Day-to-day exposure to environmental pollution, increase in population susceptible to indoor air pollutants, portability of the drug delivery devices, rise in population of active smokers, and surge in government initiatives drive the growth of the global COPD and asthma devices market
PORTLAND, Ore., July 21, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "COPD and Asthma Devices Market by Product Type (Inhalers and Nebulizers), Indication (Asthma and COPD), and Distribution Channel (Retail Pharmacies, Hospitals, and Online Pharmacies): Global Opportunity Analysis and Industry Forecast 2020–2027." According to the report, the global COPD and asthma devices market size was estimated at $36.45 billion in 2019, and is anticipated to hit $51.62 billion by 2027, registering a CAGR of 4.3% from 2020 to 2027.
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Prime determinants of growth-
Day-to-day exposure to environmental pollution, increase in population susceptible to indoor air pollutants, portability of the drug delivery devices, rise in population of active smokers, and surge in government initiatives drive the growth of the global COPD and asthma devices market. However, increase in price competition and deterioration of material quality, overall high cost of asthma treatment is a challenge for the patients, and incompetent reimbursement support impede the growth to certain extent. Conversely, patent expiration for blockbuster drug and smart Inhalers are anticipated to create lucrative opportunities for the key players in the industry.
- The demand for respiratory care devices including inhalers has been increased during Covid-19. Also, the international regulatory agencies have accelerated approval of several respiratory devices.
- The global lockdown has disrupted the supply chain badly and as a result, the manufacturing process has also been severely hampered.
- However, government bodies across the world have imposed certain relaxations to ease up the existing regulations and the global market is projected to retrieve its position soon.
The inhalers segment to dominate by 2027-
Based on type, the inhalers segment contributed to 96% of the global COPD and asthma devices market share in 2019, and is expected to rule the roost by the end of 2027. The inhalation route is the fastest and most effective method of delivering medications to the respiratory system during treatment of COPD and asthma, which drives the growth of the segment. At the same time, the nebulizers segment would register the fastest CAGR of 4.7% throughout the forecast period. Driver??
The retail pharmacies segment to maintain the dominant share-
Based on application, the retail pharmacies segment accounted for nearly half of the global COPD and asthma devices market revenue in 2019, and is anticipated to lead the trail from 2020 to 2027. Retail pharmacies are the oldest and most conventional medium for distributing the respiratory devices to the consumers, owing to its large chain of distribution network of pharmacies store. This factor has propelled the segment growth. Simultaneously, the online pharmacies segment would manifest the fastest CAGR of 6.0% till 2027.
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North America garnered the major share in 2019 –
Based on geography, North America garnered the largest share in 2019, holding more than one-third of the global COPD and asthma devices market. This is owing to the widespread and early adoption of inhalers & nebulizers and large pool of patients suffering from respiratory diseases in this region. However, the region across Asia-Pacific would portray the fastest CAGR of 5.0% by 2027, due to rise in healthcare expenditure, growth in awareness of advanced portable COPD & asthma devices, and increase in disposable income in Asia-Pacific region.
Key players in the industry-
- GF Health Products
- GlaxoSmithKline Plc
- Koninklijke Philips N.V.
- Novartis AG
- PARI medical Holding GMBH
- Smith's Group Plc.
- Aerogen, Inc.
- AstraZeneca PLC
- Baxter International Inc.
- Boehringer Ingelheim International GmbH
- 3M COMPANY
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