Respiratory devices are medical devices used for the treatment, monitoring, and diagnosis of respiratory diseases. These devices help in the delivery of drugs in vapor form to the lungs via inhalers for the treatment of chronic lung diseases like asthma and COPD. The rising incidences of chronic respiratory diseases, such as asthma and COPD, globally is driving the demand for respiratory devices.
The global Respiratory Devices Market is estimated to be valued at US$ 27304.69 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends augmenting the growth of the respiratory devices market is the increase in chronic respiratory diseases. As per estimates, around 235 million people currently suffer from asthma worldwide, while over 383 million people have chronic obstructive pulmonary disease (COPD). The disease burden also creates an enormous cost and expenditure on healthcare. For instance, the annual healthcare costs of asthma in the U.S. were estimated to be around $56 billion in 2020. The growing geriatric population also poses a huge risk for respiratory diseases as age is a major risk factor. All these factors are expected to drive the demand for advanced respiratory devices for diagnosis, monitoring as well as treatment of such chronic diseases over the forecast period.
Segment Analysis
The global respiratory devices market is dominated by therapeutic devices segment, accounting for over 55% of the total market share in 2024. Therapeutic devices are used in treatment of various respiratory diseases and disorders such as chronic obstructive pulmonary disease (COPD), asthma, sleep apnea, etc. Therapeutic devices help patients suffering from these diseases in improving their lung capacity. Therefore, increasing prevalence of respiratory diseases like COPD and asthma is driving the demand for therapeutic respiratory devices.
Key Takeaways
The global Respiratory Devices Market Growth is expected to witness high growth during the forecast period of 2024 to 2031.
Regional analysis shows that North America region currently dominates the global market and is expected to maintain its leading position during the forecast period. The high prevalence of respiratory diseases such as asthma and COPD, increasing healthcare expenditure, presence of major medical device companies are some of the key factors supporting the growth of respiratory devices market in North America.
Key players operating in the respiratory devices market are TCS, Wipro, Cognizant, Infosys, IBM, Qualitest, CGI, Mindtree, Cygnet Infotech, Maveric Systems, QA Mentor, A1QA, QA Source, QASource, Capgemini, Accenture, HCL Technologies, Atos, DXC Technology, Tech Mahindra. These key players are focusing on new product development and launch, expansion to emerging markets for further growth and market share gain. Strategic collaboration and partnerships are also common strategies adopted by players for sustained business growth.
For More Details On The Report, Read https://www.newsstatix.com/the-growing-respiratory-devices-market/
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