Respiratory Care Devices Market to Hit US$ 36.7 Bn by 2031: Wissen Research

Wissen Research estimates the global respiratory care devices market at USD 25.5 billion in 2026, forecasting growth to USD 36.7 billion by 2031 at a 7.6% CAGR. Demand is supported by chronic respiratory disease, aging populations, home-based care and connected devices, while cost, reimbursement, maintenance and adherence remain constraints. North America held the largest regional share in 2025; Asia Pacific is projected to grow fastest. Recent company developments include Nihon Kohden's ventilator upgrade and FDA 510(k) clearances for monitoring and ventilator software from Masimo and Dräger.

Analysis

This is a market-sizing report, not a company-level demand signal; its headline growth forecast should not be translated directly into earnings growth. The key investable distinction is where the economics accrue: connected PAP and home respiratory therapy may favor ResMed (RMD), while portable oxygen exposure is more direct for Inogen (INGN). Yet the shift home also transfers equipment upkeep, patient adherence, power reliability and service costs to providers and households. Device shipments can therefore grow without equivalent recurring revenue or attractive returns, particularly in lower-resource markets where oxygen infrastructure—not device availability alone—is the constraint.

The competitive risk is substitution and mix: non-invasive and home-based care can expand the addressable pool but may displace some hospital-based equipment demand, while connected monitoring raises the value of software and support only if clinicians and payers use the data. The cited product upgrades and clearances are incremental capability signals, not evidence of material revenue contribution for Drägerwerk (DRW3), GE HealthCare (GEHC), Medtronic (MDT) or Getinge (GETI.B). The report is promotional and supplies no company-specific market shares, pricing, reimbursement, utilization, or forecast methodology.

Near term, no trade is justified by this publication alone. Over 1–3 months, watch company commentary on PAP demand/adherence, oxygen-device volumes, reimbursement and home-care channel inventory. Over 6–18 months, the structural upside depends on reliable infrastructure, affordability and clinical workflow adoption. A key contrarian point: rising diagnosis and disease burden do not ensure device use; weak adherence and total cost of ownership can break the growth-to-profit conversion.

Key Decisions for Investors

• No immediate position based on the market forecast: treat it as a thematic prompt, not an earnings revision catalyst.
• Keep RMD on a conditional long watchlist; require confirmation in reported device demand and management commentary on adherence, channel inventory and reimbursement before adding exposure.
• Treat INGN as a higher-uncertainty oxygen-access exposure, not a direct beneficiary by default; verify unit growth, realized pricing and evidence that infrastructure constraints are easing.
• Monitor GEHC, MDT, DRW3 and GETI.B for measurable order or revenue contribution from respiratory platforms; product clearances and feature launches alone do not establish commercial traction.
• Falsify the home-care thesis if company updates show deteriorating PAP adherence or reimbursement, persistent channel inventory, or oxygen-system deployment lagging device demand; reassess only when these operating indicators are available.