Respiratory Care Devices Global Market estimated to be worth $23.5 billion by 2026

Respiratory care devices play a critical role in diagnosing, treating and monitoring respiratory disorders. The respiratory devices include ventilators, PAP devices, inhalers, humidifiers, nebulizers, oxygen concentrators, resuscitators, pulse oximeters, capnographs, spirometry, and polysomnographs. These devices enhance and support respiratory system during life-threatening and debilitating conditions such as pneumonia, asthma, bronchitis, sleep apnea, cystic fibrosis, and pulmonary fibrosis, tuberculosis, COPD (Chronic Obstructive Pulmonary Disease), etc. These conditions are increasing due to factors such as smoking, vehicular emissions, air pollution, genetic issues, second-hand smoking, and presence of viral and bacterial infections.

According to IQ4I analysis, the respiratory care devices global market is expected to grow at high single digit CAGR from 2019 to 2026 to reach $23,510.9 million by 2026. Rising incidences of respiratory diseases due to urbanization and air pollution, increasing prevalence of tobacco usage, rising use of non-invasive respiratory care devices, growing demand for home care respiratory devices, Advancements of technologies, a huge pool of undiagnosed patients, and favourable reimbursement scenario, are driving the growth of the respiratory care devices global market. Product recalls, harmful effects of certain devices on neonates, availability of low-cost products from local manufacturers, stringent regulatory policies, and lack of awareness of the disease, are restraining the growth of Respiratory care devices global market.

Among the respiratory care products, therapeutic devices commanded the largest market share in 2019. The market is expected to grow at high single digit CAGR from 2019 to 2026. In Respiratory care therapeutic devices, the ventilators commanded the largest market share. PAP devices are expected to grow at double digit CAGR from 2019 to 2026. Among applications, obstructive respiratory conditions commanded the largest market share in 2019. The market is expected grow at double digit CAGR from 2019 to 2026. In the end-user market the hospitals segment commanded the largest share of the market in 2019. The home care market is expected to grow at high single digit CAGR from 2019. Among the hospital care sub-segments critical care/ICU segment commanded the largest revenue in 2019, the sleep center are expected to grow at a high single digit CAGR of from 2019 to 2026.

Some of the technological advancements in respiratory devices are integrated devices, miniaturization, wireless technologies, wearable technologies, digital technologies, and others. For instance, The cons of wired devices is immobile and has high maintenance costs, making it unsuitable and unavailable in low resource settings has led to development of wireless respiratory devices and it could overcome human resource challenges and improve monitoring, particularly if alerts are inbuilt to detect abnormal values. Inogen is focusing on a wireless platform named Inogen connect for oxygen concentrator commercially for respiratory products. It is designed for the Inogen One G4 for its direct-to-consumer channel. It has features that a front-end mobile application used by oxygen therapy users and also has a back end-users portal for homecare providers.

The Respiratory care devices market is highly consolidated for ventilators and PAP devices, whereas for other devices such as nebulizers, inhalers, humidifiers, pulse oximeters, capnography, resuscitators, etc, and the market are fragmented. The respiratory devices companies are involved in multiple mergers & acquisitions, expansions, deals, and agreements. For instance, in March 2019, Resmed acquired HB healthcare (HBH) this acquisition helps millions of South Koreans living with sleep apnea, chronic obstructive pulmonary disease (COPD) and other respiratory conditions.  HBH is a medical equipment provider, serves both reimbursed and cash-pay customers of sleep and respiratory care devices. 

Considering the attractiveness of respiratory care devices market, several venture capitalists/investment banks are making strategic investments. For instance, in May 2019 European Investment Bank (EIB) funded Drager with $123.3 million for R&D projects on medical technology targeting life saving system (ventilators). The efforts in medical systems will centre on developing and enhancing patient monitoring products, with a special focus on projects examining the connectivity of medical devices and linking them to hospitals’ information technology infrastructure. The global clinical trials focused on respiratory care devices indicate that XX% of clinical trials are in phase 3, XX% clinical trials are in phase 2, XX% clinical trials are in phase 1 and XX% clinical trials are in early phase 1. Majority of the clinical trials are focused on respiratory insufficiency followed by respiratory distress syndrome condition with Bi-level pressure ventilator followed by invasive mechanical ventilator. There is steady increase in the number of clinical trials in coming years, which is expected to drive the respiratory care devices market further.

In respiratory care devices global market by geography, the North America region held the largest market share in 2019. The market is expected to grow at a high single digit CAGR from 2019 to 2026 due to the availability of highly advanced healthcare facilities, technological advancements, availability of Medicare and third-party insurance facilities, easy availability of skilled personnel and Asia-Pacific region is expected to grow at high single digit CAGR from 2019 to 2026 due to incorporating advanced technologies, growing health awareness, and investments in the healthcare sector which creates new opportunities.

Some of the major companies operating in the Respiratory care devices market area are Dragerwerk AG & Co. KGaA (Germany), Fisher and Paykel Healthcare (New Zealand), Inogen Inc., (U.S.), Medtronic PLC (Ireland), Philips N.V. (Netherlands), Resmed Inc (U.S.), Vyaire Medical, Inc (U.S.), Getinge Group (Maquet Gmbh & Co. Kg) (Sweden), and GE Healthcare (U.S.).

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