15 March 2023
Visiongain has published a new report entitled Therapeutic Respiratory Devices Market Report 2023-2033: Forecasts by Product (Inhalers (Metered Dose Inhalers, Dry Powder Inhalers, Soft Mist Inhalers), Ventilators (Adult Ventilators, Neonatal Ventilators), Humidifiers (Heated Humidifiers, Passover Humidifiers, Integrated Humidifiers, Built-in Humidifiers, Stand-alone Humidifiers), Positive Airway Pressure Devices (Continuous Positive Airway Pressure Devices, Auto-titrating Positive Airway Pressure Devices, Bi-level Positive Airway Pressure Devices), Oxygen Concentrators (Fixed Oxygen Concentrators, Portable Oxygen Concentrators), Nebulisers (Compressor-based Nebulisers, Piston-based Hand-held Nebulisers, Ultrasonic Nebulisers)), by Application (Asthma, Chronic Obstructive Pulmonary Disease, Cystic Fibrosis, Acute Respiratory Failure, Obstructive Sleep Apnea, Respiratory Distress Syndrome, Others), by End-users (Homecare Settings, Hospitals, Others), by Distribution Channel (Retail Pharmacies, Hospitals Pharmacies, Online Pharmacies) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global therapeutic respiratory devices market was valued at US$59.49 billion in 2022 and is projected to grow at a CAGR of 8.02% during the forecast period 2023-2033.
Rising Geriatric Population Projected to Boost Market Growth
An ageing population is more prone to suffer from age-related health difficulties such as cardiovascular disease, neurological diseases, diabetes, and a range of respiratory ailments. Consumers' desire to live a healthy lifestyle adds to a rise in demand for respiratory equipment. For the first time, the number of persons aged 65 and over outnumbers those under the age of five. The population will continue to age as fertility rates fall and life expectancy rises. The number of people aged 65 and more is predicted to reach about 1.5 billion by 2050.
Low and middle income countries account for the vast majority of asthma-related fatalities. People have been able to live longer lives as a result of improved health care and a greater level of life. The challenge of an ageing population is no longer limited to the most industrialised countries. Older individuals are becoming increasingly numerous in emerging nations at a higher rate than in developed economies. People's level of life is rising as the economy and riches expand. Infrastructure and healthcare systems in the country can also be improved.
How has COVID-19 had a Positive Impact on the Therapeutic Respiratory Devices Market?
The COVID-19 outbreak has expedited the development of new and portable respiratory medicine delivery devices, with a boost in remote and at-home trial activities, as well as patient purchases for home-care settings. Due of the COVID-19 epidemic, numerous countries' supplies of respiratory treatments and drug delivery technologies were insufficient to address the expanding number of patients. There was a substantial danger of patient death due to a shortage of resources such as breathing equipment, medical supplies, and staff. As a result, patients were compelled to stay at home and gather their own resources, which hampered the procurement of respiratory medications and delivery devices such as nebulizers, inhalers, and other portable devices.
How will this Report Benefit you?
Visiongain’s 450-page report provides 183 tables and 300 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the therapeutic respiratory devices market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Therapeutic Respiratory Devices. Get financial analysis of the overall market and different segments including type, invasive procedure type, non-invasive procedure type, gender, end-user, and capture higher market share. We believe that there are strong opportunities in this fast-growing therapeutic respiratory devices market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Rising Demand for Homecare Therapeutic Respiratory Devices is Driving the Market Growth
Companies are developing homecare services in response to the demand for homecare settings, such as replenishment systems and leasing services. CHI health is one such firm that offers low-cost gadgets and services that allow patients to obtain treatment and care in the comfort of their own homes. Sleep apnea therapy equipment must be maintained and updated on a regular basis in order to ensure pleasant, effective sleep apnea therapy. Patients suffering from sleep apnea may now replace their PAP equipment on schedule thanks to Resmed's restocking programme. Over time, this enhances patient satisfaction and adherence. More patients are being enrolled in automated replenishment schemes.
Rising Funding by Government Organizations and Healthcare Companies is Creating Opportunities for Market Expansion
Several government organisations and businesses run awareness programmes to promote understanding about asthma kinds and quick safety advice in order to avoid the condition from becoming severe. Cipla's launch in August 2022 of a patient awareness campaign in India dubbed BerokZindagi is one example. Due to the Berok Zindagi campaign, inhalers and asthma have been vilified and misunderstood. It has substantially helped to greater knowledge and adoption of inhalers throughout the years. As part of the campaign, some people have come forward to tell their asthma tales, which will help to create a more accepting attitude about inhalers.
Where are the Market Opportunities?
Digital Platform for Respiratory Related Therapies Anticipated to Spur Industry Growth
Asthma, COPD, and other related disorders cost the healthcare system more than $130 billion each year. While there may be possibilities in the respiratory room, treating for these illnesses comes with its own set of problems, including the fact that they are difficult to assess. Companies around the world are developing digital platforms for respiratory-related therapies, such as AptarGroup, Inc. and Sonmol, a Chinese digital respiratory therapeutics firm, which announced a partnership on April 21, 2020, to create a digital therapies and services network targeting respiratory and other diseases. Aptar Pharma's relationship with Sonmol is expected to greatly boost Aptar's digital health solutions in Asia.
The major players operating in the therapeutic respiratory devices market are 3M Health Care, Airsep Corporation (Chart Industries), AptarGroup, Inc., AstraZeneca, Becton, Dickinson and Company (BD), Boehringer Ingelheim International GmbH, Cipla Inc., Fisher & Paykel Healthcare Limited, GE Healthcare, GF Health Products, Inc., GSK plc, Hamilton Medical, Invacare, Koninklijke Philips N.V., Medisana GmbH, Medtronic, Merck & Co., Inc., Novartis AG, OMRON Corporation, Recipharm AB, ResMed, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Smiths Medical, Inc., Sunovion Pharmaceuticals Inc., and Teva Pharmaceutical Industries Ltd. These prominent competitors in the therapeutic respiratory devices market have pursued various tactics such as M&A, partnerships, geographical growth, R&D investment, and new product introduction.
• In October 2022, Merck & Co. established a packaging facility in Singapore to support its best-selling cancer medication and vaccine, while also starting work on a factory to manufacture next-generation inhalers.
• In July 2022, Transpire Bio signed a final agreement with Recipharm to develop TRB-1 and TRB-2, inhaled medications for the treatment of COPD and asthma.
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