Respiratory Care Devices Market to Hit $38,085.6 Million Value by 2030, Says P&S Intelligence

NEW YORK, Nov. 29, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, in 2021, the respiratory care devices market was around $19,257.2 million, and it is predicted to advance at a 7.9% CAGR from 2021 to 2030, hitting $38,085.6 million in 2030. The major reasons behind the growth of this market are the surging incidence of preterm births and the growing geriatric population.

Furthermore, because of the pandemic, there was a rapid growth in the demand for medical equipment globally, including ventilators and vital signs monitors. During the peak of the pandemic, such devices required to be tailored in order to treat seriously ill patients. For example, patients who needed ventilation for long periods created a massive need for portable ventilators and compact anesthesia devices.

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Rapid Urbanization Causing Breathing Problems

The rapid Urbanization has impacted the environment and lifestyle. The UN says that in the 21^st century, cities are home to around 55% of the global population, which is expected to increase to 68% by 2050.

Moreover, according to a WHO report, air pollution leads to over 4 million premature deaths globally every year. The emission of carbon due to the burning of fuels in domestic appliances, motor vehicles, and industrial equipment causes cancers, respiratory diseases, and cardiovascular conditions.

Further, tobacco consumers are most prone to these ailments.

• According to the WHO, smoking causes around 42% of the COPD, 10% of CVD, and 71% of lung cancer cases every year.
• Furthermore, 80% of smokers globally live in low-income countries, which, in turn, will drive the demand for respiratory care devices here.

Therapeutic Devices Held Largest Revenue Share

Globally, therapeutic devices held the largest revenue share, over 60%, in 2021. The surging frequency of respiratory illnesses and the growing number of operations are boosting the demand for therapeutic devices. For example, globally, over 65 million people are suffering from moderate-to-severe chronic obstructive pulmonary disease, which is propelling the demand for ventilators.