Increasing Health Spending To Drive Respiratory Care Device Market to over USD 38 Billion

NEW YORK - March 27, 2023 - PRLog -- A number of factors, such as the rising cases of respiratory illnesses, improving healthcare expenditure and infrastructure, surging pollution levels, growing urbanization rate, and rising aging population across the globe, are projected to boost the respiratory care device market. According to P&S Intelligence, the market is expected to reach $38,085.6 million by 2030. Moreover, the market is competitive in nature due to the surging number of local manufacturers.

The primary factor driving the demand for respiratory care devices across the world is the surging healthcare expenditure in developed and developing countries. The governments of these nations are increasingly investing in the healthcare sector to improve the infrastructure and quality of healthcare facilities that are being provided to their residents. Due to this, the accessibility and affordability of the treatment and diagnosis of different medical illnesses, including respiratory diseases, are increasing.

The type segment of the respiratory care device market is categorized into therapeutic, diagnostic, and monitoring devices. Among these, the therapeutic devices category holds the largest market share, of more than 60%, and it is also projected to generate the highest revenue in the coming years, witnessing the fastest growth during the forecast period. This can be mainly attributed to the high demand for therapeutic devices from hospital and homecare facilities for the treatment of several respiratory diseases, such as bronchitis and upper respiratory infections.

Geographically, North America is the largest market for respiratory care device (https://www.psmarketresearch.com/market-analysis/respirat...), with a more than 40% value share, and it is also expected to lead the global market throughout the forecast period. This is attributed to the growing geriatric population, high healthcare investments, improved healthcare infrastructure, and high incidence of respiratory diseases. In the regional market, the U.S. holds the leading position owing the rising number of people suffering from respiratory illnesses in the country, such as the COVID-19 infection presently.

Thus, the improving healthcare expenditure and infrastructure and surging number of product launches are expected to propel the growth of the market during the forecast period.