Respiratory Inhalers Are Estimated To Witness High Growth Owing To Increasing Prevalence Of Respirat
Author : Leena Shedmake | Published On : 22 Jan 2024
Respiratory inhalers are medical devices used for administering medication through deep inhalation into the lungs. Some of the commonly used inhalers include metered dose inhalers and dry powder inhalers. Metered dose inhalers deliver a set dose of medication with each actuation, whereas dry powder inhalers contain powdered medication that is inhaled through the mouth. Respiratory inhalers find application in the treatment of asthma and chronic obstructive pulmonary diseases (COPD) by delivering medicine directly to the airways.
The global respiratory inhalers market is estimated to be valued at US$ 41 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing prevalence of respiratory diseases around the world is a major factor driving the growth of the global respiratory inhalers market. As per data issued by the World Health Organization (WHO) in 2018, approximately 235 million people suffer from asthma worldwide. In the U.S., over 25 million people are known to have asthma, including over 6 million children as per the Centers for Disease Control and Prevention. The growing prevalence of respiratory diseases such as COPD and asthma has led to a surge in demand for effective therapies such as respiratory inhalers. Further, the increasing awareness regarding the benefits of inhalers over nebulizers is also contributing to the market growth. Respiratory inhalers provide more targeted delivery of drugs to the lungs as compared to nebulizers, reducing the required dose and side-effects. Hence, they are increasingly becoming the preferred mode of drug administration for respiratory diseases.
This increasing preference for respiratory inhalers is positively impacting their adoption and expected to drive the market growth over the forecast period.
SWOT Analysis
Strength: Respiratory inhalers provide quick relief to asthma and COPD patients in emergency situations. They are easy to use and portable which makes them very convenient for patients. Inhalers come in different forms like dry powder, metered dose, and soft mist which gives patients options based on their condition and preference.
Weakness: Over-reliance on inhalers can reduce patients' physical activity and exercise levels as they become dependent on quick medication. Frequent use of certain types of inhalers like corticosteroids also exposes patients to increased risks of side effects like oral thrush and hoarseness of voice.
Opportunity: Growing pollution levels and changing lifestyles have contributed significantly to the rising prevalence of respiratory diseases. This makes respiratory inhalers a growing market opportunity. Technological innovations are leading to development of smart inhalers which can track medication use patterns and send reminders.
Threats: Increased availability of generic medications poses pricing pressure on major brands. Stringent regulations around safety and efficacy of inhaler devices also drive up compliance costs for manufacturers. The Covid-19 pandemic has disrupted supply chains and production for some period.
Key Takeaways
The Global Respiratory Inhalers Market Size is expected to witness steady growth over the forecast period owing to the rising cases of asthma and COPD worldwide.
North America currently dominates the market due to high disease prevalence and presence of major players. However, the Asia Pacific region is projected to grow at the fastest pace led by countries like India and China on account of expanding patient pools and improving access to healthcare.
Key players operating in the respiratory inhalers market include GlaxoSmithKline, Merck, Boehringer Ingelheim, AstraZeneca, 3M, Sunovion Pharmaceuticals, Novartis, and Cipla. GlaxoSmithKline leads the global market with its portfolio of inhalers under brand names such as Ventolin, Seretide, and Budesonide. Merck also enjoys a significant share backed by popular products like Pulmicort and Spiriva. Innovation remains key for top companies to consolidate their positions amid rising competition.
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