How Is Improving Healthcare Infrastructure Aiding Respiratory Care Device Industry Growth?

A number of factors, such as the rising cases of respiratory illnesses, improving healthcare expenditure and infrastructure, surging pollution levels, growing urbanization rate, and rising aging population across the globe, are projected to boost the respiratory care device market. According to P&S Intelligence, the market is expected to reach $38,085.6 million by 2030. Moreover, the market is competitive in nature due to the surging number of local manufacturers.

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Furthermore, the respiratory care device industry is witnessing a rising number of product innovations by respiratory care device companies. These players have been actively involved in the launch and development of new and advanced products, which are affordable, to meet the need of consumers. Some of the key companies operating in the market and offering new, advanced, and cost-effective devices are General Electric Company, Masimo Corporation, Medtronic plc, Hamilton Medical AG, ResMed Inc., and Koninklijke Philips N.V.

The primary factor driving the demand for respiratory care devices across the world is the surging healthcare expenditure in developed and developing countries. The governments of these nations are increasingly investing in the healthcare sector to improve the infrastructure and quality of healthcare facilities that are being provided to their residents. Due to this, the accessibility and affordability of the treatment and diagnosis of different medical illnesses, including respiratory diseases, are increasing.

The type segment of the respiratory care device market is categorized into therapeutic, diagnostic, and monitoring devices. Among these, the therapeutic devices category holds the largest market share, of more than 60%, and it is also projected to generate the highest revenue in the coming years, witnessing the fastest growth during the forecast period. This can be mainly attributed to the high demand for therapeutic devices from hospital and homecare facilities for the treatment of several respiratory diseases, such as bronchitis and upper respiratory infections.

Furthermore, on the basis of end user, the respiratory care device industry is classified into hospitals, emergency centers, homecare settings, and others. Among these, the hospital category accounted for the largest revenue share in the market. This was due to the fact that hospitals generated the highest demand for these devices across the world because most patients prefer them for treatment, as these places have the best equipment and trained staff across all medical specialties. On the other hand, the home care category is projected to witness the fastest growth during the forecast period. 

Geographically, North America is the largest market for respiratory care devices, with a more than 40% value share, and it is also expected to lead the global market throughout the forecast period. This is attributed to the growing geriatric population, high healthcare investments, improved healthcare infrastructure, and high incidence of respiratory diseases. In the regional market, the U.S. holds the leading position owing the rising number of people suffering from respiratory illnesses in the country, such as the COVID-19 infection presently.

Thus, the improving healthcare expenditure and infrastructure and surging number of product launches are expected to propel the growth of the market during the forecast period.