The respiratory care market caters to various respiratory devices and equipment used for diagnosis, prevention and treatment of respiratory diseases. Key products in this market include therapeutic devices such as oxygen concentrators, inhalers, Ventilators, masks, nebulisers, PAP devices and others. These devices aid in the prevention and treatment of chronic obstructive pulmonary disease (COPD), asthma, lung cancer, pneumonia and other respiratory disorders. With rising pollution levels, unhealthy lifestyle habits such as smoking and increasing geriatric population prone to respiratory issues, the global incidence of respiratory diseases has witnessed a significant rise. As a result, the demand for respiratory care devices and equipment has heightened substantially.

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 of 2024 to 2031.

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. These players are undertaking various organic and inorganic strategies such as mergers & acquisitions, partnerships, product launches, to strengthen their market presence.

The rising incidence of chronic respiratory disorders presents significant growth opportunities for players in the Respiratory Care Market Size. Advancements in technology are allowing development of portable, easy to use and effective respiratory care devices. This is supporting wider acceptance and adoption of respiratory care products.

North America currently dominates the respiratory care market. However, the Asia Pacific region is anticipated to provide lucrative growth opportunities during the forecast period owing to growing healthcare infrastructure, rising medical tourism and increasing focus of key players on expanding presence in emerging Asia Pacific countries.

Market Drivers
The growing geriatric population is a major driver for the respiratory care market. Older adults are more susceptible to respiratory conditions due to weakening of respiratory muscles and weaker immune system with age. According to WHO, the number of people aged 60 years and older is expected to reach 2 billion by 2050 from 900 million in 2015. This expanding geriatric demographic will significantly fuel the demand for respiratory care devices in coming years.

Market Restraints
High device costs pose a major challenge for widespread adoption of respiratory care equipment. Devices incorporated with newer technologies have greater unit costs which limits their adoption in price sensitive developing regions. Furthermore, lack of proper reimbursement policies in many countries hinders sales of high-end respiratory care devices. This acts as a key restraint for the respiratory care market growth.

Segment Analysis

The respiratory care market is dominated by the therapeutic devices segment. Therapeutic devices sub segment accounts for over 65% share of the overall market. This is because therapeutic devices such as inhalers, oxygen concentrators, ventilators and masks are widely used for treatment of various respiratory diseases like asthma, chronic obstructive pulmonary disease (COPD) and sleep apnea. Growing prevalence of such respiratory diseases globally is driving the demand for therapeutic devices in the respiratory care market.

Global Analysis

North America accounts for the largest share in the global respiratory care market, owing to rising prevalence of respiratory diseases, growing geriatric population, high adoption of innovative respiratory care devices and products and presence of major players in the region. However, Asia Pacific is expected to witness highest growth during the forecast period. Rapidly increasing population, improving healthcare infrastructure and rising disposable incomes in Asia Pacific countries are some of the key factors augmenting the Asia Pacific respiratory care market growth. Additionally, countries like India and China are expected to become most lucrative markets owing to growing pollution levels and increasing COPD incidences in these regions.

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