June 18, 2024
Respiratory Care Market

Respiratory Care Market is Estimated to Witness High Growth Owing to Remote Patient Monitoring Advancements

Respiratory care involves the diagnostics, treatments, and management of medical conditions that affect the respiratory system. Key products in this market include therapeutic devices, monitoring devices, diagnostic devices, and consumables & accessories. Therapeutic devices help in treating respiratory diseases and include Positive Airway Pressure (PAP) devices, nebulizers, humidifiers, inhalers, and oxygen concentrators. Monitoring devices aid in tracking patient health and consist of pulse oximeters, capnographs, and spirometers. The rising prevalence of chronic respiratory diseases like asthma and COPD has increased the demand for respiratory care products globally. Remote patient monitoring advancements allow monitoring clinical parameters remotely, enhancing patient care while reducing hospital visits.

The Global Respiratory Care Market is estimated to be valued at US$ 49.84 Bn  in 2024 and is expected to exhibit a CAGR of 9.8% over the forecast period 2024 to 2031.

Market Drivers

The rising geriatric population is a key Respiratory Care Market Size driver. Older individuals are more prone to chronic respiratory diseases like COPD & asthma due to weaker immunity. As per the UN, the number of people aged 65 years and above is projected to double from 727 million to nearly 1.5 billion between 2019 and 2050. Another major growth driver is the growing global prevalence of COPD. As per WHO, over 255 million people suffer from the disease worldwide. Other factors like increasing pollution levels, rising healthcare expenditure, and growing cases of respiratory infections and tuberculosis are also fueling market growth.

Key Takeaways

Key players operating in the Respiratory Care Market are Medtronic, Koninklijke Philips N.V., ICU Medical, Inc., Teleflex Incorporated, ResMed, Dragerwerk AG & Co. KGaA, Belluscura, VYAIRE, Medline Industries, OMRON Corporation, Xplore Health Technologies Pvt. Ltd., Masimo, Fisher & Paykel Healthcare Limited, Hamilton Medical, TytoCare Ltd., Inogen, Inc., Honeywell International Inc., and PARI Pharma GmbH. The increasing adoption of home healthcare devices offers significant growth opportunities, aided by favorable reimbursement policies and technological advancements in portable devices. Remote monitoring enables round-the-clock supervision and early disease detection, improving patient outcomes. Miniaturization of devices and integration of connectivity solutions in respiratory care products allow continuous monitoring outside healthcare facilities.

Current challenges in Respiratory Care Market:

The respiratory care market is facing challenges of increasing prevalence of chronic respiratory diseases like asthma and COPD. Rapid growth in aging population globally is also driving the risk of respiratory illnesses. High treatment cost of advanced respiratory care devices and therapies is another major hurdle for wider access and adoption. Lack of awareness about availability of newer respiratory diagnosis and home care solutions in developing nations remains a challenge. Shortage of skilled professionals for respiratory care also needs addressing. Manufacturers face challenges of developing more user-friendly, portable and affordable respiratory care products.

SWOT Analysis

Strength: Emergence of new portable respiratory care devices and home therapy systems has improved patient comfort and compliance. Growing focus on developing integrated respiratory solutions is enabling better diagnostics, monitoring and treatment.
Weakness: High reliance on limited number of global suppliers affects pricing and supply stability. Ventilators and critical care respiratory products require specialized production capabilities.
Opportunity: Rising healthcare investments in emerging regions offer scope for more affordable respiratory care systems. Adoption of digital health and AI can help expand remote monitoring and diagnosis.
Threats: Threat from generic competition once key product patents expire. Stringent regulatory controls and lengthy approval processes increase compliance costs.

Geographical regions of concentration

North America currently holds the largest share of over 40% of the global respiratory care market value owing to high disease prevalence, advanced healthcare infrastructure and access to insurance. However, Asia Pacific region is emerging as the fastest growing market driven by growing middle class population, rising healthcare standards and increasing government support.

Fastest growing region

Asia Pacific region is poised to witness the fastest CAGR of over 11% during the forecast period for the respiratory care market led by China, India and other Southeast Asian countries. This growth can be attributed to improving medical capabilities, rising incidence of lifestyle diseases, growing medical tourism and focus of leading global players to tap opportunities in developing APAC healthcare sectors.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it