Global respiratory care market to hit $47.9b as AI transforms home treatment

Respiratory care revenue is set to surge as portable oxygen and smart ventilators reach homes.

The global respiratory care devices market,  valued at $22.9b in 2023, is projected to more than double to $47.9b by 2033, according to Allied Market Research.

The market is expected to expand at a compound annual growth rate of 7.6% from 2024 to 2033, according to their recently released Respiratory Care Devices Market Report.

Respiratory care devices include therapeutic, diagnostic and monitoring equipment, as well as consumables and accessories used to treat acute and chronic respiratory conditions such as asthma and chronic obstructive pulmonary disease (COPD).

The therapeutic devices segment accounted for more than half of the total market revenue in 2023 and is expected to retain the largest share through 2033.

The consumables and accessories segment is projected to record the fastest growth during the forecast period, Allied Market Research noted.

Regionally, North America represented nearly half of the global market in 2023, whilst Europe held the second-largest share.

Market growth is linked to the prevalence of respiratory diseases, an ageing population, air pollution, tobacco use, and the uptake of portable and home-based devices.

Devices with connectivity features that enable remote monitoring and data sharing with healthcare providers are also contributing to demand.

Portable oxygen concentrators, handheld nebulisers, and positive airway pressure devices are increasingly used in home care and emergency settings.

Key companies in the market include Koninklijke Philips N.V., ResMed, Fisher & Paykel Healthcare, Hamilton Medical AG, and Medtronic plc, according to Allied Market Research.