The global respiratory inhaler devices industry is poised for exceptional growth, marking a significant valuation of US$ 37,258.5 million in 2023 and projected to escalate to an impressive US$ 60,114.7 million by 2033. This substantial expansion forecasts a Compound Annual Growth Rate (CAGR) of 4.90% during the forecast period.
The rising prevalence of respiratory diseases, coupled with technological advancements in inhaler devices, is steering this surge in market value. This robust growth trend indicates a steady increase in demand for innovative respiratory care solutions globally.
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In addition, increasing research and development activities in the field of smart inhalers will further lead to new innovations made in the existing products which are expected to keep the product demand stable throughout the forecast period. The addition of new features in these devices for better analysis and keeping track of the patient will positively affect the market growth.
Apart from this, a 12-month controlled study conducted in January 2017 at the Sheffield Children’s Hospital, United Kingdom provided positive outcomes with the use of ‘Adherium’s smart inhaler system’. The positive medical outcomes were fewer hospitalizations, improved adherence to medication schedules, and a lesser need for doctor visits. Thus, significant advancements in digital respiratory inhaler technology will present new opportunities for market expansion.
Various organizations are leveraging the use of digital technologies in their devices to enhance the effectiveness of medicine delivery. For example, Aptar Pharma introduced ‘HeroTracker Sense’ in April 2022. It’s a new digital respiratory health solution that converts a standard metered dose inhaler (pMDI) into a smart connected healthcare device. Thus, new product launches and development like these will drive product demand over the forecast period.
Key Takeaways:
- North America is expected to dominate the industry by accumulating over 45% revenue share by end of the forecast period.
- The market in India is projected to witness fastest CAGR of 6.10% during the forecast period.
- China is projected to exhibit a 20% of CAGR in respiratory inhaler devices market.
- By product type, Metered dose inhalers are projected to account for 4 % market share by end of the forecast period.
- By Disease Indication, Asthma is expected to lead the market by holding 8% revenue share by 2033.
“Research and development activities in enhancing the features of smart inhaler devices and new product launches will foster growth in the market,” comments an FMI analyst.
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Competitive Landscape:
The Respiratory inhaler devices market is extremely competitive and consists of numerous key industry players. These players are innovating new products in the respiratory devices domain. This is expected to propel the respiratory inhaler devices market. The key industry players are:
AstraZeneca, Beximco Pharmaceuticals Ltd., Cipla Ltd., GlaxoSmithKline plc., OMRON Healthcare Europe B.V., PARI Medical Holding, Teva Pharmaceutical Industries Ltd., Koninklijke Philips N.V., Boehringer Ingelheim GmbH, Merck & Co., Inc.,
Key industry players are relying on inorganic growth strategies like acquisition, mergers, partnerships, and collaboration in order to strengthen their product portfolio. This is anticipated to fuel the global respiratory inhaler devices market.
- In December 2020, ‘OMRON Healthcare’ introduced WheezeScan for children suffering from Asthma to accurately detect the presence of wheezing in young children and to remove the unpredictability of potential misdiagnosis.
- In March 2021, in US and Mexico ‘AstraZeneca PLC initiated a Phase 3 clinical trial to evaluate the safety and effectiveness of budesonide/glycopyrronium/formoterol inhalers in adolescents and adults with chronic asthma inadequately controlled with standard care. The will trial will be completed in September 2023.
- In May 2022, ‘Alkem’ introduced its first inhalation device, “Innohaler”, for asthma and COPD and asthma patients.
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Key Segments Profiled in the Respiratory Inhalers Devices Industry Survey:
By Product:
- Dry Powder Inhalers
- Metered Dose Inhalers
- Nebulizers
- Compressed Air Nebulizers
- Ultrasonic Nebulizers
- Mesh Nebulizers
By Technology:
- Manually Operated Inhaler Devices
- Digitally Operated Inhaler Devices
By Disease Indication:
- Asthma
- Chronic Obstructive Pulmonary Disease
- Pulmonary Arterial Hypertension
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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