The Digital Respiratory Devices Market Size is valued at 61.35 Billion in 2023 and is predicted to reach 482.40 Billion by the year 2031 at a 29.56% CAGR during the forecast period for 2024-2031.
Digital respiratory devices are compromised when connected to smartphone applications or other data-gathering modules for therapeutic or diagnostic purposes. These devices are used to treat and keep track of respiratory disorders like asthma, chronic obstructive pulmonary disease (COPD), and others. As a result of the development of new technologies, such as intelligent inhalers and nebulizers, patients with chronic obstructive pulmonary disease may now enhance their adherence to treatment and quality-of-life measurements.
The growth will be propelled by the growing need for accurate and timely measurement and delivery of aerosolized medication (COPD). Products that assist in resolving breathing issues include digital respiratory devices. With the rising incidence of respiratory illnesses and the growing global elderly population, the global market for digital respiratory devices is expanding quickly. Various reasons are driving this market, including rising public awareness of respiratory illnesses, improvements in available treatments, and technology breakthroughs.
However, over the anticipated period, issues, including the existence of an unfavourable reimbursement environment and the accessibility of inexpensive goods from local producers, are anticipated to hinder the market's expansion. Major respiratory illnesses like asthma and COPD are still severely underdiagnosed and undertreated despite their high prevalence. The limited awareness of these disorders and the lack of necessary resources to diagnose these diseases is particularly apparent in emerging economies.
Market Segmentation:
The digital respiratory devices market is segmented on the basis of product and indication. Based on product, the market is segmented as sensors and apps, smart inhalers and nebulizers. Based on indication, the market is differentiated into asthma and chronic obstructive pulmonary disease.
Based On Product, The Smart Inhalers And Nebulizers Segment Is Accounted As A Major Contributor In The Digital Respiratory Devices Market.
The smart inhalers and nebulizers sector is predicted to have a major market share in the forecast periods. It is anticipated that the rising air pollution levels, increasing prevalence of asthma and other respiratory diseases, and expanding desire for digital respiratory devices would all contribute to this need. Furthermore, it has been demonstrated that individuals with COPD and asthma use smart inhalers more frequently. Smart inhalers offer more effective assistance and keep track of the medicine inhalation approach compared to traditional inhalers. Novartis International AG received EC approval for Enerzair Breezhaler in July 2020. This is the first digital device (sensor and app) recommended along with asthma medicine in the European Union.
The Chronic Obstructive Pulmonary Disease Segment Witnessed Growth At A Rapid Rate.
The Chronic Obstructive Pulmonary Disease (COPD) category led to a major market share in the forecast period. Two hundred million individuals worldwide suffer from COPD. Additionally, respiratory disorders account for slightly more than 8% of all chronic diseases worldwide. By 2030, COPD will overtake ischemic heart disease and HIV/AIDS to become the fourth-leading causes of mortality, according to a World Health Organization projection made in 2020. The massive rise of COPD is also attributed to people continuing to smoke and higher life expectancies; both developments are especially significant in developing countries.
The North American Digital Respiratory Devices Market Holds A Significant Regional Revenue Share.
Most of the market will be in North America., accounting for a significant share of the total revenue due to the increased prevalence of asthma, COPD, and other chronic respiratory disorders. Approximately, around 25 million Americans suffer from asthma. Additionally, 14.8 million individuals in the United States have COPD, which claims the lives of 150,000 Americans yearly, or one every four minutes. Furthermore, throughout the projected period, the market expansion is anticipated to be fueled by considerable advancements in digital respiratory products and increased acceptance and accuracy. The 2022 reimbursement charges for Current Procedural Terminology (CPT) codes used in Remote Physiologic Monitoring (RPM) and Remote Therapeutic Monitoring (RTM) services (CMS) were published by the U.S. Centers for Medicare & Medicaid Services published. This amendment will increase the demand for and use of digital respiratory devices in the United States during the projected period.
During the forecast period, Asia Pacific is expected to grow at a lucrative rate. Growing COPD and asthma infection rates in China and India are mainly blamed for this expansion. COPD is the number one cause of impairment in China and a significant public health concern. Furthermore, a substantial market driver in this region is the growing need for home healthcare facilities. The considerable growth rate in this region throughout the projection period is also attributed to increasing disposable incomes and changes in lifestyle.
Competitive Landscape
Some Major Key Players In The Digital Respiratory Devices Market:
- 3M Health Care Limited
- Adherium Limited
- Amiko Digital Health Limited
- AstraZeneca
- Boehringer Ingelheim International GmbH
- Capsule Technologies
- Cognita Labs
- Cohero Health
- Findair Sp. z. o. o
- GlaxoSmithKline plc
- Novartis AG
- Pneuma Respiratory
- Propeller Health
- Sensiron AG
- Teva Pharmaceuticals Industries Ltd.
Digital Respiratory Devices Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 61.35 Billion |
|
Revenue Forecast In 2031 |
USD 482.40 Billion |
|
Growth Rate CAGR |
CAGR of 29.56% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Billion, volume (units) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Product Type, Indication |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
3M Health Care Limited, Adherium Limited, Amiko Digital Health Limited, AstraZeneca, Boehringer Ingelheim International GmbH, Capsule Technologies, Cognita Labs, Cohero Health, Findair Sp. z. o. o, GlaxoSmithKline plc, Novartis AG, Pneuma Respiratory, Propeller Health, Sensiron AG, and Teva Pharmaceuticals Industries Ltd. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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