The respiratory devices market size is estimated to grow from USD 20.66 billion in 2022 at 8.74% CAGR (2023-2032) to reach an estimated USD 47.76 billion by 2032 because rising prevalence of respiratory disorders.
Unlock Infinite Advantages: Subscribe to Annual Membership
According to the Medical Technology Report 2021, the sector’s novelty engine got back on track, with R&D spending up 17% to USD 23.8 billion, the highest annual growth rate since before the financial crisis.
Over several years, the quality of respiratory drugs has been impressively leveled up and there is an extensive range of respiratory disorders that can be benefited from such advanced devices. Respiratory tools aid in the elimination of mucus from the respiratory tract as well as the enhancement of pulmonary functions. Numerous devices are easy to use and provide the user with more flexibility than they would otherwise have. The emphasis on respiratory devices and quality of life has increased dramatically, particularly since the COVID-19 Pandemic. Although there exists a lot of unknowns for people.
Choosing the best device for individuals' specific medical conditions may be a bit hard. An individual suffering from chronic lung disease may require an entirely different respiratory device than an individual suffering from other respiratory diseases. However, the use of advanced technology and the availability of a variety of products have made it easier. Some of the respiratory devices include nebulizers, air cleaners, suction machines, portable oxygen cylinders, pulse oximeters, portable emergency oxygen systems, home oxygen concentrators, and others.
During the pandemic crisis, regulators experienced difficulty in coping with added obligations, and acceptable device approval procedures slowed. In line with this, data from H1 2021 show a substantial decline in premarket authorizations (PMAs) (12) and 510(k) approvals (1,360) compared to H1 2020.
By adopting the FDA's recommended Total Product Lifecycle (TPLC) approach, one of the sector's legislative objectives should be to render quicker launches a long-term reality. According to an FDA paper published in February 2021, "the FDA's traditional paradigm of medical device regulation was not designed for adaptive artificial intelligence and machine learning technologies."
Sustainability should be a top priority for MedTech. According to a 2020 Health Affairs analysis, the global health sectors produced 4.6% of all greenhouse emissions (double that of the aviation industry), using medical device supply chains demonstrating significant opportunities to foster more sustainable practices. (In 2018, alone, device reprocessing reduced hospital waste generation by 7,100 tonnes in the United States, Europe, and Canada.)
Several leading medical technology companies have adopted sustainability practices:
As devices encompass more digital and electronic items, waste issues expand beyond single-use plastics and evolve into increasingly serious ones. From production methods to packaging and product recycling in the the final year of their shelf life, there are numerous fields where MedTechs can concentrate on lowering not only CO2 but also the wider environmental impacts of their goods.
MedTech companies completed 288 M&A transactions in the fiscal year ending June 2021, the most in a single year since 2007.
"MedTechs are making substantial investments in distant medical capacities. Baxter agreed to buy connected care specialist Hillrom for $10.5 billion in September 2021. Patients constantly desire to get medical treatment at their residence or nearby," CEO Jose (Joe) Almeida told Ernst & Young LLP, "whereas medical facilities and other healthcare facilities are turning to digital health tools to broaden accessibility, enhance effectiveness, and reduce costs." Baxter and Hillrom have joined forces to address the challenges of a constantly shifting global healthcare landscape.
Some of the M&As in the US and Europe, July 2020- June 2021
|Acquiring Company||Location||Acquired Company||Location||Value (US$m)||Buyer's Deal Driver|
|Germany||Varian Medical Systems||US-California||16,400||Build scale (oncology)|
|Steris||Ireland||Cantel Medical||US - New Jersey||4,600||Portfolio expansion (multiple)|
|Philips||Netherlands||BioTelemetry||US - Pennsylvania||2,800||Build scale (patient monitoring)|
|Roche||Switzerland||GenMark Diagnostics||US - Southern California||1,800||Portfolio expansion (diagnostics)|
|DiaSorin||Italy||kuminex||US - Texas||1,800||Portfolio expansion (diagnostics/ research & other equipment)|
|Boston Scientific||US - Massachusetts||Preventice Solutions||US - Minnesota||1,225||Portfolio expansion (diagnostics)|
|Boston Scientific||US - Massachusetts||kumenis (surgical business)||Israel||1,070||Build scale (surgical laser solutions)|
|Avantor Performance Materials||US - Pennsylvania||Ritter||Germany||1,050||Portfolio expansion (diagnostics/ research & other equipment)|
|Dentsply Sirona||US - North Carolina||Straight Smile||US - California||1,040||Build scale (dental)|
|Hellman & Friedman||US - Northern California||Cordis||US - Florida||1,000||Portfolio expansion (cardiology)|
|Tecan Group||Switzerland||Paramit||US - California||1,000||Portfolio expansion (surgical tools/diagnostics)|
|Steris||Ireland||Key Surgical||US - Minnesota||850||Build scale (hospital/surgical tools)|
|Hologic||US - Massachusetts||Mobidiag||Finland||808||Build scale (diagnostics)|
|Patricia Industries||Sweden||Advanced Instruments||US -
|780||Build scale (research and other equipment)|
|Agilent Technologies||US - Northern California||Resolution Bioscience||Finland||695||Build scale (research and other equipment)|
Rising cases of respiratory disorders such as respiratory cancers, asthma, COPD, tuberculosis, and others across the globe are prominently generating demands for respiratory devices, which ultimately results in the respiratory devices market growth. Here are some of the facts related to the respiratory disorders:
In addition, rising tobacco smoking, air pollution, and allergens are some of the major risk factors that are resulting in respiratory disease conditions. Tobacco smoking is considered one of the world’s largest health problems. In 2021, around 28.3 million US adults (approximately 13.1% of males and 10.1% of females) smoked cigarettes. In 2020, 22.3% of the global population used tobacco: 36.7% of males and 7.8% of females. Thus, rising tobacco consumption and air pollution result in severe respiratory health conditions and increases the demand for the respiratory device, which in turn bolsters the respiratory devices market growth.
The high cost associated with advanced respiratory devices such as oxygen concentrators, ventilators, continuous positive airway pressure (CPAP) machines, and several others acts as a barrier to the growth of the respiratory devices market. As a result of the high cost of product, it limits the extensive adoption of such devices especially in medical facilities with low resources.
In cases of severe respiratory distress, including in patients undergoing surgeries requiring general anesthesia or patients with acute respiratory distress syndrome (ARDS) ventilators are essential life-supporting tools. These exhaustive devices can be highly expensive. On top of it, for proper operation and patient safety, ventilators need routine maintenance, calibration, and servicing. The price of maintenance agreements, replacement parts, and certified technicians also increases the overall cost of the device, which in turn hinders market growth. During the COVID-19 pandemic, there was a massive increase in the demand for ventilators. As a result, the cost of mechanical ventilators—basic but effective equipment—rose sharply, from an average of $25,000 to more than $50,000. Several countries with limited healthcare facilities and low medical budgets suffered from an insufficient number of ventilators due to their high costs. In addition, Obstructive sleep apnea is a breathing disorder that is frequently treated with continuous positive airway pressure (CPAP) machines. CPAP machines can be expensive, especially for patients without medical coverage, despite being less expensive than ventilators. The price includes the CPAP machine itself, as well as filters, masks, and, hoses. CPAP machines also require routine maintenance and eventually need to be replaced, which further increases the overall cost of the device.
Some of the product’s offerings by some major market players are listed in the table given below:
|Koninklijke Philips N.V.||
North America dominated the respiratory devices market due to the robust healthcare infrastructure, the presence of prominent market players, and rising healthcare expenditure. Regulatory bodies such as the US FDA are engaged in establishing regulatory guidelines for producer planning to validate and market their respiratory or any other medical devices. For instance, in March 2023, the FDA recommended two guidelines for transitioning from specific COVID-19 pandemic regulations and activities to standard operations. In addition, medical device manufacturers in North America are increasingly introducing innovative products and establishing strategic partnerships to boost productivity. For instance, in August 2023, GE Healthcare received approval from the US FDA for their “Portrait Mobile Wireless Solution” that continuously captures a patient’s respiratory rate. On the other hand, GE Healthcare in March 2020, partnered with Ford Motor Company, to speed up ventilator production — an effort intended to provide doctors with critical medical equipment for treating patients with COVID-19, a respiratory disorder caused by the new coronavirus.
Furthermore, Asia Pacific is projected to be the fastest-growing region in the respiratory devices market over the forecast period. Market players across the region are developing advanced solutions in the respiratory field. For instance, in February 2023, Olympus a Japanese medical device manufacturer received FDA approval for their single-use sinus debrided system CELERIS, which is used in sinus/rhinology procedures. Moreover, enhanced access to healthcare, contract-based manufacturing, swift technological advancements, rising R&D capacity, and government initiatives such as 100% foreign direct investment & schemes for medical device manufacturing in countries like India are crucial factors gaining traction in the respiratory devices market. In an attempt to promote the implementation of technology in healthcare, the Chinese government executed 5G Telecom Adoption and eHealth rules (e-Hospital and e-Diagnostic). The country will keep up with its data utilization and availability policies, as well as inspire corporations to collaborate closely with SMEs. The medical device marketplace in Australia has matured, with significant growth in digital health devices and techniques incorporating modern components, IT robotics, imaging, design, and adaptive diagnostic technology platforms.
Major Market Players
By Device Type
By End User
Namrata Bukshet is a highly accomplished market researcher with a strong background in healthcare. She holds a Bachelor of Pharmacy degree and a Post Graduate Diploma in Pharmaceutical Management. Passionate about understanding consumer behavior and market trends, Namrata has conducted extensive research on lifestyle disorders and presented a paper on \"E-Biz: India\'s 1st G2B Online Portal\" at an international conference. Her expertise and insights continue to shape the field of market research and pharmaceuticals, making her a sought-after professional in the industry. With her commitment to understanding the \"why\" behind consumer behaviors, Namrata continues to make valuable contributions to the field of market research.