The global therapeutic respiratory devices market is anticipated to grow at a significant rate through 2028 owing to rising availability of proper treatment and diagnosis with advanced technology across the world.

Recently, companies operating in the therapeutic respiratory devices market have been investing considerably in high-end technologies to treat patients with respiratory issues associated with the novel coronavirus infection. Chronic obstructive pulmonary disease (COPD), a progressive respiratory condition, affects 384 million individuals, while asthma affects 339 million children and adults. A lot of these people are treated using pressurized metered-dose inhalers (pMDIs), which adds to respiratory care's global carbon footprint. Thus, companies have been working to develop devices that are more environment friendly, which has played a vital role in industry growth.

For instance, in February 2022, Honeywell, an American multinational advanced technology company, partnered with AstraZeneca, a British-Swedish pharmaceutical & biotechnology firm, to create and distribute low global warming potential (GWP) next-gen respiratory inhalers that employ propellants to treat patients with asthma and COPD. As part of the partnership, AstraZeneca intended to include the Solstice Air (HFO-1234ze cGMP) technology developed by Honeywell as a medical propellant, which could reduce carbon emissions by up to 99.9% compared to existing inhaler propellants.

For comprehensive assessment, the therapeutic respiratory devices market is classified in terms of product, application, end-use, and region. With respect to the product, the market has been divided into oxygen concentrators, ventilators, positive airway pressure (PAP) devices, nebulizers, inhalers, humidifiers, and others.

The ventilators sub-segment held around USD 4 billion in revenue in 2021 and is slated to register a sizable growth rate over the assessment timeframe. The expansion is attributed to an increase in incidences of chronic respiratory disorders as well as technological breakthroughs, such as the development of improved portable ventilators and improvements in ventilator sensor technology.

On the basis of application, the therapeutic respiratory devices market has been bifurcated into cystic fibrosis, COPD, obstructive sleep apnea, respiratory distress syndrome, asthma, and others. The respiratory distress syndrome segment accumulated approximately 12% market share in 2021 due to increased inhalation of harmful substances, along with surging occurrences of acute lung injury.

In terms of end-use, the therapeutic respiratory devices market has been segmented into hospitals, homecare settings, and emergency centers. In 2021, the hospitals segment was valued at more than 17 billion and is projected to record significant growth between 2021 and 2028 on account of better access to healthcare as well as growing awareness pertaining to the benefits of proper diagnosis and treatment.

From the regional outlook, the Latin America therapeutic respiratory devices market is estimated to witness optimistic growth at over 4% CAGR through 2028. This is owing to the presence of a huge patient population suffering from respiratory diseases and rapid urbanization and lifestyle changes in the LATAM region.