Respiratory Inhalers Market Estimated To Witness High Growth Owing To Rising Prevalence Of Asthma And COPD

Purvaja Jadhao

posted on 10 months ago — updated on 2 seconds ago

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The respiratory inhalers market is estimated to be valued at US$ 29.55 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Respiratory Inhalers Market Estimated To Witness High Growth Owing To Rising Prevalence Of Asthma And COPD

Market Overview:
Respiratory inhalers are medical devices used for delivering medications to treat respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD). The commonly used inhalers include metered dose inhalers, dry powder inhalers and nebulizers. Metered dose inhalers are the most widely used devices for delivering medications like salbutamol and beclomethasone for asthma and COPD management.

Market Dynamics:
The respiratory inhalers market is driven by the rising prevalence of asthma and COPD globally. As per WHO, over 300 million people worldwide are living with asthma, and it is a leading chronic disease among children. Similarly, over 250 million people suffer from COPD worldwide. Increasing pollution levels, smoking habits and aging population are major factors contributing to the rising cases of respiratory diseases. Furthermore, development of advanced inhalation devices with added features like novel propellants, dose counters and connectivity options for better medication adherence is expected to spur the demand for respiratory inhalers over the forecast period.

SWOT Analysis

Strength: The Respiratory Inhalers Market Demand has strong growth potential due to the rising prevalence of respiratory diseases. The various product innovations making inhalers more effective and user-friendly. Growing awareness about inhalers for treating asthma and COPD positively impact the market growth.

Weakness: High costs associated with respiratory inhalers limit their adoption in low and middle-income countries. Misuse of inhalers lead to inadequate symptom relief.

Opportunity: Untapped growth opportunities in developing nations due to improving healthcare infrastructure and increasing healthcare expenditures. Rising pollution levels and growing tobacco consumption augment the market expansion.

Threats: Availability of alternative delivery modes for drugs like oral medications can hamper the market revenue. Stringent regulations for pharmaceutical products approval delays their time to market.

Key Takeaways:

The global respiratory inhalers market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing prevalence of respiratory diseases. As per reliable sources, over 300 million people were suffering from asthma in 2019. This large patient pool worldwide presents lucrative prospects.

Regional analysis - North America currently dominates the respiratory inhalers market and is projected to retain its dominance during the forecast period. This is attributed to increased healthcare expenditure, presence of advanced medical facilities and awareness about inhalers for effective disease management in the region. Asia Pacific shows high growth potential due to improving access to healthcare systems and rising healthcare budgets in developing countries.

Key players operating in the respiratory inhalers market are AstraZeneca Plc; Beximco Pharmaceuticals Ltd.; Boehringer Ingelheim International GmbH; Cipla Ltd; GSK Plc; Koninklijke Philips NV; OMRON Corp; OPKO Health, Inc; PARI Respiratory Equipment, Inc.; and Teva Pharmaceutical Industries Ltd. These companies focus on developing innovative inhalers with improved patient adherence. They also adopt strategic initiatives like partnerships, mergers, acquisitions and geographical expansion to consolidate their market presence.