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Growing Awareness among Consumers and Increasing Disposable Income are Projected to Drive Global Pulmonary Drug Delivery Systems
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Going forward, the market is expected to gain significant momentum over the next few years due to the increasing research and development activities in asthma and COPD treatments. However, various regulatory hurdles and the patent expiry of blockbuster drugs may restrict the growth of this market to some extent in the near future.
The global market for pulmonary drug devices presented an opportunity worth US$32.2 bn in 2015. Propagating at a CAGR of 3.30% during the period from 2016 to 2024, the market is likely to attain a value of US$43.05 bn by the end of 2024.
North America and Europe to Continue to Lead Global Pulmonary Drug Delivery Devices Market
Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa are the main regional markets for pulmonary drug delivery devices. Of these, North America has acquired the top position and is followed closely by Europe. The increasing prevalence of COPD is the key factor behind the growth of these regional markets. Analysts expect both the markets to retain their position over the forthcoming years, thanks to the technological advancements in pulmonary drug delivery devices. The U.S. and Canada have surfaced as the key domestic markets in North America, whereas, the Europe market for pulmonary drug delivery devices is led by Germany.
On the other hand, the pulmonary drug delivery devices market in Asia Pacific, Latin America, and the Middle East and Africa are likely to present great opportunities to manufacturers in the near future due to the high incidence rate of respiratory disorders. The growing awareness among consumers and their increasing disposable income are also projected to drive these markets over the next few years.
Demand for Pulmonary Drug Delivery Devices to Remain High among Asthma Patients
Pulmonary drug delivery devices find a widespread application in the treatment of asthma, COPD, and cystic fibrosis. Among these, the demand from the asthma segment is much higher than others and is likely to remain so over the next few years, thanks to the robust pipeline of drugs for the treatment of asthma.
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Some the key players operating in the global market for pulmonary drug delivery devices are Boehringer Ingelheim GmbH, Novartis AG, GlaxoSmithKline Plc, AstraZeneca Plc, Teva Pharmaceutical Industries Ltd., Merck & Co. Inc., MannKind Corp., Bristol-Myers Squibb Co., Mylan N.V., Omron Corp., F. Hoffmann-La Roche Ltd., 3M Healthcare, Sunovion Pharmaceuticals Inc., Koninklijke Philips N.V., Gerresheimer AG, Bespak, AptarGroup Inc., SHL Group, Nypro Healthcare Inc., Hovione, and Chiesi Farmaceutici S.p.A.
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