The global Respiratory Devices Market is estimated to be valued at US$ 23,701.98 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Respiratory devices are therapeutic and diagnostic medical devices used for treatment and monitoring of respiratory disorders. These devices aid in improving oxygenation, treat breathing abnormalities, and diagnosis various respiratory conditions like asthma, COPD, sleep apnea etc. Devices like inhalers, nebulizers, oxygen concentrators, CPAP machines are widely used. Market key trends: The respiratory devices market is witnessing rising demand for wearable sleep apnea devices due to growing prevalence of sleep disorders globally. Major factors driving growth of wearable sleep apnea devices segment include increasing adoption of home healthcare, growing awareness about sleep apnea and its self-management, along with technological advancements enabling compact and user-friendly wearables. Further, growing penetration of telemedicine and remote patient monitoring is expected to boost adoption of wireless connected devices for sleep apnea treatment and management. Segment Analysis The global respiratory devices market is segmented based on product, type, end user and region. Based on product, the market is segmented into therapeutic devices, monitoring devices and diagnostic devices. Therapeutic devices is the dominating segment owing to the rise in respiratory disorders like COPD and asthma. Therapeutic devices help in treatment of respiratory disorders. By type, the market is categorized into equipment and disposables. Disposables segment accounted for the largest market share owing to recurrent purchase of disposables like masks, filters that requires frequent replacement. Key Takeaways The global Respiratory Devices Market Share is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing prevalence of respiratory diseases like COPD and asthma. Regional analysis: North America accounted for the largest share in the global respiratory devices market in 2023 owing to supportive reimbursement policies and presence of key players in the region. Asia Pacific is expected to witness highest growth rate over the forecast period due to growing geriatric population, increasing healthcare expenditure and rapidly developing healthcare infrastructure in countries like China and India. Key players: Key players operating in the respiratory devices market are Masimo, Teleflex Incorporated, Fisher & Paykel Healthcare Limited, ResMed, Hamilton Medical, Medtronic, Koninklijke Philips N.V., ICU Medical, Inc., General Electric Company, Dragerwerk AG & Co. KGaA, Inogen, Inc., TytoCare Ltd., Belluscura, Mitocon Biomed, VYAIRE, Medline Industries, Inc., OMRON Corporation, TNI medical AG, and Xplore Health Technologies Pvt. Ltd. Masimo is a key player owing to its wide range of pulse oximetry and capnography monitoring products. Read More, https://www.insightprobing.com/respiratory-devices-market-trends-size-and-share-analysis/
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