by Respiratory inhalers are medical devices used for delivering medication to the respiratory tract. Dominant respiratory inhalers include dry powder inhalers (DPIs), metered dose inhalers (MDIs) and soft mist inhalers. Inhalers are commonly prescribed to treat respiratory diseases such asthma and COPD. Asthma prevalence rates have been rising globally, especially in children. 1 in 13 children are estimated to have asthma currently. Respiratory inhalers improve symptoms, increase lung function and prevent asthma attacks. They offer more effective and targeted delivery of drugs compared to oral tablets. Newer smart inhalers are integrated with digital sensors to record usage data and ensure correct inhalation technique.
The global Respiratory Inhalers Market is estimated to be valued at US$ 34.05 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The major trend in the respiratory inhalers market size is the shift towards development of connected digital inhalers. Smart inhalers are integrated with sensors and Bluetooth connectivity to record usage data and monitor patient adherence. Data is transmitted to physicians to track therapy effectiveness. This allows for remote monitoring and timely interventions. Newer models also offer feedback and incentives to patients via mobile applications. Major players are focused on gaining FDA approvals for such smart digital inhalers. For instance, Adherium received FDA approval for its smart inhaler sensors to be integrated with existing MDI and DPI devices. Solitaired’s AIRA smart inhaler also received clearance to help asthma and COPD patients track medication use. Growing adoption of digital connected platforms is expected to drive the respiratory inhalers market size over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the respiratory inhalers market is moderate. High capital requirements and availability of substitutes pose challenges for new players. However, growing demand for respiratory care products offers opportunities.
Bargaining power of buyers: The bargaining power of buyers in the respiratory inhalers market is high. Buyers can negotiate on price owing to the availability of a wide range of inhaler options from various manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key components for inhalers such as propellant gas, metering valves, and plastic components are available from a limited number of suppliers globally.
Threat of new substitutes: The threat of new substitutes is moderate. Alternative drug delivery devices and therapies pose a threat. However, inhalers offer convenience of use.
Competitive rivalry: The global respiratory inhalers market is a fairly consolidated space. Major players focus on new product launches and strategic partnerships to strengthen their market position.
Key Takeaways
The global respiratory inhalers market is expected to witness high growth over the forecast period. The global Respiratory Inhalers Market is estimated to be valued at US$ 34.05 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
North America is expected to dominate the market owing to the high incidence of respiratory disorders such as asthma and COPD. According to CDC, in 2019 around 25 million Americans were reported to have asthma. Europe is also a significant market for respiratory inhalers. Increasing air pollution levels and growing elderly population prone to respiratory illnesses will support regional market growth over the next few years.
Key players operating in the respiratory inhalers market are Simpson Strong-Tie Co., Inc., Fast-Stairs Inc., Pylex Products, Dolle USA, Universal Forest Products, Inc., Regal Ideas Inc., Arke Stairs, The Iron Shop, EZ Stairs & Century Aluminum Railings. These players majorly focus on new product development and launches to cater to the needs of various patient segments.
