Therapeutic Respiratory Devices Market Size, Share & Trends Analysis Report By Product (Nebulizers, Humidifiers, Oxygen Concentrators, Positive Airway Pressure Devices, Ventilators, Capnography, Gas Analyzers), By Technology (Electrostatic Filtration, HEPA Filter Technology, Hollow Fiber Filtration, Microsphere Separation), By Filter (Nebulizer Filter, Humidifier Filter, Positive Airway Pressure Devices Filter, Oxygen Concentrator Filter, Ventilator Filter) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global therapeutic respiratory devices market size was valued at USD 18.61 billion in 2022 and is projected to reach a value of USD 28.38 billion by 2031, registering a CAGR of 4.8% during the forecast period 2023-2031.

Therapeutic respiratory devices (TRDs) improve pulmonary function, increase lung oxygenation, and facilitate bronchial mucus removal during respiratory therapy. Increasing the prevalence of chronic respiratory and pulmonary diseases prompts the need for effective therapeutic respirator devices. As per the survey by the Forum of International Respiratory Societies (FIRS), globally, about 100 million adults suffer from a sleep-breathing disorder, more than 235 million people have asthma, and about 200 million are diagnosed with COPD. In developed and developing countries, the incidence rate of respiratory disorders is high due to increasing air pollution and occupational pollutants, and smoking, causing airway inflammation.

Market Dynamics

Global Therapeutic Respiratory Devices Market Drivers

Rising Geriatric Population and Increasing Prevalence of COPD

The senior population is highly susceptible to various diseases, such as COPD, asthma, and lung cancer, and the growing geriatric population prompts the need for effective therapeutic respirator devices. As per the U.N. figures, the global population aged 60 and above is projected to reach 1.41 billion by 2030. As per the Journal of the Italian Society of Gerontology and Geriatrics, about 10% of the senior population in the U.S. suffers from COPD. 

Chronic respiratory diseases

The therapeutic respiratory devices market's growth drivers are in charge of boosting the market's growth rate. The primary market drivers are the home therapeutics devices lower costs. Other significant motivators include an increased number of patients with chronic respiratory diseases and rising healthcare costs. The increasing demand for products like nebulizers, ventilators, and CPAP devices for treating, diagnosing, and monitoring patients with respiratory diseases in home care settings primarily drives the market.

Global Therapeutic Respiratory Devices Market Restraints

Lack of patient compliance when using respiratory devices 

The market for therapeutic respiratory devices may need to be improved by patient noncompliance with treatment regimens while using respiratory devices. Despite medical advances, therapeutic respiratory device treatment often causes patients significant discomfort and inconvenience. The increase in difficulties brought on by equipment misfits, which pose a significant obstacle to industry expansion, is another factor.

Global Therapeutic Respiratory Devices Market Opportunity

Technological Advancements in Therapeutic Respirator Devices

Prominent market players are actively working to develop highly efficient, easy-to-use, compact, and lightweight devices integrated with software applications to collect and analyze data. Technological advancements in microprocessor-controlled ventilation, combined with the application of modern ventilator modes, have provided opportunities for the multidisciplinary team to enhance the care of critically ill patients. Advanced ventilators are also ideal for all requirements and have several checks and balances.

The advent of Bluetooth-enabled devices, connecting to a cloud-based patient engagement platform, helps transform medical-grade data into actionable information, sending it directly to care providers, several times a day. The technique helps the patient care teams to track the patients remotely and proactively, allowing for fast and informed clinical decisions such as early intervention. Furthermore, Capnography waveforms are a valuable technological development for tracking carbon dioxide levels. Additionally, introducing new technologies such as automatic and stand-alone pressure controllers for mechanical ventilators provides an impetus to market growth.

Regional Analysis

Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. North America dominates the market.

North America dominates the market as the region is backed by the robust presence of prominent market players, rising healthcare expenditure, and a well-develop healthcare sector. The increasing geriatric population and chronic obstructive pulmonary disease (COPD) prevalence have compelled market players to develop innovative products. As per the World Health Organization (WHO), in 2016, about 251 million people suffered from COPD across the globe. Additionally, government health organizations such as Medicaid and Medicare are actively working to raise awareness regarding COPD and its treatment options, further driving market growth.

The developed healthcare infrastructure in the European region makes it the second-largest market. The regional market is driven by government support for R&D activities with a sizable patient population. Developing nations like Germany, the United Kingdom, and France are boosting the market.

Asia-Pacific holds the highest share of the therapeutic respiratory devices market because of rapid technological advancements and the development of healthcare facilities. The increasing prevalence of asthma subsequently increases the demand for therapeutic respirator devices. As per the Global Asthma Initiative (GINA), the number of people who have asthma is projected to reach 100 million by 2025. Increasing disposable income and rapid lifestyle change impetus to market growth.

Due to their unstable economies, lack of developed healthcare industry, and strict government policies that limit regional growth, the Middle East and Africa hold minor market shares. Due to the significant healthcare spending and the presence of nations like Kuwait, Saudi Arabia, Dubai, and Qatar, the Middle East region accounts for the largest share.

Segmental Analysis

The global market is analyzed by product, technology, filter, and region.

By product, the market is fragmented into nebulizers, humidifiers, oxygen concentrators, positive airway pressure devices, ventilators, capnography, and gas analyzers, where ventilator currently dominates the market.

Increasing demand for ventilators amidst the Covid-19 Outbreak. The COVID-19 outbreak has disrupted the supply chain, resulting in a shortage of ventilators across the globe. According to the World Health Organization, more than a million people have been infected with the novel coronavirus. The unmet demand for mechanical ventilators has compelled biomedical engineers and scientists to develop makeshift ventilators using respiratory devices such as PAP, manual resuscitators, nebulizers, and oxygen concentrators.

Increasing respiratory and chronic obstructive pulmonary disease cases, rising mortality rates in neonates, and increasing numbers of premature births with respiratory disorders lead to high demand for ventilators. According to the WHO, around 65 million people suffer from chronic obstructive pulmonary disease (COPD), and 3 million people die from the disease every year, making it the 3rd leading cause of death across the globe.

In addition, developing economical, precise, miniaturized, and reliable sensors to measure patient variables such as pressure, flows, oxygenation, and actuators provides an impetus to market growth. Also, applying mathematical models, control systems, and artificial intelligence to modify the action of the mechanical ventilator as per the patient's needs supports segmental growth. 

Based on filters, the market is sub-segmented into nebulizer filters, humidifier filters, positive airway pressure device filters, oxygen concentrator filters, and ventilator filters.

Over the forecast period, the humidifier filter market will experience significant growth. This results from the growing demand for them for various therapeutic purposes. A rise in the demand for humidifiers in homes, hospitals, schools, and healthcare facilities is anticipated to fuel the market for humidifier filters because filters are necessary to prevent the growth of bacteria and fungus in the air that is circulated. Additionally, fueling market expansion is the need for filters in humidifiers, brought on by the increase in the prevalence of airborne diseases like TB. Using a humidifier increases air humidity and provides defense against dryness in the environment. As more people become aware of conditions like sinusitis, asthma, and particular allergies, the demand for humidifier equipment is anticipated to increase. As a result, it fuels the market for humidifier filters. Asthma and COPD, two of the main conditions influencing the use of ventilators, are predicted to significantly impact the ventilator filter market in 2021, accounting for over 23.5% of revenue share. The market for homecare ventilators is also anticipated to gain from the rise in demand for in-home healthcare, which will eventually have a favorable effect on the ventilator filter market.

Technology divides the market into nebulizer filters, humidifier filters, positive airway pressure device filters, oxygen concentrator filters, and ventilator filters.

HEPA filter's ability to remove particulate matter from Air drives the segment growth. Per the CDC guidelines, therapeutic respiratory devices must be configured with HEPA filtration technology for air filtration. As per the U.S. Department of Energy (DOE) Report, HEPA filter strips about 99.97% of all particles beyond 0.3 microns. Apart from this, the advent of washable HEPA filters and HEPA 4 technology with minimum reporting value efficiency (MERV) ranking provides an impetus to market growth.

Impact of covid-19

The COVID-19 outbreak has created havoc across the globe. The disruption in the supply chain has compelled the government to closely work with the veterinary vaccine manufacturers in order to maintain the supply chain. For instance, the FDA’s Center for Veterinary Medicine (CVM) has taken several steps to mitigate the shortage of veterinary vaccines.

Recent Developments

• In August 2022, Big Business Needs the Largest Oxygen Generators in AirSep.
• In March 2022, The commercial arm of CAIRE Inc., AirSep Corporation, is pleased to offer cutting-edge solutions to help protect one of the planet's most valuable resources: water.
• In June 2022, McArthur Medical Sales and Breas Medical USA Agreed on a Canadian Distribution Arrangement.
• In January 2022, Compumedics landed a significant meg brain image contract in China.
• In September 2022, Fisher & Paykel Healthcare signed a contract to acquire property for a second campus in New Zealand.