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Respiratory Inhaler Devices Market Is Anticipated To Escalate At A CAGR Of 4.4% Between 2021 And 2031 - FMI
FMI delivers key insights and presents a revised forecast of the global respiratory inhaler devices market for a 10-year period from 2021 to 2031 in the report titled “Respiratory Inhaler Devices Market: Global Industry Analysis 2012–2016 and Opportunity Assessment 2021–2031.” The revisions in the market size and forecasts have been carried out taking into account the impact of various macroeconomic indicators and other industry-based demand-driving factors, as well as the recent developments of key market participants. The global respiratory market is projected to expand at a healthy CAGR of 4.4% in terms of value during the forecast period, revised from the previous CAGR of 4.3%.
Market Dynamics
Increase in prevalence of asthma, COPD and other respiratory disorders, especially among paediatric and the geriatric population, is a major factor driving growth of the global respiratory inhaler devices market.
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Other trends driving growth include strategic alliances among key players in the market, manufacturers focusing on enhancing market share, and expansion of the healthcare sector in developing countries due to growing investments by major players. In addition, surge in demand for respiratory inhaler devices in all acute and moderate asthma and COPD conditions owing to increasing health awareness and growing disposable income is projected to result in increased spending on respiratory inhaler devices. This in turn is expected to bolster respiratory inhaler devices market growth during the forecast period (2021–2031).
Lack of unique effective drugs for all types of respiratory symptoms, side effects and complications, lack of skilled pulmonologist and healthcare professionals, lack of awareness among the patients, together with high prices of inhaler devices are key factors hampering growth of this market. Currently combined therapies offer more associated benefits such as reliability in use for complex patients, increased efficacy and favourable reimbursement policies associated with the therapy. Hence, patients with complex respiratory disorders are more inclined towards adopting such therapies. However, the cost associated with combination therapies are higher as compared to conventional therapies for patients with complex respiratory disorders. The global respiratory inhaler devices market is expected to be driven by the increased usage of newly introduced triple combination therapy for COPD patients in the coming years.
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Segmentation and Forecast
The market is segmented on the basis of product type, disease indications, technology and region. Based on the product segmentation, the overall market has been separated into metered dose inhaler (MDI), dry powder inhaler (DPI) and nebuliser. Nebulisers is further sub-segmented into ultrasonic nebuliser, mesh nebuliser and compressed air nebuliser. The metered dose inhaler segment is estimated to account for maximum share in the global respiratory inhaler devices market by 2021 end, and expected to register a CAGR of 4.5% in terms of value during the forecast period. Currently, metered dose inhaler is a major contributor to market growth in Europe, North America and parts of Asia Pacific. Nebuliser segment in the global market is expected to register a CAGR of 3.6% in terms of value during the forecast period.
The report has segmented the global respiratory inhaler devices market on the basis of region into North America, Western Europe, Eastern Europe, Latin America, Asia Pacific Excluding Japan (APEJ), Middle East & Africa and Japan. This report assesses trends driving each segment and offers analysis and insights about the potential of respiratory inhaler devices market in specific regions. North America is estimated to dominate the respiratory inhaler devices market with maximum market share by end of 2021. North America and Western Europe are collectively expected to account for over 64.4% of the total respiratory inhaler devices market share in terms of value by end of 2021. Asia Pacific excluding Japan is estimated to witness highest CAGR of 4.5% over the forecast period, followed by North America, due to increasing prevalence of asthma and COPD among children and the geriatric population. Presence of key regional players, strong distribution network, and developed healthcare infrastructure are the key factors driving the growth of the market in North America.
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Key Players
Some key companies covered in this report include AstraZeneca, Boehringer Ingelheim GmbH, GlaxoSmithKline plc, Cipla Ltd., Koninklijke Philips N.V., PARI Medical Holding, Teva Pharmaceutical Industries Ltd., Beximco Pharmaceuticals Ltd., OMRON Healthcare Europe B.V. and Merck & Co., Inc. Their primary focus is towards enhancing their product portfolio through research and development, introduction of innovative and cost-effective drugs and medical devices in order to gain market share and to strengthen their respective position in the global market.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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Future Market Insights
Future Market Insights is the premier provider of market intelligence and consulting services
Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, UAE, and has its global delivery center in India. In addition to these, FMI also carries out business development and client engagement through its US and UK offices.
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