Respiratory inhalers are medical devices used for delivering medicated drugs to the lungs in order to treat or prevent diseases such as asthma, chronic obstructive pulmonary disease (COPD), and other respiratory illnesses. There are mainly three types of inhalers available in the market – metered dose inhalers (MDIs), dry powder inhalers (DPIs), and soft mist inhalers. MDIs are the most commonly prescribed type and work by releasing a short burst of medication mist for inhalation. They are prescribed for conditions like asthma, COPD, and bronchospasm.
The global respiratory inhalers market is estimated to be valued at US$ 36 billion 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.
The global respiratory inhalers market is driven by the growing prevalence of respiratory diseases worldwide. As per the Global Asthma Report 2018, around 339 million people were suffering from asthma in 2018 globally. Similarly, according to the World Health Organization (WHO), around 4 million people die every year due to COPD. The increasing risk factors for respiratory diseases such as rising air pollution, smoking, and growing geriatric population are further contributing to the high disease burden. This is expected to propel the demand for respiratory inhalers for disease treatment as well as management.
Market Dynamics:
The aforementioned opportunity of growing prevalence of respiratory diseases is a key driver propelling growth of the respiratory inhalers market. As per the WHO, 80% of COPD deaths occur in low and middle-income countries indicating high disease prevalence. This creates opportunity for stakeholders to focus on developing as well as underdeveloped markets to tap the unmet needs. Another driver for the market is increasing awareness regarding inhaler therapy. Various non-profit organizations and pharmaceutical companies are undertaking initiatives to educate patients as well as doctors regarding proper usage and adherence to inhaler treatment. This is expected to boost the adoption of respiratory inhalers during the forecast period.
Segment Analysis
The global respiratory inhalers market is segmented on the basis of product, technology, disease indication, distribution channel, and region. Based on product, the market is segmented into dry powder inhalers and metered dose inhalers. Among these, the dry powder inhalers segment dominates the market and this is expected to continue over the forecast period due to the ease of use of these inhalers.
PEST Analysis
Political: Government initiatives and regulations promoting awareness about respiratory diseases and their treatment options are expected to drive the market growth. Governments provide subsidies to make treatment affordable.
Economic: Rising income levels and growing health insurance coverage are increasing spending on healthcare and treatment options. High incidence of respiratory diseases also impacts productivity and national economy.
Social: Growing pollution levels, changing lifestyles leading to sedentary habits and smoking are increasing incidence of respiratory ailments. Hence, social awareness and preventive measures can impact market demand.
Technological:ongoing R&D is leading to development of smart inhalers with sensors and mobile-connectivity. These provide dose tracking and improved adherence to medication regimen.
Key Takeaways
The Global Respiratory Inhalers Market Growth is expected to witness high over the forecast period till 2030 on account of growing air pollution levels and high prevalence of respiratory diseases.
Region-wise, Asia Pacific dominates the market currently and is expected to maintain its lead position over the forecast period. This can be attributed to rising pollution and growing awareness in developing countries of the region.
Key players operating in the respiratory inhalers market are GlaxoSmithKline, Boehringer Ingelheim, AstraZeneca, Merck & Co., Novartis. GlaxoSmithKline has a strong brand presence and product portfolio with respiratory drugs and inhalers such as Advair, Ventolin, Seretide. Boehringer Ingelheim’s Spiriva brand has a dominant share in the COPD segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
