Respiratory Care Devices Market By Product Type (Mechanical Ventilators, Respiratory Consumables, Oxygen Concentrators, Positive airway pressure devices, Nebulizers, Polysomnography Devices, Pulse Oximeters, and Spirometers), By Application (Chronic Obstructive Pulmonary Disease, Acute Respiratory Infections, Asthma, and Others), By End-user (Hospitals, Clinics, Ambulatory Surgical Centers, and Others), Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Report Overview

The Respiratory Care Devices Market size is expected to be worth around USD 49.0 billion by 2033 from USD 23.1 billion in 2023, growing at a CAGR of 7.8% during the forecast period 2024 to 2033.

The market’s expansion is significantly fueled by the increasing prevalence of respiratory diseases such as cystic fibrosis, COPD, lung cancer, and asthma. Complementing this growth are supportive government initiatives and the introduction of innovative products by market players. For example, in July 2022, OMRON Healthcare introduced a portable oxygen concentrator utilizing Pressure Swing Adsorption (PSA) technology. This device provides high-purity oxygen (>90%) at a rate of 5 liters per minute by effectively filtering out nitrogen and argon from the air.

Additionally, the integration of artificial intelligence with respiratory devices is enhancing their efficacy and boosting demand. In November 2023, the U.S. startup Samay showcased clinical results demonstrating the effectiveness of its Sylvee wearable technology in diagnosing COPD and predicting critical exacerbations before they occur. The AI-supported device identified “air trapping,” a crucial early indicator of COPD exacerbations, with an 83% accuracy rate, outperforming traditional hospital-based Pulmonary Function Tests (PFTs), which rely on in-person spirometry, plethysmography, or CT scans.

Key Takeaways

• In 2023, the market for Respiratory Care Devices generated a revenue of USD 23.1 billion, with a CAGR of 7.8%, and is expected to reach USD 49.0 billion by the year 2033.
• The product type segment is divided into mechanical ventilators, respiratory consumables, oxygen concentrators, positive airway pressure devices, nebulizers, polysomnography devices, pulse oximeters, and spirometers, with oxygen concentrators taking the lead in 2023 with a market share of 33.5%.
• Considering application, the market is divided into chronic obstructive pulmonary disease, acute respiratory infections, asthma, and others. Among these, chronic obstructive pulmonary disease held a significant share of 40%.
• Furthermore, concerning the end-user segment, the market is segregated into hospitals, clinics, ambulatory surgical centers, and others. The hospitals sector stands out as the dominant player, holding the largest revenue share of 47.5% in the Respiratory Care Devices market.
• North America led the market by securing a market share of 39.6% in 2023.

Product Type Analysis

The oxygen concentrators segment led in 2023, claiming a market share of 33.5% owing to the increasing prevalence of respiratory disorders such as chronic obstructive pulmonary disease (COPD) and asthma, which necessitate oxygen therapy. Advances in technology have led to the development of more efficient and user-friendly oxygen concentrators, contributing to their rising adoption.

The growing preference for home-based care over hospital-based care is expected to boost demand for portable and stationary oxygen concentrators. Additionally, the increase in the aging population and the prevalence of respiratory diseases are projected to further drive the growth of this segment, as oxygen concentrators become an essential component of respiratory care.

Application Analysis

Chronic obstructive pulmonary disease held a significant share of 40% due to the rising global incidence of COPD, a condition exacerbated by factors such as smoking and air pollution. The increasing awareness and diagnosis of COPD are anticipated to contribute to higher demand for respiratory care devices tailored to managing this condition.

Advances in therapeutic technologies, such as more effective inhalers and oxygen delivery systems, are projected to support market growth. Additionally, the growing emphasis on early diagnosis and continuous management of COPD is expected to drive demand for specialized devices designed to improve patient outcomes and quality of life.

End-user Analysis

The hospitals segment had a tremendous growth rate, with a revenue share of 47.5% owing to the rising number of hospital admissions for respiratory conditions and the growing complexity of treatments required. Hospitals are expected to continue investing in advanced respiratory care technologies to provide comprehensive and effective care.

The expansion of hospital-based respiratory departments and critical care units is likely to drive demand for a wide range of respiratory devices. Furthermore, the emphasis on improving patient outcomes and the integration of new technologies into hospital settings are anticipated to further boost the adoption of respiratory care devices within hospitals.

Key Market Segments

By Product Type

• Mechanical Ventilators
• Respiratory Consumables
• Oxygen Concentrators
• Positive airway pressure devices
• Nebulizers
• Polysomnography Devices
• Pulse Oximeters
• Spirometers

By Application

• Chronic Obstructive Pulmonary Disease
• Acute Respiratory Infections
• Asthma
• Others

By End-user

• Hospitals
• Clinics
• Ambulatory Surgical Centers
• Others

Drivers

Growing Prevalence of Respiratory Disorders

The increasing prevalence of respiratory disorders significantly drives the respiratory care devices market. According to the World Health Organization’s fact sheet released in March 2023, over 200 million individuals are affected by chronic obstructive pulmonary disease (COPD), which led to 3.23 million deaths in 2019, with 65 million experiencing moderate-to-severe COPD.

Additionally, sleep-disordered breathing impacts approximately 1-6% of the adult population, totaling over 100 million people. The growing number of individuals with these conditions heightens the demand for advanced respiratory care technologies. As the incidence of respiratory disorders rises, the need for innovative devices to manage and treat these conditions is projected to expand, thereby fueling market growth.

Restraints

Unfavorable Reimbursement Policies

The high impact of unfavorable reimbursement policies is likely to restrain the growth of the respiratory care devices market. Limited or inadequate coverage for advanced respiratory technologies often creates financial barriers for patients and healthcare providers. These restrictive policies can impede the adoption of new and innovative devices by increasing out-of-pocket costs for patients and reducing the incentive for providers to utilize these technologies.

The financial constraints imposed by these policies are anticipated to hamper the market’s expansion and restrict the availability of advanced respiratory care solutions to those in need.

Opportunities

Increasing R&D Activities

Increasing R&D activities present a promising opportunity for the respiratory care devices market. For instance, in February 2024, ResMed introduced the AirCurve 11 series of bilevel-positive airway pressure devices in the U.S. This product, featuring integrated digital technology, aims to enhance the treatment of sleep apnea and support patients in initiating and maintaining therapy.

The continued innovation and development in this sector are expected to drive market growth, as advancements in technology lead to more effective and efficient treatment options. Enhanced R&D efforts are projected to expand the market by introducing novel solutions and addressing evolving patient needs.

Impact of Macroeconomic / Geopolitical Factors

Macroeconomic and geopolitical factors significantly impact the respiratory care devices market. Economic fluctuations can influence consumer spending and healthcare budgets, potentially affecting the demand for advanced respiratory technologies. Economic downturns might lead to reduced healthcare investments and tighter budgets, limiting the growth of new innovations.

Conversely, economic stability and growth often result in increased funding for research and development, which can drive technological advancements and enhance market opportunities. Geopolitical tensions, such as trade barriers and regulatory changes, can disrupt global supply chains and impact the availability of components essential for manufacturing. However, collaborative international efforts and strategic partnerships can alleviate these challenges.

Overall, despite potential hurdles, the focus on improving healthcare systems globally fosters innovation and growth in respiratory care technologies, ensuring continued advancements in patient care.

Latest Trends

Surging Demand for Home Healthcare

Rising demand for home healthcare drives significant growth in the respiratory care devices market. This trend gains momentum as patients increasingly seek convenient and effective solutions for managing respiratory conditions at home. In October 2021, Movair, formerly International Biophysics Corporation, introduced Luisa, an innovative ventilator designed for diverse settings, including home use, hospitals, and portable applications.

This advancement aligns with the growing preference for home-based care, which is anticipated to fuel further demand for respiratory devices tailored to both invasive and noninvasive ventilation. The increasing focus on home healthcare is expected to expand market opportunities and encourage the development of new, user-friendly respiratory technologies, ultimately enhancing patient care and accessibility.

Regional Analysis

North America is leading the Respiratory Care Devices Market

North America dominated the market with the highest revenue share of 39.6% owing to an increase in chronic respiratory conditions and advancements in healthcare technologies. According to an article by the American Lung Association published in February 2023, over 34 million individuals in the U.S. suffer from chronic lung diseases, including COPD, asthma, chronic bronchitis, and emphysema.

This high prevalence has heightened the demand for advanced respiratory care solutions. The market’s expansion can be attributed to several factors, including increased awareness and diagnosis of respiratory conditions, technological innovations in device design, and expanded healthcare coverage that facilitates access to these essential treatments. Moreover, the rise in healthcare expenditure and the introduction of new and improved respiratory devices further support market growth.

The Asia Pacific region is expected to experience the highest CAGR during the forecast period

In the forecast period, the respiratory care devices market in the Asia Pacific region is projected to grow significantly. The selection of CANTA oxygen concentrators by the Bolivian government in November 2022, for supply to La Paz, underscores the increasing demand for high-quality respiratory equipment. This decision highlights CANTA Medical’s reputation for reliable and effective respiratory solutions.

The market is expected to expand due to rising respiratory disease rates, increasing healthcare infrastructure investments, and the growing adoption of advanced medical technologies. Enhanced access to innovative respiratory equipment and government support for improving healthcare quality will likely drive further growth. Additionally, the widespread export of CANTA’s products to over 120 countries emphasizes the region’s increasing role in the global respiratory care market.

Key Regions and Countries

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia
  • Netherland
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • New Zealand
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

Key Players Analysis

The major players in the Respiratory Care Devices market are actively engaged in the development and introduction of innovative products, as well as implementing strategic initiatives aimed at enhancing their competitive positioning. Key players in the respiratory care devices market focus on several growth strategies, including substantial investments in research and development to innovate and enhance product offerings.

Strategic partnerships with hospitals and healthcare providers enable them to integrate their solutions into clinical practices more effectively. Companies also pursue mergers and acquisitions to expand their technological capabilities and market reach. Expanding into emerging markets offers new revenue opportunities, while targeted marketing campaigns and educational programs increase awareness and adoption among healthcare professionals. Additionally, they work on streamlining regulatory approvals to accelerate time-to-market for new products.

Top Key Players in the Respiratory Care Devices Market

• OxyGo
• React Health
• Getinge
• GE Healthcare
• Medtronic
• Masimo
• Koninklijke Philips N.V.
• Invacare Corporation
• Clario
• Royal Philips
• Dickinson and Company

Recent Developments

• In April 2024: Clario announced the acquisition of ArtiQ, a technology firm specializing in artificial intelligence. This acquisition enhances Clario’s ability to integrate AI into its Respiratory Solutions, thereby advancing the company’s innovation capabilities and expanding its service offerings. The incorporation of AI is expected to drive improvements in respiratory care, facilitating more precise diagnostics and personalized treatments, thus contributing to market growth.
• In April 2024: Royal Philips initiated the establishment of a new R&D center within its Healthcare Innovation Center in Maharashtra, India. This facility will focus on Sleep & Respiratory Care, Precision Diagnosis, Image Guided Therapy, and Monitoring. The new R&D center underscores India’s growing role in global healthcare innovation and reflects Philips’ commitment to advancing respiratory care technologies, which will likely spur growth in the respiratory care devices market.
• In April 2023: OxyGo introduced the OxyHome 5L Stationary Concentrator, designed for continuous home use with a flow rate of up to 5 liters per minute. Its compact size, user-friendly design, and quiet operation make it suitable for home environments. This launch responds to the increasing demand for home-based respiratory care solutions and highlights the ongoing innovation within the market.
• In February 2023: React Health completed the acquisition of Invacare’s respiratory product line. This strategic acquisition enhances React Health’s market position and broadens its product portfolio, enabling it to cater to a wider range of customers. The expansion of React Health’s offerings supports the growth of the respiratory care devices market by increasing product variety and accessibility.
• In January 2023: Inogen, Inc. reached significant regulatory milestones in both the U.S. and Europe for its portable oxygen concentrators. This achievement underscores Inogen’s dedication to high-quality and safety standards, enhancing its product credibility and contributing to the market’s expansion by ensuring regulatory compliance and fostering consumer trust.
• In January 2023: Getinge introduced the Servo-c mechanical ventilator, equipped with CO2 monitoring and Servo Compass technology. The Servo-c offers lung-protective capabilities for both pediatric and adult patients, featuring modular parts that facilitate intelligent fleet management. This innovation supports market growth by improving ventilatory support options and operational efficiency.
• In June 2023: Royal Philips and Masimo announced FDA clearance for SedLine Brain Function Monitoring, Regional Oximetry (O3), and CO measurements in Philips Patient Monitors IntelliVue MX750 and MX850. This development extends their ongoing collaboration and aims to enhance clinical decision-making through advanced monitoring capabilities. The integration of these technologies into existing monitors supports the growth of respiratory care by providing comprehensive patient monitoring solutions.
• In June 2022: GE Healthcare launched its Portrait Mobile remote patient monitoring system, which tracks respiration rate, oxygen saturation, and pulse rate. This new system expands GE Healthcare’s product portfolio and represents a significant step forward in remote respiratory monitoring, thus contributing to the respiratory care devices market by enhancing the range of available monitoring technologies.

Report Scope