by Respiratory inhalers are medical devices used to deliver medication to the lungs to provide relief and control symptoms for patients suffering from asthma, COPD and other respiratory diseases. They help deliver drugs such as corticosteroids, bronchodilators through the mouth to facilitate easy breathing. Growing prevalence of asthma and COPD worldwide coupled with severity of symptoms experienced by patients is fueling the demand for respiratory inhalers.
The global Respiratory Inhalers Market is estimated to be valued at US$ 35 billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing cases of asthma and COPD around the world has been a key driver propelling the respiratory inhalers market. As per WHO, asthma currently affects an estimated 262 million people globally and if left uncontrolled can limit one’s daily activities leading to periodic attacks. Similarly, over 383 million people suffer from COPD worldwide with death toll projected to increase in coming years. With advancement in portable inhaler devices and availability of different drugs and formulations, majority of patients are opting for inhalers for maintenance and quick relief of respiratory symptoms fueling market revenues. However, factors such as high costs, complex regimen and lack of medical access in developing nations continue to hinder widespread adoption of inhalers to some extent.
SWOT Analysis
Strength: Respiratory inhalers provide efficient drug delivery and ease of use for asthma and COPD patients. They allow for quick relief during asthma attacks.
Weakness: High cost of new smart inhalers and regulatory compliance for approval of new products. Dependence on reimbursement policies for prescription devices.
Opportunity: Rising global prevalence of respiratory diseases drives the need for preventive medications and devices. Developing regions show high market growth potential.
Threats: Increased availability of generic drugs and alternative delivery methods pose pricing and competition challenges. Stringent norms around quality and safety could increase production costs.
Key Takeaways
The Global Respiratory Inhalers Market Size is expected to witness high growth.
North America currently dominates the market due to high disease burden and enhanced healthcare penetration. However, Asia Pacific is poised to emerge as the fastest growing region over the forecast period driven by increasing pollution levels, smoking rates and sedentary lifestyles in populous nations like China and India.
Key players operating in the respiratory inhalers market are GlaxoSmithKline, Boehringer Ingelheim, Merck, AstraZeneca, 3M, Novartis, Cipla, Sunovion Pharmaceuticals and MannKind Corporation. GlaxoSmithKline leads the global inhalers market with its popular brands like Advair, Ventolin and Seretide. Boehringer Ingelheim holds a strong position with Spiriva and Stiolto medications. The market is characterized by intensive R&D around digital monitoring devices and breath-actuated technologies for enhanced patient compliance.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
