The Severe Acute Respiratory Syndrome (SARS) COVID-19 has been a breakthrough for the respiratory solutions-based industry. The uncountable demand for oxygen concentrators, spirometers, ventilators, PAP devices, and nebulizers has driven the growth of this industry to numbers never imagined before.
The respiratory care device market is expected to achieve a valuation of 27.26 billion in the next 5 years and $319.3 billion by the end of 2030, showing a CAGR of 36.2%. This sector includes cardio-respiratory diagnostic device manufacturing companies, sleep apnea monitoring units, neonatal care, airway management, and ventilator market.
The pandemic has also accelerated the request for home-based services to sidestep hospitalization, resulting in a sudden spike in demand for oxygen cylinders, pulse oximeters, mini ventilators, and Continuous positive airway pressure (CPAP) units.
Technology-driven respiratory solutions empower patients suffering from asthma, chronic obstructive pulmonary disease (COPD), or obstructive sleep apnea (OSA) with innovative solutions that aid in timely monitoring of symptoms and deployment of urgent measures to avoid emergencies. Wearable IoT devices, smart inhalers, cloud-based respiratory therapies, and automated CPAP systems are the modern solution to traditional problems.
With increasing climatic change and air pollution, the respiratory solutions-based industry is bound to witness an exceptional wave of inventions alongside a booming market.