Therapeutic Respiratory Devices Market Size By Product (Nebulizers, Humidifiers, Oxygen Concentrators, Ventilators, Gas Analyzers, Capnographs), By Technology (Electrostatic Filtration, HEPA, Hollow Fiber Filtration, Microsphere Separation), By Filters (Nebulizer, Humidifier, Positive Airway Pressure Device, Oxygen Concentrator, Ventilator Filters), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Switzerland, France, Italy, Spain, China, India, Japan, Brazil, Mexico, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: August 2016 | 126 Pages | Report ID: GMI696 Report Format: PDF
Therapeutic Respiratory Devices Market size was valued at over USD 8.5 billion in 2015, and is likely to grow at 11.7% CAGR during the forecast period.
Spain therapeutic respiratory devices market size, by product 2012—2024 (USD Million)
Increasing geriatric population and growing prevalence of respiratory diseases will drive therapeutic respiratory devices market size. According to CDC, COPD prevalence increased from 3.2% among those aged 18-44 years to more than 11.6% among those exceeding 65 years.
Growing adoption of advanced therapeutic devices such as nebulizers, oxygen concentrators, PAP devices and humidifiers will fuel therapeutic respiratory devices market growth. For instance, ResMed’s VPAP is a non-invasive ventilation (NIV) device designed specifically to treat COPD enabling patient to manage the condition at home.
Data collection from ventilators has improved the way of patients are managed recently. It has enabled measurement of various device parameters and clinical variation. The integrated capnography and cardiac developments provide continuous and real time information about the patient’s respiration rate.
Therapeutic Respiratory Devices Market, By Product
Positive Airway Pressure (PAP) devices held more than 55% of therapeutic respiratory devices market share in 2015, dedicated to increasing prevalence of respiratory disorders, rising incidence of sleep apnea, and improved adoption of respiratory devices.
Oxygen concentrators will grow at significant 12.4% CAGR from 2016 to 2024 to exceed USD 1.5 billion by 2024. Improved access to healthcare services among low-income countries and growing awareness regarding treatment of respiratory disorders will drive therapeutic respiratory devices market growth. Nebulizers market was valued over USD 1 billion, holding a therapeutic respiratory devices market share of more than 13% in 2015. Introduction of technologically advanced nebulizers with metered dosage and vibrating mesh will boost industry demand.
Therapeutic Respiratory Devices Market, By Technology
Electrostatic filtration revenue was more than USD 3 billion in 2015 and anticipated to witness over 11.5% CAGR from 2016 to 2024. Increased acceptance along with ease of use and maintenance will stimulate therapeutic respiratory devices market growth.
HEPA filter technology held over 35% of therapeutic respiratory devices market share in 2015. Several key factors responsible business growth include emergence of innovative technologies providing extremely effective air filtration and its wide application in regularly used products.
Therapeutic Respiratory Devices Market, By Filter
Ventilator filters were valued over USD 65 million in 2015 and anticipated to exceed USD 160 million by 2024. Use of ventilator filters such as nebulizer, ventilator, positive airway pressure, humidifier filters, and oxygen concentrator to treat chronic respiratory disorders will drive therapeutic respiratory devices market share.
Humidifier filters witnessed significant growth of over 12.5% from 2016 to 2024 with expectations to exceed USD 145 million by 2024. Growing demand for humidifiers in hospitals, schools, home, and healthcare entities to prevent bacteria growth will stimulate therapeutic respiratory devices market growth.
Therapeutic Respiratory Devices Market, By Region
U.S. therapeutic respiratory devices market share was over 60% of industry revenue in 2015, estimated to grow at 10.8% CAGR from 2016 to 2024. Increasing COPD prevalence, presence of baby boomer population base and favourable reimbursement scenario will stimulate regional growth.
Japan therapeutic respiratory devices market was USD more than USD 750 million in 2015 and expected to surpass USD 2 billion by 2024. Development in healthcare infrastructure, growing healthcare awareness, and rising number of outpatient surgeries is likely to safeguard demand throughout the forecast period in Japan.
Brazil therapeutic respiratory devices market accounted for over 45% of industry revenue, witnessing a 13% CAGR from 2016 to 2024. Presence of high unmet medical needs with increasing prevalence of respiratory disorders is anticipated to fuel business growth.
Competitive Market Share
Some of the key market players holding significant therapeutic respiratory devices market share include Smiths Medical, GE Healthcare, Covidien, CareFusion Corporation, and Philips Healthcare. New product developments and mergers & acquisitions are most commonly adopted business strategies. For instance, in January 2015, Medtronic acquired Covidien. The merger of Covidien is expected to accelerate the development of innovative healthcare solutions for Medtronic.
Therapeutic Respiratory Devices Industry Background
Increasing respiratory disease prevalence and technological advancements drive the global therapeutic respiratory devices market. Companies invest immensely in R&D operations to gain maximum industry revenue share. As per the report in European Lung white book, the entire cost of respiratory disorder in the EU alone amounts to over Euro 350 billion annually. The annual cost of lost productivity and healthcare due to COPD is estimated to be over Euro 48 billion and for asthma around Euro 33 billion. This enormous cost burden has generated a need for improved treatment possibilities by embracing technologically effective solutions.
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