RESPIRATORY CARE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Size and Trends

The respiratory care market is estimated to be valued at USD 25.95 Bn in 2024 and is expected to reach USD 49.84 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.8% from 2024 to 2031.

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The global respiratory care market is expected to witness positive growth over the forecast period owing to increasing pollution levels and growing geriatric population prone to chronic respiratory diseases. Respiratory device manufacturers are increasingly focusing on developing innovative portable devices to leverage the mobility offered by compact design and ease of use. The adoption of respiratory devices is also growing across emerging markets on the back of rising economic conditions and health awareness. However, stringent regulatory framework and high cost of innovative devices might limit market potential to a certain extent over the forecast years.

Growing Prevalence of Respiratory Diseases

One of the key drivers for the growth of the global respiratory care market is the rising prevalence of respiratory diseases across the world. Diseases like Chronic Obstructive Pulmonary Disease or COPD, asthma, and lung cancer are on the rise. COPD which encompasses chronic bronchitis and emphysema is a major health threat. For instance, according to the World Health Organization fact sheet released in May 2023, approximately 262 million individuals are estimated to be afflicted by asthma. The increasing prevalence of these diseases has led to a parallel rise in the demand for respiratory care devices, medicines, and diagnostics tools. People with breathing issues need oxygen concentrators, ventilators, and nebulizers on a regular basis. The treatment of respiratory disorders also involves inhaled drugs delivery through metered dose inhalers and dry powder inhalers. PFT or pulmonary function tests are commonly done for screening and monitoring lung diseases.

Market Concentration and Competitive Landscape

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Another notable driver has been the emergence of new and advanced technologies in the respiratory care arena. Significant innovation is taking place in terms of devices, drug delivery mechanisms, and digital solutions for respiratory illnesses. On the device front, innovative portable oxygen concentrators are being introduced which are lightweight and can be carried anywhere. New generation ventilators are more automated and user-friendly. Connected nebulizers with mobile features are available. Wearable air purifiers are gaining popularity. The development of metered-dose inhalers (MDIs) with improved dose accuracy, breath-actuated inhalers, dry powder inhalers (DPIs) that eliminate the need for propellants, and smart inhalers with integrated sensors to monitor medication usage and inhalation technique. For instance, in February 2022, AstraZeneca, a Swedish multinational pharmaceutical and biotechnology company, and Honeywell, a U.S.-based publicly traded, multinational conglomerate corporation, announced that they are set to collaborate in the development of advanced respiratory inhalers (pressurized metered dose inhalers (pMDIs)), utilizing the propellant HFO-1234ze. This particular propellant exhibits a significantly low Global Warming Potential (GWP) when compared to the propellants currently employed in respiratory medications, with a potential reduction of up to 99.9%.

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The global respiratory care market faces several challenges. An aging population combined with rising levels of air pollution have contributed to the increasing prevalence of respiratory diseases like asthma and COPD. This has overwhelmed healthcare systems and driven up costs. Additionally, many developing nations still lack adequate access to respiratory care devices and technologies. The high costs associated with advanced respiratory equipment also limits their adoption in certain markets. Product innovation needs to keep pace with evolving respiratory conditions but requires significant R&D investments.

Market Opportunities – Untapped emerging markets

Untapped emerging markets can provide tremendous opportunities for growth in the global respiratory care market. Regions like Asia Pacific, Latin America, Middle East, and Africa offer a large patient pool suffering from respiratory diseases due to due to urbanization and lifestyle changes. For instance, according to the World Health Organization, data published in 2020, asthma-related deaths in Afghanistan were 3,403 which is 1.47% of total deaths. Moreover, as per the stats provided by the National Library of Medicine in March 2022, the population prevalence of COPD ranged from 1.7% to 24.8% in sub-Saharan Africa (SSA). Furthermore, according to the WHO data published in 2020, asthma-related deaths in Bangladesh reached 8,893 or 1.24% of total deaths. As a result, the combination of a high burden of respiratory diseases, improved access to healthcare, rising disposable income, government initiatives, market expansion strategies by pharmaceutical companies, opportunities for research and clinical trials, and favorable demographics contribute to the growth and expansion of the respiratory care market growth in emerging regions.

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The product type segment includes nebulizers, oxygen concentrators, polysomnography devices, positive airway pressure devices, respiratory consumables, and others. The nebulizers segment is estimated to hold 46.2% share of the market in 2024 owing to the rising prevalence of chronic respiratory diseases. Nebulizers are one of the most commonly used devices for respiratory drug delivery as they help deliver medications directly to the lungs through a mist of small droplets that can easily be inhaled. The growing threat of conditions like asthma and COPD has significantly boosted the demand for nebulizers globally. COPD in particular has emerged as a major public health issue worldwide. Long-term exposure to risk factors like cigarette smoke and air pollution is causing high rates of COPD diagnosis. With no cure currently available, nebulizers play a vital role in managing COPD symptoms and exacerbations by facilitating easy intake of bronchodilators and other drugs. Their portable and non-invasive nature make nebulizers very convenient for COPD patients.

Insights, By Indication: Increasing Incidences of Chronic Obstructive Pulmonary Disease (COPD)

The indication segment includes Chronic Obstructive Pulmonary Disease (COPD), asthma, pneumonia, and others. The Chronic Obstructive Pulmonary Disease (COPD) sub-segment is expected to account for 33.7% of the market share in 2024 owing to its increasing global disease burden. COPD has emerged as the third leading cause of death worldwide due to the combined effects of cigarette smoking and air pollution exposure in populations. According to research, over 300 million people suffer from COPD globally with prevalence continuing to rise among aging demographics.

Insights, By End User: Expanding Network of Healthcare Facilities

The end user segment includes hospitals, ambulatory surgical centers, clinics, and others. The hospitals subsegment is expected to hold 33.9% of the market share in 2024 owing to the concentration of respiratory specialty and critical care within hospitals. As healthcare infrastructure strengthens globally with greater accessibility, the hospital segment is registering strong growth in the respiratory care market value. Hospitals remain the primary point of contact for respiratory emergencies and the destination for the advanced treatment of acute cases that require monitoring, ventilation therapy, or intensive care. Conditions like pneumonia often necessitate in-patient hospitalization for IV drug therapy and pulmonary rehabilitation. Even chronic illnesses like COPD may progress to severe exacerbations requiring hospital admission and respiratory support therapies only available in hospitals.

Regional Insights

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North America remains the dominant region in the global respiratory care market and is anticipated to hold 43.1% of the market share in 2024. The primary reason behind North America's dominance in the respiratory care market is the widespread prevalence of chronic respiratory diseases like COPD and asthma. With a continuously aging population in the U.S. and Canada, the requirement for respiratory care equipment will sustain high demand in the coming years. Another important factor contributing to North America's market supremacy is the presence of major players like Philips, ResMed, and BD. These global giants have made significant investments in R&D and manufacturing facilities, giving them an edge over other regional markets. Moreover, reimbursement policies for respiratory therapies are well-defined in the region, making treatments readily accessible and affordable for patients.

The Asia Pacific region exhibits immense growth potential for respiratory care devices. Factors like improving access to healthcare and expanding medical infrastructure are fueling the market growth in developing nations. Rapid urbanization and rising air pollution levels have augmented the incidence of respiratory illnesses among the population. Countries like India, China, and Japan account for a sizeable share of the global COPD and asthma burden. This represents a substantial customer base for manufacturers. At the same time, low production costs are encouraging global players to establish localized manufacturing plants in the region. This allows companies to cater to the demands of the price-sensitive Asian market more efficiently. With growing medical expenditures and increasing policy support, the respiratory care market is projected to record strong gains throughout the forecast period.

Market Report Scope

Key Developments

• In January 2023, Synergy Life Science, Inc., a healthcare company, announced the launch of Nebi, the first pocket-sized and fully battery-operated nebulizer for use in a variety of applications. Nebi is an effective, on-the-go method for medication delivery, recreational uses, and is a safe alternative to vaping for smoking cessation.
• In November 2022, Reckitt Benckiser Group plc, a U.K.-based multinational consumer goods company, launched a new education and early detection campaign for patients with undiagnosed chronic obstructive pulmonary disease (COPD)
• In February 2022, AstraZeneca, a British-Swedish multinational pharmaceutical and biotechnology company, and Honeywell International Inc., a U.S.-based publicly traded, multinational conglomerate corporation, announced that they are set to collaborate in the development of advanced respiratory inhalers (pressurized metered dose inhalers (pMDIs)), utilizing the propellant HFO-1234ze. This particular propellant exhibits a significantly low Global Warming Potential (GWP) when compared to the propellants currently employed in respiratory medications, with a potential reduction of up to 99.9%.
• In September 2021, European Respiratory Society (ERS), the Global Allergy and Airways Patient Platform (GAAPP), AstraZeneca, Amgen, and leading respiratory clinicians launched the International Respiratory Coalition, a new partnership to transform post-pandemic respiratory healthcare
• In March 2021, PARI Pharma GmbH, a company focused on advanced aerosol delivery systems based on eFlow Technology, announced the authorization of the LAMIRA Nebulizer System for the delivery of Insmed's drug product ARIKAYCE (amikacin liposome inhalation suspension) in Japan. LAMIRA is the first drug-specific eFlow Technology nebulizer registered beyond Europe and North America.

*Definition: Respiratory care encompasses various aspects of medical care related to respiratory health. Respiratory devices are medical devices that are used to assist a patient suffering from breathing problems. These devices are used in the management and treatment of disorders such as fibrosis, asthma, Chronic Obstructive Pulmonary Disease (COPD), and others. There are a variety of diseases that benefit from these advanced tools such as oxygen concentrators, nebulizers, ventilators, etc. The respiratory device assists with the removal of mucus from the airways and improves pulmonary functions.

Market Segmentation

• Product Type Insights (Revenue, USD Bn, 2019 - 2031)
  • Nebulizers 
  • Oxygen Concentrators 
  • Polysomnography Devices
  • Positive airway pressure devices
  • Respiratory Consumables 
  • Others
•  Indication Insights (Revenue, USD Bn, 2019 - 2031)
  • Chronic Obstructive Pulmonary Disease (COPD)
  • Asthma
  • Pneumonia 
  • Others
•  End User Insights (Revenue, USD Bn, 2019 - 2031)
  • Hospitals
  • Ambulatory Surgical Centers
  • Clinics
  • Others
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Medtronic
  • Koninklijke Philips N.V.
  • ICU Medical, Inc.
  • Teleflex Incorporated
  • ResMed
  • Dragerwerk AG & Co. KGaA
  • Belluscura
  • VYAIRE
  • Medline Industries
  • OMRON Corporation
  • Xplore Health Technologies Pvt. Ltd.
  • Masimo
  • Fisher & Paykel Healthcare Limited
  • Hamilton Medical
  • TytoCare Ltd.
  • Inogen, Inc.
  • Honeywell International Inc.
  • PARI Pharma GmbH