Product ID: SQMIG35B2075
Report ID: SQMIG35B2075 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 60 | Figures: 69
COPD and Asthma Devices Market was valued at USD 38.4 billion in 2021 and 40.28 in 2022, and it is expected to reach a value of USD 59.06 billion by 2030, at a CAGR of 4.9% over the forecast period (2023–2030).
Chronic obstructive pulmonary disease (COPD) is an inflammatory illness that prevents airflow from the lungs. Shortness of breath, wheezing, chest tightness, a persistent cough that produces mucus or not, recurrent colds, and sore throats are some of its early signs. On the other hand, asthma, usually referred to as bronchial asthma, is a respiratory condition that damages the lungs' airways. Breathlessness, heaviness in the chest, difficulty sleeping, and episodes of coughing or wheezing are some of its symptoms. Different devices that aid in the delivery of inhaled medicine are used to treat certain respiratory disorders. Devices for COPD and asthma, also known as pulmonary medication delivery devices, are used to treat respiratory disorders permanently or as a last resort. Devices for chronic obstructive pulmonary disease (COPD) and asthma help in medication delivery by turning drug suspensions or solutions into aerosolized particles. They are getting greatly popular worldwide. An increase in the prevalence of asthma and COPD, as well as technological developments and a rising elderly population, are the main drivers of market expansion. The demand for these devices has grown as a result of the significant rise in asthma prevalence and incidence, which has expanded the patient population.
US COPD and Asthma Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global COPD and Asthma Devices Market is segmented based on the product type, indication, distribution channel, and region. Based on product type, global COPD and Asthma Devices Market is bifurcated into Inhalers and Nebulizers. According to indication, COPD and Asthma Devices Market is segmented into Asthma and Chronic Obstructive Pulmonary Disease (COPD). According to distribution channel, COPD and Asthma Devices Market is categorized into Retail Pharmacies, Hospitals and Online Pharmacies. Based on Region, COPD and Asthma Devices Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
COPD and Asthma Devices Market Analysis by Product Type
The market is divided into inhalers and nebulizers based on the type of device. Furthermore, the inhalers segment consists of soft mist inhalers, metered dose inhalers, and dry powder inhalers (DPIs) (SMIs). However, the nebulizers segment also includes compressor nebulizers; nebulizers that use ultrasound, and nebulizers that use mesh. The inhalers segment held largest market share in 2021 especially the dry powder inhalers segment. This can be attributed to its effectiveness in treating ailments including COPD, bronchitis, and asthma. DPI, which releases a dry pharmaceutical powder rather of a liquid mist, is anticipated to have a sizable market share in 2021. Also, when treating COPD and asthma, the inhalation route is the quickest and most efficient way to deliver drugs to the respiratory system. This segment is also expected to grow at a substantial rate during the forecast period.
COPD and Asthma Devices Market Analysis by Indication
The Asthma segment held the dominant market share in 2021. Asthma is the most prevalent chronic illness in children and is a serious noncommunicable disease (NCD) that affects both children and adults. Adult women are more likely than adult men to have asthma in the US. Some of the factors driving the segment growth include the rising incidence of asthma in the world, as well as government and non-profit organisations' efforts to raise awareness and businesses' R&D efforts to advance asthma device technology. For instance, the first generic version of Symbicort (budesonide and formoterol fumarate dihydrate) Inhalation Aerosol was approved by the US Food and Drug Administration in March 2022 for the treatment of two common pulmonary health conditions, including asthma in patients six years of age and older. Consequently, the aforementioned elements are working together to fuel the development of the segment throughout the forecast period. Asthma segment is expected to grow at a substantial CAGR during the forecast period.
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North America dominated the Global COPD and Asthma Devices Market in 2021 on account of the increased prevalence of asthma and COPD together with a developed healthcare system and growing public awareness. According to the Asthma and Allergy Foundation of America (AAFA), around 1 in 13 Americans (or about 25 million individuals) had asthma in 2021, and 11 people died from the condition every day. The market is anticipated to have considerable expansion in the next years as a result of the high death rates linked to asthma and rising investment in asthma treatment in this nation. Additionally, the presence of significant market players and the development of product technologies are promoting market expansion in the area.
Asia Pacific Region is expected to witness growth at a high CAGR during the forecast period. This can be attributed to an increase in disposable income, rising healthcare costs, and growing knowledge of cutting-edge portable COPD and asthma equipment. Furthermore, the rise in active smokers and knowledge of the therapy for COPD, as well as the rising need for medication delivery systems is expected to boost the market growth of COPD and Asthma devices in this region.
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COPD and Asthma Devices Market Driver
The prevalence of respiratory conditions including COPD, asthma, and emphysema is on the rise. Additionally, there is a growing need for short-term, effective treatment as well as a growing requirement for rescue medication during abrupt asthmatic attacks. Additionally, the government's measures to raise awareness of the signs of COPD and asthma, as well as manufacturers' increased focus on the development of innovative, portable inhalation devices, are anticipated to spur market expansion.
COPD and Asthma Devices Market Restraint
The market growth is anticipated to be constrained by elements like environmental issues related to metered dosage inhalers (MDI), high costs of various inhalation devices and treatments, increased price competition, and deteriorating material quality. Additionally, poor reimbursement support and the patent expiry of blockbuster medications hinder market expansion.
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Global COPD and Asthma Devices Market is highly competitive and fragmented due to the presence of a few prominent players. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Major players include AstraZeneca, Boehringer Ingelheim, GlaxoSmithKline, Merck & Co. and Philips Healthcare among others. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
COPD and Asthma Devices Market Top Player's Company Profiles
COPD and Asthma Devices Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global COPD and Asthma Devices Market analysis, the growth of the market is driven by factors such as increased population susceptibility to indoor air pollutants, mobility of medication delivery devices, rise in the population of active smokers, and rise in the number of surgeries. In the near future, it is projected that increased usage of smart inhaler devices will offer a profitable growth potential for the industry. These devices are more intuitive, encourage patient engagement and adherence, and increase treatment efficacy.
|Market size value in 2021||USD 38.4 billion|
|Market size value in 2030||USD 59.06 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global COPD and Asthma Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global COPD and Asthma Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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