June 17, 2024
Respiratory Devices Market

The Global Respiratory Devices Market Is Driven By Rising Geriatric Population

Respiratory devices are medical equipment used to treat various respiratory diseases and disorders such as asthma, chronic obstructive pulmonary disease (COPD) and sleep apnea. These devices include therapeutic devices such as inhalers, nebulizers, humidifiers and oxygen concentrators that help improve the respiratory function and deliver medications to the lungs. The global respiratory devices market has been witnessing significant growth over the past few years owing to the rising prevalence of respiratory diseases resulting from factors like growing geriatric population, increasing pollution levels and smoking habits. Respiratory disorders are among the most widespread health conditions worldwide and places a huge economic burden on societies.

The global Respiratory Devices Market is estimated to be valued at US$ 23701.98 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the respiratory devices market is the increasing adoption of portable respiratory devices. Portable respiratory devices are more convenient for patients as they enable mobility and freedom. The miniaturization of device components has enabled manufactures to create compact, easy to use portable devices. For instance, the popularity of portable inhalers and nebulizers is growing significantly owing to benefits like discretion and ease of carrying them anywhere. Another notable trend is the rise of combination therapy using different respiratory delivery devices for better management of respiratory diseases. This involves using more than one type of respiratory device sequentially or concurrently for better treatment outcomes.

Porter’s Analysis

Threat of new entrants: The threat is moderate in the respiratory devices market as it requires high initial investments and regulatory compliance.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitutes and sensitivity over pricing.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and focal area of buyers on quality and reliability over pricing.

Threat of new substitutes: The threat is moderate as new substitutes entering the market provide added features and technological advancements.

Competitive rivalry: The competitive rivalry is high among the key players to gain higher market share and maintain leadership through continuous product innovations.

Key Takeaways

The Global Respiratory Devices Market Demand is expected to witness high growth.

Regional analysis: North America is expected to dominate the respiratory devices market during the forecast period owing to the rising prevalence of chronic respiratory diseases such as asthma and COPD. Factors such as high healthcare expenditure, presence of major manufacturers, and technological advancements in respiratory care devices fuel the market growth in this region. Asia Pacific respiratory devices market is projected to grow at fastest rate due to increasing healthcare investments, rising medical tourism, and growing geriatric population.

Key players: 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.

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