Global Respiratory Devices Market Size

Respiratory Devices Market Analysis

The Global Respiratory Devices Market size is estimated at USD 26.73 billion in 2024, and is expected to reach USD 35.58 billion by 2029, growing at a CAGR of 5.89% during the forecast period (2024-2029).

The COVID-19 pandemic had a substantial impact on the respiratory devices market initially. However, the respiratory device market grew significantly as a result of government initiatives and policies, as well as the company's strategic developments to overcome the shortfall. For instance, in May 2021, the Global Fund approved USD 75 million in fast-track funding to support India's response to the COVID-19 crisis. This new funding helped India purchase oxygen concentrators and pressure swing adsorption (PSA) oxygen plants to help meet the country's medium-term medical oxygen needs. Hence, due to the surge in COVID-19 cases, the demand for respiratory devices increased, thereby fueling the growth of the market. However, as COVID-19 cases declined and the pandemic accelerated the use of respiratory devices, the studied market is now expected to project stable growth over the studied period.

The major factor broadly acting as a driving factor includes the increasing prevalence of respiratory disorders, such as COPD, TB, asthma, and sleep apnea, and technological advancements and their increasing applications in a homecare setting. For instance, according to the World Health Organization update, in October 2022, the 30 high-TB burden countries accounted for 87% of new TB cases. The largest number of new TB cases occurred in the WHO South-East Asian Region, with 46% of new cases, followed by the WHO African Region, with 23% of new cases, and the WHO Western Pacific, with 18%. Such an increase in TB cases leads to rising demand for respirators, thereby driving the growth of the market. Additionally, according to the CDC update, in December 2022, the percentage of adults aged 18 and over who had asthma was 8.0%, and that of children under the age of 18 was 6.5% in 2021. Thus, as the number of people with asthma goes up, so does the need for inhalers, which makes the market grow.

Furthermore, technology and improvements in artificial intelligence have dramatically changed the healthcare sector. Various market players are investing and innovating in the advancement of respiratory devices. For instance, in November 2022, Xplore Health Technologies launched a first-of-its-kind respiratory muscle training (RMT) device called Airofit Pro. The product comes from a collaboration with Airofit, Denmark. It was one of the first data-driven smart respiratory training systems and is priced at USD 422.74 (Rs 34,990). Airofit Pro personalizes the breathing training experience for users and makes their respiratory muscles stronger, faster, and more efficient. Therefore, with such technological advancements in respiratory devices, the market is expected to grow over the forecast period.

Hence, as a result of the above-mentioned factors, such as the increasing prevalence of respiratory disorders and technological advancements and increasing applications in a homecare setting, the respiratory device market is anticipated to grow over the forecast period. However, the high cost of devices is likely to restrain the market's growth.