The respiratory care devices market size valued at USD 18.6 billion in 2021. It is expected to reach a value of USD 29.5 billion by 2028, growing at a CAGR of 9.1% during the forecast period from 2022 to 2028. The global market provides a detailed overview of the market, which can be segmented by product and end-user. By product, the market has been segmented into therapeutic devices, monitoring devices, consumables, and accessories. The therapeutic devices segment is likely to be the largest and fastest-growing segment in terms of product type. Based on the end-user, the respiratory care devices market is segmented into Hospitals, Home Care, and Ambulatory Care. According to precision business insights, hospitals accounted for the largest market share in the forecast period.
In April 2020, Philips launched the PHILIPS RESPIRONICS E30 VENTILATOR. This enabled the company to help healthcare professionals by providing superior quality ventilators.