Respiratory Inhaler Devices Market to Grow at a CAGR of 4.3% by 2025
The respiratory inhaler devices market is segmented on the basis of product type, disease indications, technology and region. Based on the product segmentation, the overall market has been categorised into metered dose inhaler (MDI), dry powder inhaler (DPI) and nebuliser.
Nebulisers are further sub-segmented into ultrasonic nebuliser, mesh nebuliser and compressed air nebuliser. The metered dose inhaler segment is estimated to account for maximum share in the global respiratory inhaler devices market by 2015 end, and expected to register a CAGR of 4.5% in terms of value during the forecast period 2015-2025. Currently, metered dose inhaler is a major contributor to market growth in Europe, North America and parts of Asia Pacific. Demand for nebulisers is expected to expand at a CAGR of 3.8% through 2025.
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Increase in prevalence of asthma, COPD and other respiratory disorders, especially among paediatric and the geriatric population, is a major factor driving growth of the global respiratory inhaler devices market. Other driving factors include strategic alliances among key players in the market, manufacturers focusing on enhancing market share, and expansion of the healthcare sector in developing countries due to growing investments by major players. Further, surge in demand for respiratory inhaler devices in all acute and moderate asthma and COPD conditions owing to increasing health awareness and growing disposable income is projected to result in increased spending on respiratory inhaler devices. This in turn is expected to bolster respiratory inhaler devices market growth during the forecast period.
Lack of effective drugs for certain respiratory disorders, concerns about side-effects and complications, lack of skilled pulmonologists and healthcare professionals, lack of awareness among patients, and high prices of inhaler devices are the key factors hampering growth of this market.
Currently, combined therapies offer more associated benefits, such as reliablility, increased efficacy, and favourable reimbursement policies. Owing to these factors, patients with complex respiratory disorders are more inclined towards adopting such therapies.
However, the cost associated with combination therapies is higher as compared to conventional therapies for patients with complex respiratory disorders. The global respiratory inhaler devices market is expected to be driven by the increased usage of newly introduced triple combination therapy for COPD patients in the coming years.
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This report assesses trends driving each segment and offers analysis and insights about the potential of respiratory inhaler devices market in specific regions. North America is estimated to dominate the respiratory inhaler devices market with maximum market share by end of 2015. North America and Western Europe are collectively expected to account for over 64.1% of the total respiratory inhaler devices market share in terms of value by end of 2015. Asia Pacific excluding Japan is estimated to witness highest CAGR of 5.0% over the forecast period, followed by North America, due to increasing prevalence of asthma and COPD among children and the geriatric population.
Some key companies covered in this report include AstraZeneca, Boehringer Ingelheim GmbH, GlaxoSmithKline plc, Cipla Ltd., Koninklijke Philips N.V., PARI Medical Holding ,Teva Pharmaceutical Industries Ltd., Beximco Pharmaceuticals Ltd., OMRON Healthcare Europe B.V. and Merck & Co., Inc.
Their primary focus is towards enhancing their product portfolio through research and development, introduction of innovative and cost-effective drugs and medical devices in order to gain market share and to strengthen their respective position in the global market.
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