The global respiratory inhaler devices market is expected to reach a market size of USD 52.43 billion in 2030, and register a CAGR of 6.8% over the forecast period.
The respiratory inhaler devices market revenue growth is driven by increase in prevalence of respiratory diseases such as asthma and Chronic Obstructive Pulmonary Disease (COPD). Major companies in the market are investing in development of more advanced portable inhalation devices, which is a key factor expected to continue to feel growth of the market.
Causes of respiratory diseases include infections, inhalation of secondhand tobacco smoke, particles of radon and asbestos, and highly polluted air caused by vehicle exhaust emissions over time. Besides asthma and COPD, other respiratory diseases include pulmonary fibrosis, pneumonia, and lung cancer. Increasing alcohol consumption and tobacco smoking, and a growing number of younger-aged smokers smoking among peers is driving increasing prevalence of respiratory disorders. Rapid industrialization has been resulting in increasing air pollution levels, which has also driven a rise in respiratory disorders.
Request a Sample@ https://www.qyresearchmedical.com/sample/119152
The advent of smart respiratory inhaler devices is expected to drive market growth to a significant extent. Smart inhaler devices are designed to connect with mobile applications and help users to maintain or set dosage reminders and medication schedules. However, high cost of respiratory inhaler devices is a key factor expected to hamper market growth to some extent.
The outbreak of the COVID-19 virus has resulted in major demand for respiratory inhaler devices. Market growth has increased significantly in recent months as patients with respiratory diseases are more susceptible to COVID-19, and fear of potential risks due to the virus outbreak resulted in sufferers maintaining a proper self-medication schedule or using inhalers at the slightest hint of breathing difficulty.
Product Type Outlook:
On the basis of product type, the market is segmented into dry powder inhaler, metered dose inhaler, and nebulizer. Dry powder inhalers have been witnessing increased demand in 2019 owing to rising preference over Metered-Dose Inhaler (MDI) as it is much easier to use. After the ban on inhalers using chlorofluorocarbons (CFC), market players have entered into the dry powder market segment to provide a wide range of products to patients suffering from respiratory problems.
By application, the market is segmented into chronic obstructive pulmonary disease, asthma, pulmonary arterial hypertension, and others. Chronic obstructive pulmonary disease segment dominated the other application segments in 2019 due to high base of active smokers globally and increasing geriatric population in various countries, and rising prevalence of respiratory disorders and conditions among these consumer bases.
Mode of Operation Outlook:
On the basis of mode of operation, the market is segmented into digitally operated inhaler devices and manually operated inhaler devices. Manually operated inhaler devices segment accounted for largest revenue share in 2019 as compared to other mode of operation segments. Easy availability of these products is driving growth of this segment.
The regions included in the report are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Growth of the market in North America is expected to be significantly robust, driven by increasing research and development of respiratory inhaler devices by major companies in countries in the region, and rapid adoption of smart inhalers in the U.S.
The market in Asia Pacific is forecast to register a higher revenue growth rate than other regional markets due to increasing economic development in developing countries and increasing disposable income of consumers in countries in the region. Increase in healthcare budget by governments in countries in the region to develop and improve the healthcare system is also expected to continue to contribute to growth of the market.
- Asthma affects 23.4 million people worldwide, including 7 million children every year, and 250,000 asthma-related deaths are reported worldwide. Increase prevalence of asthma is propelling need for better treatment and development of more effective therapeutic devices.
- Launch of digitally operated inhaler devices by market players to treat respiratory diseases and improve the efficacy of prescribed medicine is thereby driving growth of the segment.
- Rising trend of smart respiratory inhaler devices will drive growth of the market in the coming years. Smart inhaler devices are designed to connect with mobile applications and help users to monitor dosage reminders and medication schedules.
- Europe accounted for a revenue share of 29.4% in the global respiratory inhaler devices market in 2019, which is expected to increase at a rate of 8.0% during the forecast period.
Companies considered and profiled in this market study
AstraZeneca, Cipla Ltd., Merck & Co., Inc., GlaxoSmithKline plc, Boehringer Ingelheim International GmbH, Medisol Lifescience Pvt. Ltd., Koninklijke Philips N.V., Novartis AG, Philips Healthcare, and 3M has been profiled in the report. These are among some of the major companies operating in the global respiratory inhaler devices market.
Players operating in the market are focusing on various strategies, advanced technologies in the field, and development, testing, and introduction of new and more rapid and efficient solutions and inhaler devices in the market. Some key highlights include:
- In December 2020, TTP plc launched innovative asthma and COPD inhaler. The new device, PowdAir Plus DPI, is multi-use, robust, with a sleek design. The ability to use the device across different capsules reduces the waste related to disposable inhalers.
The industry offers numerous growth opportunities. Major and established players are improving existing technologies and solutions, and also developing and offering more advanced solutions for a range of growing applications across the healthcare sector and industry. New entrants and startups are also focusing on similar strategies as a means of early market entry.
Mergers and acquisitions are an integral part of the respiratory inhaler devices industry and market, with focus of major players on expanding product portfolio, and gaining an advantage over competitors.
- In May 2020, Apstar Pharma acquired the assets of respiratory health company Cohero Health, for expansion of its digital portfolio with focus on respiratory disease management. Cohero Health develops tools and technologies to improve respiratory devices and reduce cost.
Reports and data predicts emergence of encouraging technological advancements in to accelerate the use of respiratory inhaler device technologies. According to industry analysts, new companies enter the market, which may theoretically change the situation. New entrants that enter the market must concentrate on innovating and integrating through new technologies while reducing complexity and lowering total operational costs. Experts also believe that increasing the implementation of emerging technology in developed nations would be a critical growth field for the industry. Company strategy review shows that most businesses concentrate on product launch, as well as negotiations to increase their share and scale. Both approaches contributed to advancement of the technologies and product diversification in the untapped markets.
Segments Covered in the report
This report forecasts revenue growth at a global, regional, & country level, and provides an analysis result of market trends for segments and sub-segments etc. The scope of the report can be defined as:
For the purpose of this report, has segmented the global respiratory inhaler devices market on the basis of product type, mode of operation, application, and region:
Respiratory Inhaler Devices Market Report Scope
Segments covered By Product Type Outlook, Mode of Operation Outlook, Application Outlook, Regional Outlook
By Product Type Outlook
Dry Powder Inhaler
Metered Dose Inhaler
Compressed Air Nebulizer
By Mode of Operation Outlook
Digitally Operated Inhaler Devices
Manually Operated Inhaler Devices
By Application Outlook
Chronic Obstructive Pulmonary Disease
Pulmonary Arterial Hypertension
Middle East & Africa
Buy quantitative research Report at discounted price – USD 1500 https://www.qyresearchmedical.com/report/checkout/119152/1500
You can place an order or ask any questions, please feel free to contact firstname.lastname@example.org | +1 9197 992 333
QYResearch Medical has more than 4000 global well-known customers, covering more than 30 industries including pharmaceuticals, medical technology & devices, healthcare services etc. Company services cover one-stop solution as Data-Analysis-Suggestion-Consulting Implementation. Research regions cover North America, Europe, Latin America, Middle East and Africa, Asia- Pacific.
For Latest Update Follow Us: