According to the research report, the worldwide market for pulmonary drug delivery devices, which stood at US$32.2 bn in 2015, is expected to progress at a CAGR of 3.30% between 2016 and 2024 and reach US$43.05 bn by the end of the forecast period.
Albany, NY -- (SBWIRE) -- 10/11/2017 -- The global pulmonary drug delivery devices market demonstrates a high degree of competition between GlaxoSmithKline Plc, Boehringer Ingelheim GmbH, AstraZeneca Plc, Teva Pharmaceutical Industries Ltd., and Merck & Co. Inc. states a new research report by Transparency Market Research. With the top five players accounting for more than 67%, the market exhibits a largely consolidated structure.
Analysts project this market to remain competitive over the forthcoming years, specifically the drug markets for asthma and chronic obstructive pulmonary diseases (COPD), thanks to the robust product pipelines of established drug-makers.
The application of these devices is higher in the asthma segment and is expected to remain so over the next few years, thanks to the robust pipeline of drugs for the treatment of asthma.
An analysis of the geographical presence of the global pulmonary drug delivery devices market has also been presented in this research report. As per the study, Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa are the prime regional markets for pulmonary drug delivery devices. North America, among these, is leading the global market with Europe trailing closely. The key factor behind the rise of both the regional markets is the increasing prevalence of COPD.
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With the technological advancements in pulmonary drug delivery devices, North America is likely to retain its position across the world with a share of more than 40% by the end of the forecast period. The markets for pulmonary drug delivery devices in Asia Pacific, Latin America, and the Middle East and Africa are also projected to witness significant growth in the next few years, owing to the increasing prevalence of respiratory disorders.
The rising level of awareness among consumers regarding health and wellness and the increase in the disposable income are also anticipated to propel these markets in the near future, states the research report.
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"The rising pool of patients suffering from respiratory disorders is having the most prominent impact on the global market for pulmonary drug delivery devices," states an analyst at TMR. The alarming rise in air pollution and the increasing number of smokers, worldwide, are adding substantially to the already worsened situation of COPD patient pool, leading to a remarkable surge in the demand for these devices. Analysts expect this scenario to remain so over the period of forecast, resulting in a high demand pace for these devices.
In addition to this, the market is anticipated to benefit from the increasing research and development in the treatments for asthma and COPD in the near future. However, the imminent patent expiry of blockbuster drugs and several regulatory hurdles may limit the growth of this market to some extent in the years to come, notes the research study.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.