The global respiratory inhaler devices market is on track for substantial growth over the coming decade, with estimations pointing to a remarkable rise to USD 60,114.7 million by 2033 from USD 37,258.5 million in 2023. This surge reflects a robust Compound Annual Growth Rate (CAGR) of 4.90% during the forecast period.
The escalating prevalence of respiratory diseases worldwide is a key driver behind this growth, fueling a heightened demand for advanced and efficient respiratory care solutions. As global incidences of chronic respiratory conditions like asthma and Chronic Obstructive Pulmonary Disease (COPD) continue to climb, the market for inhaler devices is experiencing concurrent expansion.
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Inhaler devices play a pivotal role in providing relief and managing symptoms for millions affected by respiratory conditions. Their evolving technology and accessibility are pivotal in enhancing patient outcomes and improving quality of life across diverse demographic and geographic segments.
Key market players are focusing on research and development initiatives to introduce next-generation inhaler devices that are user-friendly, portable, and technologically advanced. This strategic approach aims to address the evolving needs of healthcare providers and patients while ensuring efficient management of chronic respiratory diseases.
As the global healthcare landscape evolves, stakeholders in the respiratory inhaler devices market are poised to capitalize on opportunities arising from technological innovations and increasing healthcare expenditures worldwide.
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.
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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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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