The respiratory care device market is expected to reach USD 38,085.6 million by 2030 with a CAGR of 7.9% during the forecast period.
There is a rapid growth of the industry due to the growing geriatric population, an increase in preterm births, changing lifestyle of the people, rising healthcare spending, and a snowballing tobacco smoking.
North America had the largest revenue share of more than 40% in the past, and it is driven by the prevalence of respiratory disorders. The U.S. has over 480,000 deaths annually due to smoking, with 41,000 attributed to second-hand smoke and also the rising aging population is a reason for rise in the number of surgeries and breathing assistance procedures, further boosting the industry.
In addition, manufacturers are also taking to innovation in patient care through enhanced monitors, wireless machines, and integrated IT solutions.
Moreover, rising urbanization has led to a significant alteration in lifestyle and environment, and as per a report of WHO, around more than half population resides in cities which will reach to 68% by 2050. Thus, urbanization has resulted in increased threats of health-related problems, particularly due to rising air pollution.
As a result, there is a growing demand for respiratory care devices to cover-up the increasing prevalence of long-term diseases caused by urbanization and pollution.
Therapeutic devices dominated the respiratory care devices market in terms of revenue, primarily due to the rising prevalence of respiratory disorders. The demand for advanced therapeutic devices is on the rise due to the increasing number of operations and the demand for ventilators with a lot of people suffering from moderate-to-severe COPD globally.
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Preterm birth is another major factor for the increasing demand for respiratory care devices, as the babies born very preterm may face severe respiratory issues, temperature regulation problems, infection susceptibility, and feeding difficulties. There is need for respiratory care devices to support the well-being and survival of preterm babies.
Smoking and changing lifestyle are another prominent factor in the development of the industry. Tobacco consumption is a leading cause of mortality worldwide, contributing to long-term illnesses like cancer, lung diseases, and cardiovascular diseases.
According to the WHO, smoking is responsible for a significant percentage of lung cancer, COPD, and CVD cases. The demand for respiratory care devices is increasing to detect and treat tobacco-related diseases. Inhalers, including MDIs and DPIs, will have the highest growth rate, driven by the high incidence of asthma.
It is because of the challenges faced by the increasing number of preterm births, tobacco consumption all over the world, the demand for respiratory care devices will continue to grow in the future as well.
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