Major players in the respiratory devices and equipment market are Smiths Medical, Philips Healthcare, GE Healthcare, Chart Industries, Invacare Corporation, Fisher & Paykel Healthcare Limited, ResMed, Dragerwerk AG, Medtronic plc, Masimo corp.

New York, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Respiratory Devices And Equipment (Therapeutic And Diagnostic) Global Market Report 2023" - https://www.reportlinker.com/p06416663/?utm_source=GNW
, and CareFusion Corporation.

The global respiratory devices and equipment (therapeutic and diagnostic) market will grow from $29.09 billion in 2022 to $32.76 billion in 2023 at a compound annual growth rate (CAGR) of 12.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The respiratory devices and equipment (therapeutic and diagnostic) market is expected to grow to $50.54 billion in 2027 at a CAGR of 11.5%.

The respiratory devices and equipment (therapeutic and diagnostic) market consists of sales of instruments such as humidifiers, nebulizers, oxygen concentrators, positive airway pressure (PAP) devices, ventilators, spirometer, polysomnographs, peak flow meters, pulse oximeters, capnographs, and gas analyzers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Respiratory devices and equipment (therapeutic and diagnostic) are used to provide medication or assist a patient who is having difficulty in breathing and cannot achieve adequate oxygen levels to maintain life. Patients with respiratory disorders such as asthma, cystic fibrosis, chronic obstructive pulmonary disease, and acute respiratory distress syndrome require respiratory devices.

Asia Pacific was the largest region in respiratory devices and equipment (therapeutic and diagnostic) market in 2022.Western Europe was the second-largest region in respiratory devices and equipment (therapeutic and diagnostic) market.

The regions covered in respiratory devices and equipment (therapeutic and diagnostic) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main types of respiratory devices and equipment are diagnostic devices, therapeutic devices, and monitoring devices.The diagnostic devices are used to diagnose respiratory-related issues.

The various therapeutic devices are humidifiers, nebulizers, oxygen concentrators, positive airway pressure (PAP) devices, ventilators, and others.The diagnostic devices involved are spirometer, polysomnographs, and peak flow meters and monitoring devices are pulse oximeters, capnography, and gas analyzers.

These provide applications in chronic obstructive pulmonary disease (COPD), asthma, obstructive sleep apnea (OSA), respiratory distress syndrome (RDS), cystic fibrosis, and pneumonia. These are used by hospitals, clinics, home care settings, and ambulatory service centres.

The global therapeutic respiratory devices and equipment market will be driven by the increase in diseases such as Chronic Obstructive Pulmonary Disease (COPD), asthma, and lung cancer.Growth in the geriatric population, tobacco consumption, allergens, and air pollutants increase the prevalence of respiratory diseases, in turn driving the global therapeutic respiratory devices market.

According to World Health Organisation,4.9 million people die due to tobacco consumption, and smoking causes chronic obstructive pulmonary diseases (1 million deaths annually), cardiovascular and respiratory diseases (1.7 million deaths annually), and lung cancer (0.85 million deaths annually). According to an Italian journal, COPD in the U.S. is estimated to be 10% in the population aged 75 years or over. According to Asthma UK, 5.4 million people in the UK are currently receiving treatment for asthma out of these 1.1 million are children and 4.3 million are adults.

A longer duration of time taken in the approval process of the respiratory devices is restricting the respiratory devices and equipment market growth. Before a new respiratory device is introduced to the market, it takes 7.2 months for the FDA approval process, which adds to development costs to be borne by device manufacturers, thus acting as a restraint hindering the market growth. For instance, FDA reviews about 4,000 submissions every year and takes about 3 to 6 months in clearing most of them. In addition to this, to reduce incidences associated with the respiratory devices and ensure that the devices are safe and have the least adverse reactions, the Medicines and Healthcare products Regulatory Agency (MRHA), UK regulates and monitors the devices by restricting devices for use and sending field safety notice to correct the devices. These stringent approval processes and regulatory policies may impact the respiratory devices and equipment market.

Companies in the respiratory devices and equipment market are increasingly investing in enhanced mechanical ventilators for efficient patient management.These mechanical ventilators use artificial intelligence to improve patient management by examining, analyzing, integrating, and incorporating data from extensive sources.

These AI-enabled devices ensure consistency even in the absence of expert personnel, improve patients’ treatment, limit clinical mistakes, and predict prolonged mechanical ventilation by using artificial intelligence techniques. Some of the major companies offering intelligent mechanical ventilators such as Hamilton Medical AG, Koninklijke Philips N.V., and others.

In June 2021, Philips respironics issued a voluntary recall notification after discovering potential health risks related to CPAP, BiPAP and Mechanical ventilator devices. The notification also included a field safety notice for users who did not intend to send the devices for repair.

The countries covered in the respiratory devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, USA, and Australia.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The respiratory devices and equipment (therapeutic and diagnostic) market research report is one of a series of new reports that provides respiratory devices and equipment (therapeutic and diagnostic) market statistics, including respiratory devices and equipment (therapeutic and diagnostic) industry global market size, regional shares, competitors with a respiratory devices and equipment (therapeutic and diagnostic) market share, detailed respiratory devices and equipment (therapeutic and diagnostic) market segments, market trends and opportunities, and any further data you may need to thrive in the respiratory devices and equipment (therapeutic and diagnostic) industry. This respiratory devices and equipment (therapeutic and diagnostic) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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