The Respiratory Devices Market is estimated to be valued at US$ 23701.98 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Respiratory devices are intended to provide artificial breathing assistance to those patients with chronic respiratory diseases, who are not able to breathe independently. These devices help improve ventilation, gas exchange, secretion removal, and alleviate work of breathing for patients. They are essential for treatment of respiratory conditions like asthma, chronic obstructive pulmonary disease (COPD), and respiratory failure.

Market key trends:
Growing burden of respiratory diseases such as COPD, asthma, lung cancer, sleep apnea is a key driver responsible for growth of the respiratory devices market. According to World Health Organization (WHO), around 260 million people suffer from asthma globally and over 3 million deaths occur every year due to COPD. Moreover, introduction of technologically advanced portable respiratory care devices and rising demand for homecare therapeutic devices are further expected to accelerate market growth over the forecast period. Additionally, increasing awareness regarding respiratory diseases and rising geriatric population will continue to favor market expansion through 2030.

Porter's Analysis

Threat of new entrants: The respiratory devices market has high initial capital requirements and regulations which create entry barriers for new companies. Bargaining power of buyers: Individual buyers have low bargaining power due to availability of several respiratory device brands offering similar products. However, large healthcare providers can negotiate on price and quality with manufacturers. Bargaining power of suppliers: The presence of many component suppliers limits the bargaining power of individual suppliers in this market. Threat of new substitutes: New substitute technologies can pose a threat, however, established brands have customer loyalty which provides stability against substitutes. Competitive rivalry: Being a mature market, companies focus on product innovation and expand their product portfolio to gain an edge over competitors.

SWOT Analysis

Strengths: Leading brands have strong R&D capabilities and product portfolios. Increased focus on remote monitoring devices presents an opportunity.
Weaknesses: High dependence on reimbursement policies impacts sales. Supply chain disruptions during the pandemic affected production.
Opportunities: Rising cases of respiratory diseases and growing geriatric population in developing nations boost demand. Expanding application of technologies like AI and IoT offers scope.
Threats: Stringent regulations delay product approvals and increase costs. Economic slowdowns may impact healthcare spending on such devices.

Key Takeaways

The global Respiratory Devices Market Share is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing prevalence of respiratory diseases globally. Asia Pacific region is expected to grow the fastest due to large patient pools, rising healthcare expenditure and high pollution levels in many countries.

Regional analysis: North America currently dominates the market due to favorable reimbursement policies and technological advancements. However, Asia Pacific is expected to witness the highest growth during the forecast period owing to increasing investments by key players, rising disposable incomes, and growing medical tourism in the region. Countries like China and India are expected to boost the APAC respiratory devices market.

Key players: Key players operating in the respiratory devices market are Masimo, Teleflex Incorporated, Fisher & Paykel Healthcare Limited, ResMed, Hamilton Medical, Medtronic, Koninklijke Philips N.V., ICU Medical, Inc., General Electric Company, Dragerwerk AG & Co. KGaA, Inogen, Inc., TytoCare Ltd., Belluscura, Mitocon Biomed, VYAIRE, Medline Industries, Inc., OMRON Corporation, TNI medical AG, and Xplore Health Technologies Pvt. Ltd. These companies are focusing on new product launches and partnerships to strengthen their market position.

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