Asthma Inhaler Devices – Industry Insights
Air pollution is at its worst at present and millions of people suffer from various respiratory diseases due to this. One of the most common ailments related to breathing is asthma. Its prevalence has increased dramatically in the last few years which in turn has proven to be beneficial for the global asthma inhaler devices market forecast. Based on the research, the Asthma Inhaler Device Market is expected to grow at a CAGR of 6.42% during the forecast period. The market is also expected to reach a revenue of USD 19677.54 million by the end of 2022-2030.
Asthma is an inflammatory ailment that causes problems in breathing. A person stricken by asthma can find it hard to breathe when exposed to various external elements like ragweed, pollen, animal dander, chemical fumes and smoke. The symptoms of this disease can be characterized as incessant coughing, inability to draw breaths and a peculiar constricting sensation in the chest. In this disease, the inner walls of the asthmatic airways get swelled up and due to it the respiratory tract becomes vulnerable to irritations.
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On a global level, the air pollution level is at an all-time high, the government is yet to find a plausible solution for this issue. Due to this, it can be confidently asserted that the worldwide market for asthma inhaler devices will progress efficiently over the forecast period. Statistics show that the market will generate a wholesome revenue by the end of the forecast period. The CAGR for this term is calculated to be around 6.42%.
Currently, children and old people are the most susceptible to this disease. If young kids get this disease they might end up losing their productivity and to avoid this parents use asthma inhaler devices to keep their little one’s condition stable. This fact works like a charm for this market and helps it to expand its reach.
Additional factors that further benefit the market are the rise in the demand for metered dose inhalers, higher investments in the healthcare sector and increased awareness regarding lung diseases.
Market Segmentation
The worldwide market for asthma inhaler devices has been trifurcated. All these three segments have a sub-segment each respectively and they have been listed as below:
End users – Research institutes, hospitals and clinics.
Device types – MDI with a spacer, metered dose inhaler and dry powder inhaler. Amongst these, meter dose inhaler grabs the largest chunk of the market share with around 70%.
Technologies – Digitally operated inhaler devices and manually operated inhaler devices.
Comprehensive Regional Analysis
The asthma inhaler devices market has its reach across various verticals of the globe. Over the years it has successfully established its dominance in various regions like Americas, Asia Pacific, Europe and Rest of the World.
Americas has the upper hand out of all the above mentioned regions. It accounts for the maximum market shares. Its lead can be mainly attributed to a recent survey that suggested that nearly 7.8% of the population was struggling with asthma in US alone. Furthermore, this market will observe expansion due to the presence of major market players and higher investments in the healthcare sector.
Industry News
March 27, 2018 – Adherium a renowned medical equipment manufacturer has bagged a crucial approval from the FDA. It got a heads up from FDA for its new product Smartinhaler sensor which is an aerosol asthma inhaler to be sold over the counter. This development is supposed to positively impact the market’s progression.
Market Players & Key Strategies
Some of the most successful brands of this market can be listed as Aristopharma Ltd, Intas Pharmaceuticals, GlaxosmithKline Plc., Merck & Co Inc., SRS PHARMACEUTICALS PVT LTD.
All of these players have to keep adapting to new technologies and employ various tactics to ensure that they stay ahead of competition. Apart from that they also undertake certain growth strategies like acquisitions, strategic alliances and investment in research and development activities.
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