Inhaler Corticosteroid Device Market expected to Witness Huge Revenue Growth to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Inhaler Corticosteroid Device Market- (By Steroid Types (Beclomethasone Dipropionate, Budesonide, Fluticasone Inhaler Powder, & Mometasone), By Application (Asthma, COPD (Chronic Obstructive Pulmonary Disease) and Others) By End-user (Hospitals and Clinics, Academic and Research Institutes and Respiratory Care Center)) Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Inhaler Corticosteroid Device Market is valued at US$ 616.09 Mn in 2023, and it is expected to reach US$ 886.4 Mn by 2031, with a CAGR of 4.6% during the forecast period of 2024-2031.

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Inhaled corticosteroids (ICS) remain a cornerstone in the long-term management of respiratory diseases, particularly asthma. With the rising incidence of asthma linked to increasing environmental pollution, there has been a notable uptick in the development of advanced inhaled corticosteroid delivery devices by pharmaceutical and medical device companies. This trend is contributing significantly to the expansion of the inhaled corticosteroid device market.

The market encompasses a range of devices specifically designed to deliver corticosteroids directly to the lungs, ensuring localized and effective treatment. These devices-such as metered-dose inhalers (MDIs), dry powder inhalers (DPIs), and nebulizers-are integral to daily maintenance therapy for patients suffering from chronic respiratory conditions like asthma and chronic obstructive pulmonary disease (COPD).

List of Prominent Players in the Inhaler Corticosteroid Device Market:
• 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

Market Dynamics:
Drivers-
The increasing incidence of asthma is a key factor propelling the growth of the inhaled corticosteroids market. Asthma, a chronic respiratory condition that impacts both upper and lower airways, leads to inflammation and obstruction of the respiratory tract. The condition is particularly prevalent among pediatric and geriatric populations, both of which benefit from user-friendly treatment options. Inhaled corticosteroid devices have emerged as a preferred method for managing asthma symptoms due to their ease of use and targeted delivery.

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Challenges:
However, the market faces several obstacles that may limit growth. Patent expirations and the subsequent influx of generic alternatives are likely to reduce market share for branded products. In developing regions, limited healthcare infrastructure and the high cost of inhaled corticosteroids remain significant barriers. Furthermore, potential side effects-including oral thrush, coughing, hoarseness, and sore throat-can deter usage and negatively affect market adoption. The market is also influenced by cost-sensitive healthcare practices, which shape purchasing decisions among providers and payers.

Regional Trends:
North America holds a dominant position in the inhaled corticosteroid device market, driven by its advanced healthcare infrastructure, high prevalence of respiratory illnesses, and strong focus on technological innovation. The region's commitment to improving respiratory care-supported by a large patient base requiring long-term therapy-continues to boost demand. Ongoing investments in research and development, strategic collaborations between pharmaceutical companies and academic institutions, and favorable reimbursement frameworks further strengthen North America's leadership in this 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.

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Segmentation of Global Inhaler Corticosteroid Device Market-
Global Inhaler Corticosteroid Device Market- By Steroid Types
• Beclomethasone Dipropionate
• Budesonide
• Fluticasone Inhaler Powder
• Mometasone
Global Inhaler Corticosteroid Device Market- By Application
• Asthma
• COPD (Chronic Obstructive Pulmonary Disease)
• Others
Global Inhaler Corticosteroid Device Market- By End-User
• Hospitals and Clinics
• Academic and Research Institutes
• Respiratory Care Center
Global Inhaler Corticosteroid Device Market- By Region
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.