Aerosol Delivery Devices Market size is projected to grow to USD 20,918.7 million by 2027

The global aerosol delivery devices market size is projected to grow from USD 14,392.4 million in 2020 to USD 20,918.7 million by 2027, registering a CAGR of 4.9% during the forecast period from 2021 to 2027. Aerosol delivery devices are hand-held, portable drug distribution devices. They consist of a suspension of liquid or solid particles in a carrier gas, making it feasible to treat lungs and non-respiratory diseases. Different drugs are available for aerosol drug delivery, such as dry powder, solution, and suspension. It is the most advanced drug administration in which aerosolized drug is directly delivered to the lungs to offer a systemic outcome. Aerosol delivery devices are available in three categories: dry powder inhalers, nebulizers, and metered-dose inhalers. Aerosol drug delivery is a natural treatment and the easiest way to treat respiratory diseases like asthma, cystic fibrosis, and COPD. Furthermore, it is used to deliver insulin, analgesic medications, and other drugs as well.

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Increase in prevalence of COPD, asthma, and other respiratory disorders, increase in smoking population, ease of administration of the drug with aerosol delivery devices, rise in demand for metered-dose inhalers, technological developments in inhaler devices, and rise in aged population are the key factors that fuel the growth of the global aerosol delivery devices market. For instance, according to the WHO (World Health Organization), in 2018, more than 339 million people were affected by asthma worldwide.

Furthermore, rise in the adoption of aerosol delivery devices by patients, increase in patient awareness toward inhalation therapy, the surge in preference of pulmonary route of drug delivery, rise in pollution levels and urbanization, increase in incidences of preterm births and lifestyle changes, and growth in the number of R&D activities to grow ideal inhalation therapy are other factors that contribute toward the development of the market. However, complications and side-effects associated with drug inhalation and the high cost associated with nebulizers are expected to hinder the market's growth.

COVID-19 Impact on the Global Aerosol Delivery Devices
Coronavirus was discovered in late December in Hubei province of Wuhan city in China. The illness is caused by a virus, namely, severe acute respiratory syndrome coronavirus, which is spread from human to human. After its discovery in Wuhan, the disease speedily increased in other parts of the globe. Moreover, this virus causes various symptoms in a patient, ranging from common symptoms to serious symptoms. On 11th March 2020, the WHO (World Health Organization) assessed that COVID-19 could be characterized as a pandemic. In moreover, there are no drugs that are currently licensed for COVID-19 treatment or prevention. Thus, social distancing is observed as the most important measure to stop the spread of this disease. Furthermore, to maintain social distancing, various countries across the world have adopted nationwide lockdowns.

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Global Aerosol Delivery Devices Market Dynamics
Drivers: Increase in air pollution
The rise in air pollution due to smoke that comes out of the vehicle and pollution caused by anthropogenic sources is the primary factor attributed to the increase in the prevalence of COPD and asthma. Various research studies showed that asthma symptoms deteriorate by air pollution. For instance, a study conducted on young campers suffering from moderate to severe asthma displayed results that they were 40% more prone to suffer from acute asthma incidents on days when pollution level was as compared to average pollution days. Two key air pollutants severely trigger asthma: ozone, which is found in smog, and particulate matter found in smoke, haze, and dust. Susceptibility of suffering from asthma symptoms is on the rise at an alarming rate, as the presence of both ozone and particulate matter is on the increase in the air. Thus, a surge in air pollution is expected to directly lead to the rise in cases of asthma and COPD, which, in turn, propel the market's growth.

Restraints: High cost of asthma and COPD treatments
COPD and asthma treatments are time-consuming and expensive, among which cost is a significant concern that there is no one-time solution for the problem. The sudden asthma attack requires rescue inhalers, which are not widely used in low-income countries, owing to their higher costs. Globally, the most asthmatic population is from low-income countries; therefore, the high cost of the treatment creates a problem for them.

According to the American Thoracic Society 2019, health care costs for asthma in the U.S. are estimated to total around USD 300 billion over the next 20 years. In addition, the yearly cost of asthma in the U.S. is around USD 56 billion. Therefore, every year increase in price for the treatment of asthma is expected to hamper the market's growth.

Opportunities: Growth opportunities in emerging markets
The rise of the aerosol delivery devices market is expected to be driven by opportunities in untapped, emerging markets, owing to the increase in the adoption of unhealthy lifestyles, the surge in urbanization, exposure to smoke & chemicals, and a subsequent rise in the prevalence chronic obstructive pulmonary disease. For instance, according to the CDC (Centers for Disease Control and Prevention), in the U.S., the overall prevalence of COPD was 6.2% in 2017. Moreover, according to the WHO, COPD is expected to be the third leading cause of death worldwide by 2030. The healthcare industry in developed countries is developing significantly, owing to increased demand for better-advanced manufacturing systems and significant investments by governments to improve healthcare infrastructure. Furthermore, emerging markets such as India and China are hubs for pharmaceutical and medical device companies, which provide lucrative opportunities for the market's growth.

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Scope of the Report
The study categorizes the aerosol delivery devices market based on product, distribution channel, application, and regions.

By Product Outlook (Revenue, USD Million, 2017-2027)
Dry powder inhalers
Single-dose inhalers
Multi-dose inhalers
Metered-dose inhalers
Conventional pressurized inhalers,
Soft mist inhalers
Nebulizers
Jet nebulizers
Ultrasonic wave nebulizers
Vibrating mesh nebulizers
By Distribution Channel Outlook (Revenue, USD Million, 2017-2027)
Retail pharmacies
Hospital pharmacies
E-commerce
By Application Outlook (Revenue, USD Million, 2017-2027)
Asthma
Chronic obstructive pulmonary disease
Cystic fibrosis
Non-respiratory diseases
Diabetes
Analgesia
Parkinson's disease
By Region Outlook (Sales, USD Million, 2017-2027)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
By product type, the metered-dose inhaler segment is projected to account for the largest market share
The aerosol delivery devices market is categorized into dry powder inhalers, metered-dose inhalers, and nebulizers based on product. The metered-dose inhaler segment is expected to account for the largest revenue in 2020. It is projected to grow at a CAGR of 4.4% during the forecast period, owing to rise in incidences of asthma, cystic fibrosis, and COPD, the surge in patient awareness toward effective & advanced respiratory devices, and the launch of effective products, which are tested under the clinical trials by various companies to confirm better therapeutic outcomes.

MDIs deliver medicine to patients in the form of mist. They are used to treat numerous respiratory diseases such as asthma, COPD, and cystic fibrosis. They were developed in 1950 by Thiel Riker laboratories, which provides bronchodilator drugs formulations in pressurized containers with greater convenience and reliable doses of medication. This bronchodilator drug formulation development led to the introduction of proprietary pressurized metered-dose inhalers (pMDIs). Metered-dose inhalers provide advantages such as multiple-dose convenience, short treatment time, reproducible emitted doses, no requirement for drug preparation, and are less prone to contamination. However, there are several disadvantages of metered-dose inhalers, including the need for hand-breath coordination and reaction to propellants in some patients.

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Asia Pacific accounts for the highest CAGR during the forecast period

Based on the region, the global aerosol delivery devices market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia-Pacific is analyzed across Japan, China, India, Australia, South Korea, and the Rest of Asia-Pacific. This region is growing at a CAGR 6.4% share in the global aerosol delivery devices market. The market development in this region is attributable to a rise in the geriatric population and a growth in the number of smokers. For instance, according to Japan's Internal Affairs and Communications Ministry, Japan had around 35.57 million geriatric population in 2018.

Moreover, according to Japan Tobbaco Inc., the average smoking rate between men and women was 17.9% in Japan in 2018. Thus, the rise in the aged population and smoking leads to asthma and COPD. For instance, according to the Global Asthma Report 2018, in India, nearly 6% of children and 2% of adults had asthma in 2018. In addition, according to the WHO, deaths occurred from COPD and asthma was around 90%, mostly in low- and middle-income level countries. Moreover, the rise in demand for inhalers and nebulizers and increased home healthcare devices will fuel the market growth.

Key Market Players
Every company follows its business strategy to attain the maximum market share. The aerosol delivery devices market is mildly concentrated in nature with few numbers global players operating in the market such as 3M Company, Aerogen, INC, GlaxoSmithKline Plc (GSK), Merck & co., INC., Metall Zug Group (Clement Clarke International Ltd), Koninklijke Philips N.V., Recipharm AB (Bespak), Johnson & Johnson (Actelion Pharmaceuticals Ltd), Teva Pharmaceutical Industries Limited, Vectura Group PLC, Heitkamp & Thumann KG (H&T Presspart), Iconovo AB, Gerresheimer AG, Merxin LTD, and Nemera.

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