San Francisco, 29 April 2030: The Report Therapeutic Respiratory Devices Market Size, Share & Trends Analysis Report By Product (Nebulizer, Humidifiers), By Technology (Electrostatic Filtration, HEPA Filter Technology), By Filter, By Region, And Segment Forecasts, 2024 - 2030

The global therapeutic respiratory devices market size is anticipated to reach USD 18.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.8% from 2024 to 2030. A growing geriatric population, rapid technological advancements, and increasing prevalence of respiratory diseases are the key factors that are driving the market. Moreover, the market is expected to grow owing to rapid technological advancements in the healthcare sector. Nowadays, respiratory monitoring devices use software applications for the collection and analysis of data from ventilators equipped with the health system.

Availability of ventilation facilities during the COVID-19 outbreak improved day-to-day operational capabilities. The American Association for Respiratory Care joined forces with different organizations to train respiratory therapists on operating ventilators in the pandemic. This has further stimulated the market players to increase their production capacity to meet the additional demand. For instance, Royal Philips presented an update on its goals to double hospital ventilator production by May 2020 and reach a four-fold growth by the third quarter of 2020

Growing prevalence of respiratory diseases is one of the high-impact rendering drivers of this market. According to WHO, 3.23 million people died due to COPD, and it was the third-largest cause of death worldwide in 2024. Likewise, WHO also estimates that by 2030, the four primary potentially fatal respiratory diseases-lung cancer, tuberculosis, COPD, & pneumonia-will cause approximately one in five deaths globally, up from one-sixth of all deaths in the world in 2008.

Furthermore, growing initiatives by government and private organizations, such as COPD Foundation that encourage awareness regarding respiratory illnesses & available treatments, are creating significant potential opportunities in the market. Omron Healthcare India and Lupin Limited established a long-term strategic partnership in June 2020 to improve respiratory disease treatment programs in India, with a primary focus on patients with asthma and COPD. This collaboration will usher in a new era in terms of improving drug delivery, adherence, diagnosis, and awareness.

The growth of the market is primarily driven by the rising prevalence of respiratory diseases, including cystic fibrosis, COPD, lung cancer, and asthma. In addition, government initiatives and the introduction of advanced products by market players further support market expansion. For instance, in July 2022, OMRON Healthcare launched a portable oxygen concentrator using Pressure Swing Adsorption (PSA) technology. This device delivers high-purity oxygen (>90%) at a rate of 5 liters per minute by filtering out unwanted molecules from the air, such as nitrogen and argon.

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The integration of AI with respiratory devices is also expected to contribute to the growing efficacy and demand of the therapeutic respiratory devices. For instance, in November 2023, the U.S. startup, Samay, presented clinical findings demonstrating the efficacy of its Sylvee wearable technology in accurately diagnosing COPD and forecasting critical exacerbations before onset. The company reported that its AI-supported device successfully identified "air trapping," a key early indicator of COPD exacerbations, with an accuracy of 83%. This performance was compared to traditional hospital-based Pulmonary Function Tests (PFTs), which utilize in-person spirometry, plethysmography, or CT scans.

The global COVID-19 pandemic had a favorable impact on the sales of therapeutic respiratory devices. While many non-essential operations, such as regular patient-doctor visits, elective surgeries, and screenings, were canceled or delayed due to regional and national shelter-in-place orders, connected care businesses saw a significant boost due to the unexpected surge in demand. This situation certainly benefited prominent market companies.

For instance, Philips N.V., a notable player in the industry, reported in its 2020 annual report that the pandemic impacted every aspect of its business in the first half of 2020. However, the connected care segment, including its ventilator portfolio, experienced exceptional growth driven by COVID-19-related demands. This surge led to Philips delivering a 3% comparable sales growth and generating a strong cash flow of EUR 1.9 billion.

Furthermore, a significant factor anticipated to drive the growth of the market in the near future is the rising demand for therapeutic respiratory devices in home healthcare applications. Home healthcare devices have been gaining popularity and market share in recent years. The convenience and efficiency of using these devices at home contribute to their increasing adoption.

The introduction of therapeutic respiratory devices specifically designed for home healthcare is another area of interest for both established global manufacturers and emerging vendors. For instance, in October 2021, Movair, a respiratory therapy corporation previously known as International Biophysics Corporation, announced the U.S. commercial introduction of Luisa-an innovative ventilator designed for use in homes, hospitals, and institutions, or for portable applications in both invasive and noninvasive ventilation. This product highlights the trend towards developing versatile, user-friendly devices that cater to the needs of patients outside traditional clinical settings.