As per a recent report published by Future Market Insights, the global demand for therapeutic respiratory devices market is expected to rise at a 3.5% CAGR to acquire a valuation of US$ 68.62 Bn by the end of the forecast period owing to an ageing population, natural catastrophes, and air pollution throughout the world.
The sales of therapeutic respiratory devices are being driven by the increased prevalence of respiratory disorders and rapid technical improvements. Furthermore, the market is predicted to increase due to the growing adoption of therapeutic respiratory devices market such as humidifiers, nebulizers, and oxygen concentrators. Long-term respiratory therapy for critical care, emergency respiratory devices for rescue applications, and mobile home respiratory devices are among the several types of respiratory devices available. Therapeutic advances in respiratory diseases is an open-access magazine that publishes peer-reviewed original research papers, reviews, and scholarly commentary on cutting-edge research and studies in the treatment of respiratory illnesses.
“Physicians and patients choose respiratory therapy devices for the treatment of respiratory problems owing to the medical intervention in both acute and chronic patient care.”
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Key Takeaways
- Existence of modern healthcare facilities in the United States and Canada, the therapeutic respiratory devices market in North America gained over 36% market share in 2021.
- The Asia Pacific is predicted to expand the quickest throughout the forecast period, owing to factors such as increased asthma incidence in adults and children, as well as technology improvements.
- Additionally, the market expansion would be aided by rising healthcare awareness and improved healthcare infrastructure.
- The clinical trial of Tempol for the treatment of COVID-19 by Adams Respiratory Therapeutics Inc has surpassed enrollment expectations.
- COPD is estimated to affect 10% of adults aged 75 and older in the United States, according to the Journal of the Italian Society of Gerontology and Geriatrics.
- According to statistics issued by the Global Initiative for Asthma (GINA), an estimated 100 million people with asthma are expected to be diagnosed by 2025.
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Competitive Landscape
Carefusion Corporation, G.E. Healthcare, Chart industries, Philips Healthcare, Compumedics Ltd., Smiths Medical, Covidien PLC, Invacare, Fisher and Paykel, and Mindray are some of the major respiratory device companies.
Acquisitions and mergers, the launch of new products and services, partnerships and joint ventures, MoU agreements, V.C. and funding activities, R&D activities, and geographic expansion, among other noteworthy activities by key players in the therapeutic respiratory devices market, are among the key strategic developments in the competitive landscape.
- Acapella, a select blue vibratory PAP therapy device, was released by Smiths Medical in April 2021. It is a drug-free supplementary therapy for people with asthma, COPD, cystic fibrosis, and lung illness that aids in the evacuation of secretions.
- Koninklijke Philips N.V. finalized the acquisition of BioTelemetry, Inc., a firm located in the United States, in February 2021. This aided in the expansion of Philips’ product line, resulting in increased sales of therapeutic respiratory devices.
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