COPD and Asthma Devices Market to Hike $41,355.2 Million, Globally, by 2022
The major factors boosting the market growth include increasing prevalence of respiratory diseases such as COPD, asthma, and emphysema; growing need for rescue medication during sudden asthmatic attack; and burgeoning demand for short-term, effective medication. Increasing focus of manufacturers towards the development of advanced and portable inhalation devices would further boost the market growth.
Portland, OR -- (SBWire) -- 06/26/2017 --Global COPD and Asthma Devices Market is expected to reach $41,355.2 million by 2022, according to a new report by Allied Market Research . The drug powder inhaler was the highest revenue-generating segment, accounting for over half of the share in 2015. This segment is expected to maintain its dominance throughout the forecast period.
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The factors hampering the market growth include environmental concerns associated with metered dose inhalers (MDI) and high cost of selected inhalation devices. Regulatory authorities such as U.S. food and drug administration (USFDA) across several regions have banned the production and sales of MDIs, as they release environmentally hazardous gases such as chlorofluorocarbon (CFC) and hydrofluoroalkanes (HFA). Thus, soft mist inhalers (SMIs) and nebulizers are expected to replace MDIs for the treatment of respiratory diseases in the near future.
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Compressor nebulizers constitute around four-fifths share of the overall nebulizers market, owing to their perpetual usage in home healthcare medication and widespread availability across various regions. Nebulizers are electric- or battery-powered machines, which dispense the medication in the form of fine mist. They are used in home healthcare set-ups for debilitated patients, geriatric, and children. However, the large size of nebulizers and the need for continuous power supply are expected to hinder the market growth.
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Key findings of COPD and Asthma Devices Market:
- Drug powder inhalers (DPIs) segment is projected to grow at a significant CAGR of 5.7% during the forecast period.
- North America was the leading region in 2015, and is expected to continue its dominance throughout the analysis period.
- The COPD and asthma devices market in Europe is projected to grow at a CAGR of 6.1%.
- The compressor nebulizers segment is expected to register a CAGR of 5.4%.
North America is expected to remain the highest revenue-generating region, owing to widespread and early adoption of inhalers & nebulizers and large pool of patients suffering from respiratory diseases. Moreover, the Asia-Pacific region is expected to grow rapidly due to rising healthcare expenditure, growing awareness of advanced portable COPD & asthma devices, and increasing disposable income.
The key product manufacturing companies profiled in this report include GlaxoSmithKline Plc, Novartis AG, Merck & Co., Inc., AstraZeneca Plc, Philips Healthcare, 3M Health Care, Allied Healthcare Products, Inc., Sunovion Pharmaceuticals, Inc., GF Healthcare Products, Smith Medicals, Inc., Lincare Holdings, Inc., and Baxter International.
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