by Respiratory inhalers are medical devices used for delivering medication to the lungs to relieve symptoms and aid management of respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD). Dry powder inhalers (DPIs) and metered dose inhalers (MDIs) are the commonly used types for delivering medications like bronchodilators and corticosteroids. The global respiratory inhalers market has witnessed significant growth in recent years on account of the rising prevalence of respiratory diseases worldwide due to increasing pollution levels, growing number of smokers and aging population. Asthma is one of the most common chronic diseases affecting over 339 million people globally. Meanwhile, COPD affected over 329 million people in 2020 and is projected to be the third leading cause of death by 2030.
The global respiratory inhalers market is estimated to be valued at US$ 35 billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The respiratory inhalers market is driven by the rising prevalence of respiratory diseases as highlighted in the heading. As per the World Health Organization, respiratory diseases accounted for over 6% of global deaths in 2020. With growing pollution levels, aging population and changes in lifestyle leading to sedentary habits, the incidences of asthma and COPD cases are surging worldwide. This Rising prevalence of respiratory disorders is fueling the demand for respiratory inhalers for effective disease management.
Another major driver for the market is increasing sales of generic respiratory inhalers. Patent expiration of blockbuster respiratory drugs in the past decade has led to increased availability of low-cost generic devices. This has made respiratory inhalers more accessible to patients globally. Furthermore, pharmaceutical companies are focused on developing novel respiratory inhalers with improved efficacy and user-friendliness to increase compliance for better clinical outcomes. This is expected to present lucrative growth opportunities for market players over the forecast period.
Segment Analysis
The global respiratory inhalers market is dominated by the dry powder inhalers sub-segment. Dry powder inhalers sub-segment accounts for over 60% of the market share owing to its advantages over other type of inhalers such as Metered Dose Inhalers (MDIs). Dry powder inhalers ease inhalation, require less coordination compared to pressing down on an inhaler, tend to be more compact, and prevent the chemical taste some patients report with MDIs.
PEST Analysis
Political: Trade agreements between nations are simplifying regulatory requirements and increasing market access.
Economic: Rise in healthcare expenditure globally with growing aging population is driving the demand for respiratory inhalers market.
Social: Growing air pollution and passive smoking is leading to increase in respiratory diseases which needs treatments through respiratory inhalers.
Technological: Novel drug delivery mechanisms and use of sensor technologies in inhalers help optimize drug dosage and ease of use.
Key Takeaways
The Global Respiratory Inhalers Market Growth is expected to witness high owing to rising sedentary lifestyle and environmental pollution. The global respiratory inhalers market is estimated to be valued at US$ 34.8 billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
The Asia Pacific region is expected to witness fastest growth in the market over the forecast period. Rising healthcare infrastructure, increasing spending on healthcare, and growing consumer awareness about respiratory diseases are fueling the growth of respiratory inhalers market in Asia Pacific region.
Key players operating in the respiratory inhalers market are GlaxoSmithKline Plc, Boehringer Ingelheim GmbH, AstraZeneca plc, Cipla Inc., OMRON Healthcare Europe B.V., Koninklijke Philips N.V., PARI Medical Holding, and Beximco Pharmaceuticals Ltd. GlaxoSmithKline Plc leads the respiratory inhalers market owing to its diverse product portfolio and strong distribution channels globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
