Global Respiratory Devices Market Poised for Strong Growth, Expected to Reach USD 69,072.5 Million by 2024 with a CAGR of 9.9% through 2034

The global respiratory devices market is on a robust growth trajectory, fueled by advancements in combination therapies for managing chronic respiratory conditions like COPD and asthma. In 2024, the market is expected to reach USD 26,873.7 million, with forecasts projecting an impressive CAGR of 9.9% through 2034, ultimately reaching a valuation of USD 69,072.5 million.

The recent COVID-19 pandemic underscored the importance of respiratory devices in managing respiratory illnesses, spurring healthcare systems and professionals to prioritize these tools for mitigating disease spread and severity. As a result, respiratory devices have become central to respiratory healthcare, enhancing treatment protocols across both developed and developing regions. Medicare advancements, backed by substantial investments from public and private healthcare companies, are further boosting the adoption of these devices, particularly in emerging markets where accessibility is improving rapidly.

Manufacturers are responding by developing affordable, high-quality devices designed to meet the needs of a wider demographic, ensuring broader market access. The growth is also supported by government-led medical inclusion initiatives in underdeveloped and developing nations, which are expanding healthcare access and bringing a larger population under the respiratory device market.

Competitive Landscape

The market, globally, is a well-established one with a multitude of companies vying for international dominance. Hospitals, ambulatory surgical centers, clinics, etc., heavily rely on these companies for their respiratory requirements. These companies are also pouring billions of dollars into the development of product offerings that are not only effective but also affordable for the general populace.

Recent Developments

• In February 2024, ResMed launched its AirCurve 11 series, featuring bilevel-positive airway pressure devices in the USA The devices utilized inspiratory and expiratory positive airway pressure, aiding sleep apnea treatment with improved comfort and compliance.
• In August 2023, researchers from the University of Canterbury developed BOB, a tool unlocking respiratory data from devices. It facilitated data-driven respiratory care, reducing costs and wait times for patients. The software, developed by UC Engineering PhD students, provided real-time data interpretation and report generation for GPs.
• In February 2024, Dräger was honored with Frost & Sullivan’s Company of the Year Award in global respiratory care, recognizing its innovative solutions and customer impact. The award highlighted Dräger’s commitment to excellence in medical technologies and services.
• In February 2024, University Medical Devices secured US$ 1.6 million in seed funding to launch MicroWash, a groundbreaking nasal specimen collection device. The investment aimed to advance infrastructure and bring the device to market, addressing respiratory infections with a more comfortable alternative to nasal swabs.
• In April 2024, Clario announced its acquisition of AI-powered software company ArtiQ, bolstering its Respiratory Solutions portfolio. The integration of ArtiQ’s technology with Clario’s devices enhanced data quality and patient experience in respiratory clinical trials.
• In June 2023, SunMed acquired Avanos Medical’s respiratory health business for US$ 110 million. The deal included inventory, assets, and leases for manufacturing facilities in Mexico. This expanded SunMed’s portfolio after purchasing Vyaire Medical’s hardware earlier that year.
• In July 2023, ResMed acquired Somnoware, a software maker specializing in sleep and respiratory diagnostics. This strategic move bolstered ResMed’s position in the market, particularly amidst competitor challenges.
• In October 2022, Australia-based firm AirPhysio launched respiratory devices in Chennai, India. Brett Lee, former Australian cricketer, unveiled the AirPhysio and Better Breathing product range alongside Apollo Hospital’s managing director Suneeta Reddy. The company partnered with Medsmart and Apollo Group for the rollout.

Key Companies

• Massimo Corporation
• Teleflex Incorporated
• Fisher & Paykel Healthcare Limited
• ResMed Inc.
• Hamilton Medical AG
• Medtronic plc.
• Koninklijke Philips N.V.
• Smith’s Medical
• General Electric Healthcare Limited
• Drägerwerk AG & Co. KGaA
• Inogen Inc.