Asthma and COPD Devices Market size in 2019 is estimated to be $35 billion, growing at a CAGR of 4.3% during the forecast period 2020-2025. Asthma and COPD (chronic obstructive pulmonary disease) are types of chronic inflammatory lung disorder that cause breathing problems and narrows the airways. Asthma and COPD have similar symptoms such as chronic coughing, wheezing, and shortness of breath. To treat these disorders inhalers and nebulizers are commonly used devices to get medicine into your lungs. Increasing prevalence of respiratory disorders such as asthma and COPD are the major factors driving the growth of the market. Moreover, a growing development of advanced portable inhalation devices further enhance the overall market demand for Asthma and COPD Devices during the forecast period 2020-2025.
Asthma and COPD Devices Market Segment Analysis – By Product Type
Based on the Product Type, Asthma and COPD Devices Market is segmented into Inhaler, Nebulizer. The inhaler segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 3.7% during the forecast period 2020-2025. This is mainly owing to growing demand for inhaler among geriatric populations and the rise in geriatric population who are having respiratory disorders. Moreover, inhalation route is more fast and effective method to deliver medication to respiratory system further contributing to the growth of this segment.
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Asthma and COPD Devices Market Segment Analysis – By Indication
Based on the Functionality, Asthma and COPD Devices Market is segmented into Asthma, Chronic Obstructive Pulmonary Disease (COPD). In 2019, Asthma held the largest share in the Asthma and COPD Devices market. This is mainly owing to rising number of asthma patients worldwide. Moreover, manufacturers are focusing on development of advanced asthma devices further contributing to the dominance of this segment.
Asthma and COPD Devices Market Segment Analysis – By Geography
North America dominated the Asthma and COPD Devices market share accounting for 38% of the market in 2019. This is mainly owing to increasing geriatric population in this region coupled with increasing prevalence of both diseases. According to the Centers for Disease Control and Prevention (CDC), in United States around 19.2 million (7.7%) adults aged 18 and over had asthma in 2018.
However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing healthcare expenditure and growing awareness about treatment of respiratory diseases.
Asthma and COPD Devices Market Drivers
Increasing prevalence of Respiratory Disorders
According to World Health Organization (WHO), globally around more than 339 million people are living with asthma. Increasing prevalence of asthma and COPD Chronic Obstructive Pulmonary Disease globally are some factors driving the growth of Asthma and COPD Devices market. Moreover, rising expenditure on healthcare is also set to increase the market growth.
Growing Technological Advancement
Growing advancement in technology of advance portable inhalation are some factors driving the growth of the market. R&D activities of companies are increasing to meet the rise in demand with increase of these diseases. Thus the developments in asthma device technologies are further contributing to the segment growth.
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Asthma and COPD Devices Market Challenges
Presence of low quality products and rise in price competition are challenging the growth of the market. Moreover, stringent government regulations for product approval are further restraining its market growth during the forecast period 2020-2025.
Asthma and COPD Devices Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Asthma and COPD Devices Market. Asthma And COPD Devices top 10 companies are Philips Healthcare, Merck & Company, Novartis AG, Smith’s Group Plc., PARI Pharma, GF Health Products, Boehringer Ingelheim GmbH, AstraZeneca Plc, Omron Healthcare, and 3M Company.
Asthma and COPD Devices Market Developments:
In January 2020, Aptar Pharma, a global leader in drug delivery systems has partnered with Lupin to launch India’s first connected device for metered-dose inhalers (MDI) called ADHERO for respiratory disorder such as asthma.
In April 2016, 3 M, launched an Intelligent Inhaler for COPD, Asthma.
In 2019, North America dominates the Asthma And COPD Devices Market owing to increasing prevalence of asthma and COPD diseases in this region.
Increasing government initiatives and rising awareness about asthma and COPD devices are driving the market growth of Asthma And COPD Devices.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Asthma and COPD Devices Market report.
Presence of low quality products and rise in price competition are challenging the growth of the market.
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