Rising prevalence of respiratory diseases and need to take precautions due to concerns related to asthma and COPD patients being more susceptible to coronavirus
NEW YORK, NY, UNITED STATES, November 16, 2021 /EINPresswire.com/ — The global respiratory inhaler devices market is expected to reach a market size of USD 52.43 Billion by 2027, and register a high CAGR during the forecast period, according to a new report by Reports and Data.
The respiratory inhaler devices market is driven by increase in the incidence of respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD). Players in the market are investing in the development of advanced portable inhalation devices that will also fuel growth of the market.
Respiratory diseases is among the leading cause of death and disability globally. According to the World Health Organization, around 65 million people suffer from chronic obstructive pulmonary disease, and 3 million die every year, making it the third leading cause of death.
Rise in 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 application and help users to monitor dosage reminders and medication schedules. However, high cost of respiratory inhaler devices will hinder growth of the market.
The COVID-19 impact:
The outbreak of the COVID-19 virus has resulted in a 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. The best way for people with asthma or COPD to reduce the risk of the coronavirus is to control their health condition and limit visits to the hospitals.
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The pharmaceutical and healthcare industries are among the fastest-growing sectors, particularly during the Covid-19 pandemic. The industry is vital for its life-saving medical innovation that improves people's health and quality of life in a country. Rapid technological advancements, continued growth in the biologics field, and an increase in medication manufacture and distribution all contribute to the pharma and healthcare industries' enormous growth. Rapid technological advancements include Artificial Intelligence (AI), blockchain, virtual reality, additive manufacturing, medical imaging and other Industry 4.0 technologies is revolutionizing pharma and healthcare industry. Pharmaceutical firms create jobs in technical assistance, scientific research, and production, as well as develop drugs to improve health, eradicate diseases, and extend life expectancy.
The global Respiratory Inhaler Devices market research report provides a competitive strategy analysis portfolios to provide a better understanding of the competitive landscape. The report further discusses in depth the business strategies undertaken by key manufacturers on mergers and acquisitions, joint ventures, and collaborations. It sheds light on the companies holding largest market share in terms of revenue in the global Respiratory Inhaler Devices market.
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Key companies profiled in the report are:
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.
Further key findings from the report suggest
• Dry powder inhalers are preferred over metered-dose inhaler (MDI) as it is much easier to use and causes few irritants. After the ban on inhalers using chlorofluorocarbons (CFC), market players have entered dry powder segment to provide wide range of products to patients suffering from respiratory problems.
• Rising adoption 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.
• Chronic obstructive pulmonary disease (COPD) dominated the application segments in 2019 due to high number of active smokers globally and increase in geriatric population in many countries. Currently, there is no cure for the disease, but proper treatment can slow progression of the disease. Respiratory inhaler devices help patients suffering from COPD to breathe easier.
• North America accounted for the largest revenue share in the respiratory inhaler devices market in 2019. Robust presence of advanced research infrastructures in countries in the region and high adoption of smart inhalers is another factor supporting market growth.
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For the purpose of this report, Reports and Data has segmented the global respiratory inhaler devices market on the basis of product type, mode of operation, application, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
• Dry Powder Inhaler
• Metered Dose Inhaler
o Compressed Air Nebulizer
o Ultrasonic Nebulizer
o Mesh Nebulizer
Mode of Operation Outlook (Revenue, USD Billion; 2017-2027)
• Digitally Operated Inhaler Devices
• Manually Operated Inhaler Devices
Application Outlook (Revenue, USD Billion; 2017-2027)
• Chronic Obstructive Pulmonary Disease
• Pulmonary Arterial Hypertension
The report offers extensive summary of the top companies and also provides strategic recommendations for market players and new entrants to provide a competitive edge to the readers. The reports were collected using primary and secondary research methodologies.
Regional analysis covers:
• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
In addition to corporate strategy, Respiratory Inhaler Devices market throws light on different properties to curb the progress of fuel or industry. The focus is more on applicable sales strategies to increase the company’s productivity to achieve higher economic performance. Research reports use effective graphical presentation techniques such as tables, charts, graphs, diagrams, and info graphics.
Important Coverage in the Respiratory Inhaler Devices Market Report:
• Detailed analysis of Global Respiratory Inhaler Devices Market by a thorough assessment of the technology, product type, application, and other key segments of the report
• Investigative study of the market dynamics including drivers, opportunities, restraints, and limitations that can influence the market growth
• Comprehensive analysis of the regions of the Respiratory Inhaler Devices industry and their futuristic growth outlook
• Competitive landscape benchmarking with key coverage of company profiles, product portfolio, and business expansion strategies
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Finally, all aspects of the Respiratory Inhaler Devices market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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About Reports and Data
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Source: EIN Presswire