COPD and Asthma Devices Market Size, Share, Growth Analysis, By Product Type(Chronic Obstructive Pulmonary Disease (COPD) and Asthma), By Indication(Retail Pharmacies, Hospitals and Online Pharmacies) - Industry Forecast 2024-2031

COPD and Asthma Devices Market was valued at USD 38.4 billion in 2019 and it is expected to grow from 40.28 in 2019, to USD 59.06 billion by 2031, at a CAGR of 4.9% during the forecast period (2024-2031).

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. 'Smith’s Group PLC', 'GF Health Products', '3M Company', 'Aerogen, Inc.', 'Baxter International Inc.', 'Koninklijke Philips N.V. (Philips)', 'Novartis AG', 'PARI medical Holding GMBH', 'Omron Healthcare', 'Invacare Corporation', 'Cipla Ltd.', 'Consort Medical', 'Gerresheimer', 'NYPRO'

Growing Prevalence of Different Respiratory Conditions

Clinical pharmacy has a lot of opportunities with digital inhalers. Inhalers have long been a go-to for those with chronic respiratory illnesses. They constitute an interesting therapeutic option since they can administer medication directly to the lungs and avoid systemic adverse effects. Medical professionals still have trouble treating COPD and asthma (COPD). Inhaler efficacy may be lowered by poor adherence and incorrect technique. Incorrect inhaler technique and non-adherence are associated with worsening dyspnea, deteriorating health, and exacerbations of existing conditions.

North America dominated the 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.