Report Ocean has recently published a new research study on the global COPD and asthma devices market. According to the study, the market is expected to exhibit strong growth potential over the period from 2020 to 2027. The report is titled “Global COPD and Asthma Devices Market Size study, by Product Type (Inhalers and Nebulizers), by Indications (Asthma and Chronic Obstructive Pulmonary Disease (COPD)), by Distribution Channel (Retail Pharmacies, Hospitals and Online Pharmacies) and Regional Forecasts 2020-2027,” and it has been prepared by carrying out an in-depth assessment of this market based on its past and current performance and future prospects.
According to the research report, the global COPD and asthma devices market stood at US$36.9 bn in 2019. The market is further anticipated to rise at a CAGR of more than 4.3% over the forecast period from 2020 to 2027.
Rising Prevalence of Respiratory Disorder to Support Market’s Growth
Chronic obstructive pulmonary disease (COPD) and asthma devices are a long-lasting treatment or rescue therapy for respiratory diseases. With the rising prevalence of respiratory disorders in human being, owing to daily exposure to environmental pollution and surge in the number of active smokers, the demand for COPD and asthma devices has recorded a multifold increase. A per the Forum of International Respiratory Societies (FIRS), every year, approximately 384 million people suffer from COPD and almost 3 million individuals die from it, thereby, making it the third leading cause of death across the world. Going forward, the upswing in the prevalence of other chronic respiratory diseases, such as emphysema, and the increasing need for rescue medication during sudden asthmatic attack are expected to create lucrative growth opportunities for market players in the years to come.
In addition, the presence of favorable reimbursement policies and an increase in government awareness programs are likely to support the global market for COPD and asthma devices over the forthcoming years. On the flip side, the rise in price competition and the deterioration of material quality, along with the high cost incurred in the overall treatment of asthma may pose a challenge to the market’s growth in the near future.
Impact of Covid 19 on Global COPD and Asthma Devices Market
Like many other markets, the global COPD and asthma devices market has also been impacted by the Coronavirus pandemic. The economic slowdown has reduced the investment in research activities, which is reflected on the growth of this market. However, researchers expect that the market will begin to recover soon and regain its momentum.
North America Emerges as Market Leader
The research report also presents a regional assessment of the global COPD and asthma devices market. As per the research study, the market is spread across Asia Pacific, North America, Europe, Latin America, and the Rest of the World. The leading regional market for COPD and asthma devices is North America. The widespread usage of inhalers and nebulizers and the presence of a large pool of patients suffering from respiratory diseases are some of the main factors that have been supporting the North America market for COPD and asthma devices.
The global COPD and asthma devices market is segmented into:
By Product Type
By Distribution Channel
Companies Mentioned in the Report