Market Overview:
Respiratory inhalers are medical devices commonly used for delivering medication to the lungs to provide relief and control several respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD). Metered dose inhalers, dry powder inhalers, and nebulizers are some of the commonly used types of respiratory inhalers. They help in treating diseases by deep lung albuterol or asthma preventer medication delivery to the airways. Improved accuracy and effectiveness of self-administered doses make respiratory inhalers useful for managing respiratory disorders during emergencies and everyday needs.
Market key trends:
One of the key trends in the Respiratory Inhalers Market Demand is the growing preference for smart respiratory inhalers. Smart inhalers are integrated with sensors and mobile applications to record usage data and provide feedback to patients. They help monitor medication adherence and address issues to improve health outcomes. Furthermore, increasing awareness about various respiratory diseases and rising air pollution levels globally are also expected to drive the demand for easy-to-use and effective respiratory inhalers. Technological advancements focusing on portable nebulizers, innovative propellant-free inhalers, and customizable doses are some other trends gaining traction in the market.
Porter’s Analysis
Threat of new entrants: Low. Require high capital investment and established distribution channels. Strict regulatory requirements also present barriers.
Bargaining power of buyers: Moderate. Presence of many global players limits buyer power. However, availability of generics exerts pricing pressure.
Bargaining power of suppliers: Low. Industry dependent on few raw material suppliers but their market share is insignificant against industry majors.
Threat of new substitutes: Low. Respiratory inhalers have strong brand recognition and patient familiarity. Alternatives limited by safety and efficacy concerns.
Competitive rivalry: High. Global players compete on the basis of new drug developments, promotional activities and pricing.
Key Takeaways
The global Respiratory Inhalers Market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period 2023 to 2030, due to increasing prevalence of respiratory diseases. North America dominates the market due to favorable reimbursement policies and rising awareness about respiratory disorders.
The global Respiratory Inhalers Market size for 2023 is estimated at US$ 29.55 Bn. The market is driven by growing geriatric population suffering from chronic respiratory conditions and increasing pollution worldwide. Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to rising environmental pollution and expanding patient pool in China and India.
Key players operating in the respiratory inhalers market are AstraZeneca Plc, Beximco Pharmaceuticals Ltd., Boehringer Ingelheim International GmbH, Cipla Ltd, GSK Plc, Koninklijke Philips NV, OMRON Corp, OPKO Health, Inc, PARI Respiratory Equipment, Inc., and Teva Pharmaceutical Industries Ltd. These players are engaged in new product launches and acquisitions to strengthen their market position.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
