive Medical
6.1.4 Fisher & Paykel Healthcare Limited.
6.1.5 GE Healthcare
6.1.6 Invacare Holdings Corporation
6.1.7 Koninklijke Philips N.V.
6.1.8 Nidek Medical Products, Inc.
6.1.9 ResMed Inc.
6.1.10 ZOLL Medical Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Therapeutic Respiratory Devices Industry Segmentation
As per the report's scope, therapeutic respiratory devices are medical tools used to manage and treat respiratory conditions by assisting breathing. The devices help deliver medication directly to the lungs or maintain open airways, improving the quality of life for patients with respiratory issues.
The therapeutic respiratory devices market is segmented by product, applications, and end-users. In terms of product, the market is segmented as positive airway pressure devices, ventilators, humidifiers, oxygen concentrators, nebulizers, inhalers, and others. By application, the market is segmented into asthma, COPD, obstructive sleep apnea, and others. By end-user, the market is segmented into hospitals, home care settings, and others. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD) for the above segments.
| By Product | |
| Positive Airway Pressure Devices | |
| Ventilators | |
| Humidifiers | |
| Oxygen Concentrators | |
| Nebulizers | |
| Inhalers | |
| Others |
| By Application | |
| Asthma | |
| COPD | |
| Obstructive Sleep Apnea | |
| Others |
| By End-User | |
| Hospitals | |
| Homecare Settings | |
| Others |
| Geography | ||||||||
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Therapeutic Respiratory Devices Market Research FAQs
How big is the Therapeutic Respiratory Devices Market?
The Therapeutic Respiratory Devices Market size is expected to reach USD 16.40 billion in 2024 and grow at a CAGR of 7.65% to reach USD 23.71 billion by 2029.
What is the current Therapeutic Respiratory Devices Market size?
In 2024, the Therapeutic Respiratory Devices Market size is expected to reach USD 16.40 billion.
Who are the key players in Therapeutic Respiratory Devices Market?
Dragerwerk AG, Fisher & Paykel Healthcare Limited, GE Healthcare, Invacare Holdings Corporation and ResMed Inc. are the major companies operating in the Therapeutic Respiratory Devices Market.
Which is the fastest growing region in Therapeutic Respiratory Devices Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Therapeutic Respiratory Devices Market?
In 2024, the Asia Pacific accounts for the largest market share in Therapeutic Respiratory Devices Market.
What years does this Therapeutic Respiratory Devices Market cover, and what was the market size in 2023?
In 2023, the Therapeutic Respiratory Devices Market size was estimated at USD 15.15 billion. The report covers the Therapeutic Respiratory Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Therapeutic Respiratory Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Therapeutic Respiratory Devices Industry Report
Statistics for the 2024 Therapeutic Respiratory Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Therapeutic Respiratory Devices analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
