Inhaler Corticosteroid Device Market Size was valued at USD 616.09 Mn in 2023 and is predicted to reach USD 886.4 Mn by 2031 at a 4.6% CAGR during the forecast period for 2024-2031.
Asthma is a disease of the entire respiratory tract, including large, intermediate, and small airways. Asthma leads to inflammation and obstruction of the respiratory tract. Hence, this has led to significant interest in the inhaler device, which is easy to use. Inhaled corticosteroid is the most commonly used tool for the treatment of asthma. The inhaler corticosteroid device market is witnessing steady growth driven by the increasing prevalence of respiratory conditions like asthma and COPD globally. Technological advancements in device design, materials, and features enhance effectiveness and patient adherence. Expanding into emerging economies and rising healthcare awareness fuels market demand.
However, the high cost of treatment, misuse of funding, and lack of awareness are some of the factors that could be improved in the growth of the market during the forecast period—the patent expirations leading to generic competition impact pricing and market share. Regulatory updates emphasize safety, efficacy, and environmental sustainability. Partnerships aim to accelerate innovation and market penetration. Focusing on patient education and support and sustainability initiatives contribute to market dynamics. Despite challenges posed by the COVID-19 pandemic, ongoing research and development efforts promise continued market evolution.
Competitive Landscape
Some of the Major Key Players in the Inhaler Corticosteroid Device Market are
- Pfizer Inc.
- GlaxoSmithKline plc
- Novartis AG
- Mylan N.V.
- Teva Pharmaceutical Industries Ltd.
- Sanofi
- Boehringer Ingelheim International GmbH.
- AstraZeneca
- F. Hoffmann-La Roche Ltd.
- Bristol-Myers Squibb Company
- Amgen Inc.
- Aurobindo Pharma
- Eli Lilly and Company
- Cipla Inc.
- Sumitomo Corporation
- Other Prominent Players
Market Segmentation:
The inhaler corticosteroid device market is segmented on the basis of steroid types-beclomethasone, dipropionate, budesonide, fluticasone inhaler powder, mometasone. By application- asthma, COPD (Chronic Obstructive Pulmonary Disease), others, by end-user –hospitals and clinics, academic and research institutes, respiratory care center.
The COPD (Chronic Obstructive Pulmonary Disease) Segment is a Major Contributor to the Inhaler Corticosteroid Device Market
The COPD (Chronic Obstructive Pulmonary Disease) segment holds significant sway in the inhaler corticosteroid device market due to the high prevalence of COPD worldwide. Inhaler corticosteroid devices are crucial in managing COPD symptoms, including inflammation and airway constriction. With COPD being a leading cause of morbidity and mortality globally, the demand for effective treatment options remains robust. Inhaler corticosteroid devices offer targeted delivery of medication directly to the lungs, providing symptomatic relief and improving the quality of life for COPD patients. As a result, the COPD segment emerges as a major contributor to the overall market growth and revenue.
Hospitals and Clinics Segment Witnessed Rapid Growth
The hospitals and clinics segment in the inhaler corticosteroid device market is experiencing rapid growth due to several factors. Firstly, the increasing prevalence of respiratory diseases necessitates frequent visits to healthcare facilities for diagnosis and treatment. Secondly, hospitals and clinics often serve as primary points of care where patients receive prescriptions for inhaler corticosteroid devices. Additionally, advancements in healthcare infrastructure and the availability of specialized respiratory care services in these settings contribute to the segment's growth. Moreover, healthcare professionals in hospitals and clinics play a crucial role in educating patients about proper inhaler usage, further driving demand within this segment.
In the Region, The North American Inhaler Corticosteroid Device Market Holds a Significant Revenue Share.
The North American inhaler corticosteroid device market commands a substantial revenue share for several reasons. Firstly, North America has a high prevalence of respiratory diseases such as asthma and COPD, driving demand for inhaler corticosteroid devices. Secondly, the region boasts advanced healthcare infrastructure and a well-established pharmaceutical industry, facilitating easy access to these devices. Additionally, favorable reimbursement policies and robust regulatory frameworks ensure the widespread adoption of inhaler corticosteroid devices. Furthermore, ongoing research and development activities and technological innovations in the region contribute to market growth. Overall, these factors consolidate North America's position as a key player in the inhaler corticosteroid device market.
Recent Developments:
- In September 2020, GlaxoSmithKline plc and Innoviva, Inc. announced the U.S. Food and Drug Administration (FDA) approval for a new indication of Trelegy Ellipta. It is also used to treat patients suffering from chronic obstructive pulmonary disease (COPD).
- BreatheSuite is a 2018 startup firm based in St.Johns, Canada. It has developed an integrated inhaler device for medication adherence to manage COPD and asthma.
- CareTRx is a mobile app and sensor offered by Gecko Health for the management of asthma. The device is added to pre-existing inhalers. It aims at assisting patients to better manage their asthma by tracking medication use.
Inhaler Corticosteroid Device Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 616.09 Mn |
|
Revenue Forecast In 2031 |
USD 886.4 Mn |
|
Growth Rate CAGR |
CAGR of 4.6% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Steroid Types, By Application, By End-user and By Region |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Pfizer Inc., GlaxoSmithKline plc, Novartis AG, Mylan N.V., Teva Pharmaceutical Industries Ltd., Sanofi, Boehringer Ingelheim International GmbH., AstraZeneca, F. Hoffmann-La Roche Ltd., Bristol-Myers Squibb Company, Amgen Inc., Aurobindo Pharma, Eli Lilly and Company, Cipla Inc. and Sumitomo Corporation. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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