In 2021, the respiratory care device market was worth around USD 19,257.2 million, and it is predicted to advance at a 7.9% CAGR from 2021 to 2030, hitting USD 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.
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Furthermore, because of the pandemic, there was a rapid growth in the demand for medical equipment globally, including ventilators and other vital monitors. At the peak of the covid out bust such devices are required to be tailored to treat seriously ill patients. For example, for patients who need ventilation for a longer period, became important to deliver portable ventilators and compact anesthesia devices.
Rapid Urbanization has impacted the environment and lifestyle. WHO says, in the 21st century, cities are home to around 55% of the global population and are expected to increase by 68% by 2050.
According to WHO report air pollution sources 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.
Globally, therapeutic devices held the largest revenue share of around 60% in 2021. The surging frequency of respiratory illnesses and the growing number of operations boost the demand for therapeutic devices which in turn, contributes to the growth of this category in coming years.
In South Asia and Africa, the occurrence of preterm births is around 60%, as per WHO, around 15 million preterm babies are born every year, also in other countries the rate of preterm births is around 5% to 18%. As per the report by CDC, in the U.S., in 2020, preterm births affected around 1 of every 10 infants born.
Tobacco consumers are more prone to suffer from, lung diseases, cardiovascular diseases, and cancer. According to WHO, Smoking causes around 42% of 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 cause more life-threatening respiratory illnesses.
Hence, the major reasons behind the growth of this market are the surging incidence of preterm births and the growing geriatric population.
