Global Respiratory Devices Industry anticipates substantial growth driven by rising demand, fueled by increasing prevalence of respiratory diseases, a growing elderly population, and heightened awareness.
The Global Respiratory Devices Industry is on the brink of an unprecedented trajectory, with projections indicating a remarkable valuation of US$ 55.9 Billion by 2033. This significant leap marks a substantial increase from the anticipated US$ 24.2 Billion in 2023. The driving force behind this surge is a robust compound annual growth rate (CAGR) of 8.7%, forecasted to persist throughout the next decade.
The surge in demand for respiratory devices is underpinned by a confluence of factors. The market for therapeutic respiratory devices has experienced substantial growth in recent years, fueled by the escalating prevalence of respiratory diseases on a global scale. Additionally, a burgeoning elderly population and an increased awareness of the pivotal role early diagnosis and treatment play in managing such conditions contribute to the market's poised expansion.
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The Therapeutic Global Respiratory Devices Industry is anticipated to reach US$ 50.6 billion in value in 2023. From 2023 to 2033, the market is projected to expand at a CAGR of 4.7%, reaching US$ 80.2 billion.
The product landscape of the therapeutic Global Respiratory Devices Industry encompasses a wide range of devices, including inhalers, nebulizers, ventilators, continuous positive airway pressure (CPAP) machines, and oxygen concentrators. These devices are utilized in various settings, including hospitals, clinics, home care, and ambulatory care centers.
As governments and healthcare organizations across the globe strive to improve healthcare infrastructure, access to medical facilities, and patient outcomes, the demand for therapeutic respiratory devices is expected to continue rising. Additionally, the COVID-19 pandemic has highlighted the importance of respiratory support devices, resulting in increased investments in research and development to introduce more advanced and effective solutions.
Global Respiratory Devices Industry Key Takeaways:
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Competitive Landscape:
Carefusion Corporation, G.E. Healthcare, Chart industries, Philips Healthcare, Compumedics Ltd., Smiths Medical, Covidien PLC, Invacare, Fisher and Paykel, and Mindray are some of the major?respiratory device companies.
Acquisitions and mergers, the launch of new products and services, partnerships and joint ventures, MoU agreements, V.C. and funding activities, R&D activities, and geographic expansion, among other noteworthy activities by key players in the therapeutic Global Respiratory Devices Industry, are among the key strategic developments in the competitive landscape.
Key Segments from the Global Respiratory Devices Industry:
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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About Future Market Insights (FMI) Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the
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Feb 19, 2024