Respiratory devices

Respiratory Devices Global Market Outlook:

• The global respiratory care devices market was valued at ~$23.6 Billion in 2021 and is projected to reach ~$27.6 billion by 2026 growing at a CAGR of ~8.5 percent Y-o-Y during the forecast period of 2023 –2026

• An alarming rise in the number of chronic obstructive pulmonary disorder (COPD) and a rapid visible increase in the diagnosis rate of sleep apnea/hypopnea syndrome (SAHS) and rising geriatric population drive the demand in the market

• While the above factors collectively contribute to the demand for respiratory assistance therapy and devices, particularly continuous positive airway pressure (CPAP), the sudden outbreak of the global COVID-19 pandemic boosts the global CPAP market landscape

Segment and Regional Analysis : Respiratory Devices

Segmentation Analysis

• By Type: Therapeutic devices segment dominates the global respiratory care devices market

• By Application: Chronic obstructive pulmonary disease (COPD) segment held the largest market share of 33 percent in the year 2021. The high prevalence of COPD and the growing number of deaths caused by COPD are expected to drive the demand for respiratory care devices during the forecast period

• By End-use Segment: Hospitals form the largest end-user segment ~70 percent of the respiratory care devices market in 2023. The home care segment is projected to grow at the highest CAGR of 9–10 percent and the growth is mainly due to the development of portable and lightweight respiratory care devices

Regional Analysis

• North America accounted for the major market share of ~41 percent in the year 2023

• Europe is the second largest market with a market share of 30 percent globally and the key market share holder is Germany, followed by UK and France

• APAC region is projected to grow at the highest CAGR of 9 percent during the forecast period 2023–2026. Low infrastructure and treatment costs and the availability of highly educated physicians have driven medical companies to APAC countries, particularly India and China

Porter's Analysis on Respiratory Devices

Supplier Power

• Respiratory products is a medium fragmented market with suppliers having category expertise, diverse variants of products, and competitive services offerings across regions

• Top suppliers existing in the market have high technical knowledge and are focusing on new innovative product launches through partnership with Medtech clients

Barriers to New Entrants

• Huge medical, R&D expertise, capital requirements make it difficult for new entrants for complex invasive or mechanical ventilators, CPAP devices, connected diagnostic devices

• Havin global distribution footprint to offer after sales services, meeting regional specific regulatory requirements, and having quality met manufacturing facilities are the key challenges for medium to complex medical

Intensity of Rivalry

• Technological advancements in the form of E-Nose, enhanced portable respiratory devices, Bluetooth-enabled and fingertip pulse oximeters will play a major role in driving innovation in the market

Threat of Substitutes

• As such there are no substitutes to critical medical ventilators, PAP devices, oxygen concentrators; but innovation in miniaturized connected devices with various software and components will have impact on the market threat

Buyer Power

• Bargaining power for medical device clients is medium to low, as the number purchased by individual customer in general is low

• Lower switching power, owing to higher cost and technical knowledge associated with the devices

Cost Structure Analysis : Respiratory Devices

• Technological advancements, like finger pulse oximeters and Bluetooth enabled pulse oximeters, drive the demand for respiratory care devices in the market, hence raw materials and components contribute to the major portion of manufacturing, since the critical components are important, which needs to work each time of usage without any failure

• Raw Materials & Components Cost: Miniaturization, portable devices are the key innovations in the industry with more accuracy & efficiency drives the critical components price upwards in the respiratory care devices industry globally

• Labor and Technology Cost: Adoption of latest technology drives the spend on R&D to develop new products will also lead to increase in cost of the products. 3D manufacturing & AI technology advancement require workforces with technical knowledge