The global respiratory care device market size is expected to advance at a CAGR of 7.9% during 2021–2030, to reach $38,085.6 million by 2030. This is ascribed to the rise in the prevalence of respiratory disease, developments in healthcare infrastructure, and increase in the worldwide level of pollution.
The main reason for an aging population is the rising life expectancy. The elderly population requires extensive care, as it is prone to cancer, neurological disorders, and cardiovascular diseases due to its low immunity levels and high recovery time. This is leading to an increase in the demand for better diagnosis and therapies, which further boosts industry growth.
As per a UN-DESA report, the population of people aged 60 years or above in 2019 was 1 billion, and the number is projected to reach 1.4 billion by 2030 and 2.1 billion by 2050. Further, the number of people aged 60 years and above is expected to reach approximately 324 million in India, 437 million in China, 58 million in Brazil. and 107 million in the U.S. by 2050.
North America accounted for the largest share, of more than 40% of the global revenue, in 2021, followed by Europe and Asia-Pacific.
Moreover, the APAC region is projected to have the highest CAGR during the forecast period, due to the increasing healthcare expenditure, presence of a large population with respiratory ailments, rising per capita income, developing healthcare infrastructure, escalating prevalence of tobacco smoking, and growing middle-class population.
Additionally, a medical tourism hub, APAC is also among the fastest-growing markets for medical devices. The low costs of treatments and the existence of a large pool of trained physicians drive medical tourists to APAC countries, especially China and India.
Respiratory diseases affect the structure, tissue, and organs associated with breathing, including the bronchi, bronchioles, trachea, alveoli, lungs, and diaphragm. Some of the major respiratory diseases are tuberculosis, cystic fibrosis, pneumonia, influenza, and asthma. Because of the rising air pollution level and the increasing number of smokers, respiratory disorders, including allergic rhinitis, COPD, and asthma, are becoming more common.
Asthma is the chronic inflammation of the lungs’ airways, characterized by recurrent attacks of breathlessness and wheezing, which vary in severity and frequency from person to person. According to the WHO, globally, approximately 250,000 people die of asthma every year.
In the same way, COPD is a group of progressive lung diseases that interfere with normal breathing and obstruct airflow. It is mainly caused due to tobacco smoke and exposure to indoor and outdoor air pollution. According to a WHO report published in 2022, more than 3.23 million people died due to COPD in 2019. Additionally, as per the CDC, 16 million Americans have this disease. The increasing prevalence of respiratory diseases would drive the demand for medical devices to diagnose the disease, monitor the condition of patients, and provide treatment.
The biggest respiratory care device market players are Masimo Corporation, Medtronic plc, ResMed Inc., Fisher & Paykel Healthcare Corporation Limited, Teleflex Incorporated, Hamilton Medical AG, Drägerwerk AG & Co. KGaA, Getinge AB, and Nihon Kohden Corporation.