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United States Respiratory Devices Market is poised to grow at a CAGR of 6.2% over the forecast period (2022-2027).
Major respiratory devices, including ventilators, nebulizers, CPAP, BiPAP, and oxygen concentrators, are in great demand because they are commonly utilized for COVID-19 patients. With the rising severity of COVID-19 in major countries such as the United States, the Vesper device developed by Prisma Health was granted emergency use permitted by the United States Food and Drug Administration (FDA) in March 2020 to help with ventilator shortages. In addition, the United States government has implemented several strategic projects during the COVID-19 pandemic to fulfil respiratory device demand. For instance, in April 2020, Philips and the United States government worked to enhance hospital ventilator output. Similarly, as per the updates in May 2021 by the American Association of Respiratory Care, the stockpile of mechanical ventilators has been expanded by the Office of the Assistant Secretary for Preparedness and Response (ASPR). This demonstrates the critical need for breathing devices such as ventilators in the nations affected by COVID-19. As a result, the COVID-19 pandemic has had a favourable impact on the market analysed.
The rise in the number of chronic obstructive pulmonary disease patients (COPD), TB, asthma, and pneumonia cases remains the major driver of the industry. As per the April 2021 statistics by the Asthma and Allergy Foundation of America, each year, over 20 million persons in the United States aged 18 and above suffer from asthma. Thus, the frequency of such conditions in the country implies a steady need for respiratory devices in the country, leading to the expansion of the market examined in the United States. In addition, according to the study titled "Respiratory Symptoms among US Adults: a Cross-Sectional Health Survey Study" published in the Pulmonary Therapy in July 2022, the most common respiratory symptom, followed by a productive cough and shortness of breath, affects 17% of adult Americans. Thus, with the growing burden of respiratory diseases, the demand for respiratory devices is expected to increase over the forecast period, thereby boosting market growth.
Moreover, growing product launches by key market players support the market expansion over the forecast period. For instance, in May 2022, Honeywell launched NIOSH-certified respiratory DC365 Small Surgical N95 Respirator products to help healthcare personnel fulfil their demands. Thus, all the above-mentioned factors are expected to boost market growth over the forecast period. However, the high cost of respiratory devices may restrain the market growth.
Scope of the report
As per the scope of the report, Respiratory devices include respiratory diagnostic and monitoring devices, therapeutic devices, and disposables for administering long-term artificial respiration. The United States Respiratory Devices Market is segmented By Type (Diagnostic and Monitoring Devices (Spirometers, Sleep Test Devices, Peak Flow Meters, Pulse Oximeters, Capnographs, Other Diagnostic and Monitoring Devices), Therapeutic Devices (CPAP Devices, BiPAP Devices, Humidifiers, Nebulizers, Oxygen Concentrators, Ventilators, Inhalers, Other Therapeutic Devices), and Disposables (Masks, Breathing Circuits, Other Disposables). The report offers the value (in USD million) for the above segments.
Key Market Trends
Ventilators Segment is Expected to Show Better Growth in the Forecast Years
A ventilator is equipment that delivers mechanical ventilation by moving breathable air into and out of the lungs to deliver breaths to a patient who is unable or insufficiently breathing. Modern ventilators are microprocessor-controlled computers; however, patients can also be ventilated using a simple, hand-operated bag valve mask. Ventilators are most commonly employed in intensive care, home care, emergency medicine, and anesthesiology. In addition, ventilators are used in the treatment of various respiratory diseases, and the growing prevalence of these diseases is expected to boost the segment's growth.
According to the Asthma and Allergy Foundation America, April 2022 updates, asthma affects around 25 million people in the United States each year. This equates to roughly one in every thirteen people. Also, according to the May 2021 report by the Society of Critical Care Medicine, the stock of hospital ventilators in the United States was around 160,000 units in the first quarter of 2020. An additional stock of 12,700 ventilators with Strategic National Stockpile (SNS) was made available across the United States.
Additionally, many developments are taking place that includes product launches and approvals, partnerships, collaborations, mergers, and acquisitions that can boost the segment. For instance, in November 2021, Movair has reported the United States launched Luisa, an advanced ventilator intended for use in homes, institutions, hospitals, or portable applications for both invasive and non-invasive ventilation. Thus, all the above-mentioned factor is expected to boost the segment growth over the forecast period.
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The market studied is moderately competitive and most of the companies that are dominating the respiratory devices market in the United States are the global players. These companies include Chart Industries Inc., Dragerwerk AG, Drive Devilbiss International, Fisher & Paykel Healthcare Limited, GE Healthcare, GlaxoSmithKline PLC, Invacare Corporation, Koninklijke Philips N.V, Medtronic PLC and ResMed Inc.
Fisher & Paykel Healthcare Limited
Koninklijke Philips NV
- In February 2022, Aptar Pharma, has launched of HeroTracker Sense, a novel digital respiratory health solution that transforms a standard metered dose inhaler (pMDI) into a smart connected healthcare device.
- In March 2022, Respira Labs, a respiratory healthcare tech business based in the United States, has released Sylvee, an AI-powered wearable lung monitor that employs acoustic resonance to assess lung function and identify variations in lung air volume. It can aid in the early detection and treatment of chronic obstructive pulmonary disease (COPD), asthma, and COVID-19.
Table of Contents
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
4.2.3 Increasing Application in Homecare Setting
4.3 Market Restraints
4.3.1 High Cost of Respiratory Device
4.4 Porter's Five Forces 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 million)
5.1 By Type
5.1.1 By Diagnostic and Monitoring Devices
126.96.36.199 Sleep Test Devices
188.8.131.52 Peak Flow Meters
184.108.40.206 Pulse Oximeters
220.127.116.11 Other Diagnostic and Monitoring Devices
5.1.2 By Therapeutic Devices
18.104.22.168 CPAP Devices
22.214.171.124 BiPAP Devices
126.96.36.199 Oxygen Concentrators
188.8.131.52 Other Therapeutic Devices
5.1.3 By Disposables
184.108.40.206 Breathing Circuits
220.127.116.11 Other Disposables
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Chart Industries Inc.
6.1.2 Dragerwerk AG
6.1.3 Drive Devilbiss International
6.1.4 Fisher & Paykel Healthcare Limited
6.1.5 GE Healthcare
6.1.6 GlaxoSmithKline PLC
6.1.7 Invacare Corporation
6.1.8 Koninklijke Philips NV
6.1.9 Medtronic PLC
6.1.10 ResMed Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Frequently Asked Questions
What is the study period of this market?
The United States Respiratory Devices Market market is studied from 2019 - 2027.
What is the growth rate of United States Respiratory Devices Market?
The United States Respiratory Devices Market is growing at a CAGR of 6.2% over the next 5 years.
Who are the key players in United States Respiratory Devices Market?
Dragerwerk AG, Fisher & Paykel Healthcare Limited, GE Healthcare, Koninklijke Philips NV, GlaxoSmithKline PLC are the major companies operating in United States Respiratory Devices Market.