The Global Respiratory Inhalers Market is estimated to reach over USD 61.29 billion by 2030, exhibiting a CAGR of 6.7% during the forecast period
Respiratory inhalers are devices that are used to inhale medications that are an important part of the treatment for chronic lung diseases. Dry powder inhalers, metered-dose inhalers (MDIs), nebulizers, and soft mist inhalers are just a few of the products that deliver medicine directly to the airways. The rising prevalence of respiratory disorders has necessitated innovation in the production of respiratory inhalers. The demand for greater precision in drug delivery is allowing for greater adoption of Respiratory Inhaler Devices, particularly among asthma and chronic obstructive pulmonary disease patients (COPD). Inhalers are also being used by the growing geriatric population, who have lower immunity to chronic and pulmonary diseases. Respiratory inhalers include complimentary spacers or holding chamber devices to reduce deposition in the mouth and throat. The proposed shift to home healthcare is expected to boost the respiratory product market even further.
Moreover, the rise in air pollution levels around the world as a result of wildfires in forests, an increase in the number of vehicles, and an increase in the number of factories are the primary factors fueling the growth of the respiratory inhalers market. Increased use of fluoroscopy in pain management will also ensure rapid industry growth during the forecast period. Rapid technological development, as well as various initiatives, are undertaken by governments around the world to combat respiratory diseases by raising awareness about the symptoms and making new treatments more readily available, are providing growth opportunities for the market over the forecast period.
The global respiratory inhalers market is segmented based on products, patients, Technology, and end-users. Based on products, the market is categorized as metered dosage, dry powder inhalers, nebulizers, compressed air nebulizers, ultrasonic nebulizers, and mesh nebulizers. The other patient segment includes adults and pediatrics. By Technology, the market is categorized into manually operated inhaler devices and digitally used inhaler devices. The other end-users segment includes hospital pharmacies, retail, and online.
Based on Technology, the digitally operated inhaler devices segment is accounted as a significant contributor to the global respiratory inhalers market.
The digitally operated inhaler devices category is expected to hold a major share in the global respiratory inhalers market in 2021. This is attributed to the technological advancements in respiratory inhalers. Interactive digital inhalers with advanced sensors and Artificial Intelligence (AI) Technology are being rolled out to help users manage their illnesses by providing guided instructions and recording user data. The integration of conventional digital inhalers and AI-enabled machine learning algorithms ensures that patients receive timed instructions and audio-visual signals to properly use the inhaler and take the prescribed medication regularly to avoid asthma attacks. In addition to asthma, an AI-enabled drug delivery mechanism has enormous potential in the treatment of COPD and other pulmonary ailments. The U.S. is the most influential regional market for the digital segment, accounting for 42.5% of the global sales in 2020.
The hospital Pharmacies segment recorded growth at a rapid rate
Due to rising awareness of technical improvements in inhaler devices, the hospital pharmacies sector of the worldwide respiratory inhalers market is anticipated to expand quickly. Rapid expansions in the healthcare infrastructure and improved access to healthcare services are anticipated to be key drivers of the growth of the hospital pharmacies market in emerging economies over the course of the forecast period, as will an increase in public-private partnerships to improve access to healthcare services.
In the region, the North American respiratory inhalers market holds a significant revenue share.
The North American respiratory inhalers market is expected to register the highest market share in terms of revenue over the forecast period. An increase in number of asthma cases, as well as the presence of well-known players, are expected to drive the growth of the respiratory inhalers market in this region. The region's high healthcare spending is another important factor driving growth.
Moreover, the U.S. is one of the world's largest respiratory inhaler device markets for medical devices, making it a lucrative pocket for respiratory inhaler device manufacturers. According to SelectUSA, the U.S medical device market accounted for 40% of the global Respiratory Inhaler Devices market in 2018. Favorable healthcare policies, combined with high per capita healthcare spending, have created a favorable environment in the U.S. for the adoption of respiratory inhaler devices. Moreover, the presence of major players such as Merck & Co. is boosting growth in the U.S. These companies' strategies include product launches and expansion plans, which will continue to aid overall expansion in the U.S. Besides, Asia Pacific had a substantial share in the market due to the increased geriatric population, rising awareness of pulmonary diseases, and enhanced healthcare spending in the region.
Major key players in the global respiratory inhalers market are GlaxoSmithKline, Novartis, Boehringer Ingelheim, Cipla, AstraZeneca, Propeller Health, Beximco Pharmaceuticals (Beximco Pharma), H&T Presspart, Cohero Health, CHIESI Farmaceutici, Mundipharma, 3M, HELTMAN Medikal, Adherium, Luckys Pharma, Amiko Digital Health, Teva Pharmaceutical Industries, Vectura Group, PULMOTREE MEDICAL GmbH, and Vapo Health.