Valley Cottage, NY, November 28, 2017 (Newswire.com) - Future Market Insights (FMI) presents revised forecast and key insights on the global respiratory inhaler devices market over the forecast period (2017-2027). Various factors that are influencing the market as well as other demand-driving factors are taken into account, while carrying out the revisions. In terms of value, the global respiratory market is estimated to expand at healthy single-digit CAGR during the assessment period, revised from the previous 4.3% CAGR.
Rising prevalence of COPD, asthma as well as other respiratory diseases, particularly among geriatric and paediatric population is the key factor that is fueling the growth of the market.
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Drivers and Restraints
Focus of manufacturers on developing market share and improving healthcare sector in developing economies also strategic alliance are some other major driving factors of the market. Moreover, gush in demand for respiratory inhaler devices in almost all moderate and acute COPD and asthma conditions due to growing disposable income and rising health awareness is expected to positively affect the sales of respiratory inhaler devices throughout the forecast period.
However several key factors that are hampering the growth of the market include, complications and side effects, lack of awareness among people, high costs of inhaler as well as lack of unique effective drug for all type of respiratory symptoms. Presently combined therapies provide more related benefits like increased efficacy, reliability in use for complex patients as well as favorable reimbursement policies related with the therapy. Therefore, patients with critical respiratory diseases are preferring adoption of such kind of processes. However, the cost for combined treatments are comparatively more than that of conventional therapies. Rising applications of recently developed triple combination therapy for COPD patients are anticipated to fuel the growth of the global respiratory inhaler devices market in foreseeable period.
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Market Analysis Based on Product Type
The market has been segmented on the basis of various parameters such as disease indicator, region, technology as well as product type. On the basis of product type, dry powder inhaler (DPI), nebulizer and metered dose inhaler are several segments of the market. Among these, the metered dose inhaler segment is projected to procure maximum market share by the end of 2017 and also estimated to exhibit single-digit CAGR over the forecast period, in terms of value. Presently, metered dose inhaler is the key contributor to market growth in North America, parts of Asia Pacific and Europe region. In terms of value, the nebulizer segment is anticipated to witness expansion at single-digit CAGR throughout the forecast period.
North America to Retain its Dominance in Global Respiratory inhaler Devices Market
Geographically, North America is anticipated to remain dominant in the market, holding maximum share by 2017-end. In terms of value, Western Europe and North America are estimated to collectively procure nearly two-third share of the global respiratory inhaler devices market by 2017-end. Asia Pacific excluding Japan is anticipated to exhibit highest single-digit CAGR throughout the forecast period, followed by North America.
Several leading players that are operating in the market are included in the report such as Merck & Co., Inc., Boehringer Ingelheim GmbH, Cipla Ltd., Beximco Pharmaceuticals Ltd., Koninklijke Philips N.V., Teva Pharmaceutical Industries Ltd., PARI Medical Holding, OMRON Healthcare Europe B.V., GlaxoSmithKline plc, and AstraZeneca.
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Source: Future Market Insights