Respiratory inhalers are medical devices used for delivery of medication directly to the airways and deep lungs to treat respiratory diseases like asthma and chronic obstructive pulmonary disease (COPD). Inhalers provide quick relief from symptoms and allow easy delivery of medication to the lungs.
The global Respiratory Inhalers Market is estimated to be valued at US$36.6 billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising prevalence of respiratory diseases across the globe, especially asthma and COPD has accelerated the growth of the respiratory inhalers market over the forecast period. According to the WHO, currently around 339 million people suffer from asthma globally, while 3.2 million people die annually from COPD. The increasing patient pool of respiratory diseases is expected to drive market demand. Further, technological advancements in inhalers like portable inhalers, connected digital inhalers and smart inhalers with sensors that can track patient's medication usage are also anticipated to boost growth of this market.
Segment Analysis
The global respiratory inhalers market is dominated by dry powder inhalers sub segment. Dry powder inhalers are preferred more owing to their ease of use and dose accuracy. They provide higher efficiency of drug delivery without the use water or propellants. Metered dose inhalers is another major sub segment in the market. However, high costs associated with MDI devices makes patients opt for low cost dry powder inhalers.
Key Takeaways
The Global Respiratory Inhalers Market Demand is expected to witness high growth over the forecast period.
Regional analysis: Asia Pacific region is expected to grow at the fastest pace owing to rising pollution levels, increasing consumption of tobacco and growing geriatric population in the region countries like India and China are expected to drive high demand.
Key players operating in the respiratory inhalers market are GlaxoSmithKline, Merck, Boehringer Ingelheim GmbH, Cipla Ltd, Teva Pharmaceutical Industries Ltd. GlaxoSmithKline and Boehringer Ingelheim GmbH account for the major share of the market due to their wide product portfolio and global brand presence. The companies are focusing on introducing compact and user friendly devices to gain market share.
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