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Market Snapshot: Therapeutic Respiratory Devices Market to touch $21.5 bn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-04-17 

The Therapeutic Respiratory Devices Market is set to cross USD 21.5 billion by 2024; according to a new research report by Global Market Insights. Rising prevalence of chronic respiratory and pulmonary diseases such as asthma, chronic bronchitis and chronic obstructive pulmonary disease (COPD) will accelerate the market growth during the forecast period. According to World Health Organization, around 251 million cases of COPD were recorded globally in 2016. Growing number of COPD cases coupled with rising COPD mortality will fuel the demand for therapeutic respiratory devices for treatment of aforementioned respiratory diseases thereby augmenting the market growth.

Increasing geriatric population base across the world will serve to be high impact rendering factor. According to UN estimates, the global elderly population aged 60 years and above is set to reach over 2.1 billion by 2050 from over 962 million in 2017. Increase in prevalence of pulmonary and respiratory diseases is high among elderly population. This is attributable to changes in pulmonary function of the elderly due to structural changes with age, changes in gas exchange as well as ventilatory response.

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A survey conducted by the Forum of International Respiratory Societies (FIRS) suggests that over 100 million adults are diagnosed with sleep breathing disorders and over 50% of the global adult population habitually snore, leading to the growth in the rate of obstructive sleep apnea. In addition, the WHO states that more than 235 million people are suffering from asthma and over 200 million are diagnosed with chronic obstructive pulmonary disease. The data goes on to validate that there is a massive rise in the prevalence of respiratory diseases, which will lead to the significant usage of these devices. It has also been reported that the prevalence of these respiratory diseases is pretty high in the developed and developing countries, given the increased amount of air pollution, high rate of smoking, and occupational exposure.
 
Therapeutic respiratory devices market to witness lucrative growth over 2018-2024

North America dominated the regional landscape of therapeutic respiratory devices market in the year 2017, collecting more than USD 4.3 billion in remuneration. This growth was significantly attributable to the availability of advanced healthcare technology and infrastructure facilities that led to robust demand for therapeutic respiratory devices. Plus, most of the major therapeutic respiratory devices market players operate in the U.S., giving the region the advantage of first launch of the products and cost-effective prices. As per estimates, the U.S. accounted for 80% of the regional market share in 2017.
 
However, this scenario is slightly witnessing a shift as stakeholders are focusing on investing in the untapped regions. Developing nations, in this regard, are experiencing a plethora of investment trends, given the easy availability of land, favorable governmental initiatives, and cheap labor force. The rising disposable incomes, investment in healthcare infrastructure and increasing geriatric population base that are highly susceptible to pulmonary & respiratory disorders such as asthma, COPD, and bronchitis have also played a part in impelling the market growth in these countries. Attributable to these factors, several emerging economies particularly in the Asia Pacific belt are expected to emerge as the next-lucrative growth grounds for most of the venture capitalists. For instance, India therapeutic respiratory devices market is projected to witness a double-digit CAGR of 12% over 2018-2024.

The global therapeutic respiratory devices market is segmented on the basis of products, filters and technology. Growing adoption of therapeutic products and filters such as Nebulizers, Gas Analyzers, Capnographs, Humidifiers, Oxygen Concentrators and PAP devices will spur market growth. Oxygen concentrators is anticipated to grow at a rate of 12.4% CAGR over the period of 2016-2024, owing to improved healthcare services and growing awareness in low-income regions. Pneumatic Nebulizers Market size was worth over USD 1 billion and accounted for 13% therapeutic respiratory devices industry share. Moreover, positive airway pressure (PAP) devices accounted for over 55% of overall industry share in 2015. The humidifier filters are widely used in hospitals, home, schools, and healthcare entities and is anticipated to grow at a rate of 12.5% over the period of 2016-2024.

The introduction of technological innovations such as Electrostatic Filtration, Microsphere Separation, Hollow Fiber Filtration, and HEPA filter technology are expected to serve as future growth opportunities for therapeutic respiratory devices market. Electrostatic filtration revenue is projected to witness over 11.5% CAGR over the period of 2016-2024, owing to its wide acceptance and easy maintenance. Moreover, HEPA filter technology accounted for 35% of therapeutic respiratory devices market share in 2015 due to its effective air filtration technique and wide span of applications.

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Quite undeniably, advancements in therapeutic respiratory devices industry that brought forth easy-to-use, light weight, smart, and portable devices are certain to stand tall even in the years ahead. These trends significantly affirm that the global therapeutic respiratory devices market will be characterized by a slew of innovative technological advancements in the ensuing years. As per estimates, Market size will carve a lucrative growth graph with a projected CAGR of 9.5% over 2018-2024.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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