COPD and Asthma Devices Market Size, Covid-19 Impact, Industry Share |Revenue US$ 51.628 billion by 2027
Pune, Maharashtra, India, December 17 2020 (Wiredrelease) Allied Analytics –:The global COPD and asthma devices market was valued at $36.457 billion in 2019, and is projected to reach $51.628 billion by 2027, registering a CAGR of 4.3% from 2020 to 2027. North America accounted for the major share of COPD and asthma devices market, and is expected to continue this trend, owing to the widespread and early adoption of inhalers & nebulizers and large pool of patients suffering from respiratory diseases.
Increase in price competition and deterioration of material quality, overall high cost of asthma treatment is a challenge for the patients, and incompetent reimbursement support impede the growth to certain extent. Conversely, patent expiration for blockbuster drug and smart Inhalers are anticipated to create lucrative opportunities for the key players in the industry.
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The demand for respiratory care devices including inhalers has been increased during Covid-19. Also, the international regulatory agencies have accelerated approval of several respiratory devices.
The global lockdown has disrupted the supply chain badly and as a result, the manufacturing process has also been severely hampered.
However, government bodies across the world have imposed certain relaxations to ease up the existing regulations and the global market is projected to retrieve its position soon.
The retail pharmacies segment to maintain the dominant share-
Based on application, the retail pharmacies segment accounted for nearly half of the global COPD and asthma devices market revenue in 2019, and is anticipated to lead the trail from 2020 to 2027. Retail pharmacies are the oldest and most conventional medium for distributing the respiratory devices to the consumers, owing to its large chain of distribution network of pharmacies store. This factor has propelled the segment growth. Simultaneously, the online pharmacies segment would manifest the fastest CAGR of 6.0% till 2027.
By distribution channel, the retail pharmacies segment occupied the largest COPD and asthma devices market share in 2019 and is also expected to exhibit fastest growth rate during the forecast period. The growth of the segment is due to factors such as it is the oldest and most conventional medium distributing the respiratory devices to the consumers, owing to its large chain of distribution network.
The global COPD and asthma devices market is segmented on the basis of product type, indication, distribution channel, and region. Based on the product type, the market is segmented into inhalers and nebulizers. Furthermore, the inhalers segment includes dry powder inhalers (DPIs), metered dose inhalers (MDIs), and soft mist inhalers (SMIs). However, the nebulizers segment includes compressor nebulizers, ultrasonic nebulizers, and mesh nebulizers. Based on indication, the market is divided into asthma and COPD. Based on distribution channel, it is segregated into retail pharmacies, online pharmacies, and hospital. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. These regions are further analyzed on the basis of respective countries.
North America garnered the major share in 2019 –
Based on geography, North America garnered the largest share in 2019, holding more than one-third of the global COPD and asthma devices market. This is owing to the widespread and early adoption of inhalers & nebulizers and large pool of patients suffering from respiratory diseases in this region. However, the region across Asia-Pacific would portray the fastest CAGR of 5.0% by 2027, due to rise in healthcare expenditure, growth in awareness of advanced portable COPD & asthma devices, and increase in disposable income in Asia-Pacific region.
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The global COPD and asthma devices market is highly competitive, and prominent players have adopted various strategies for garnering maximum market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Aerogen, Inc., AstraZeneca PLC, Baxter International Inc., Boehringer Ingelheim International GmbH, 3M COMPANY, GF Health Products, GlaxoSmithKline Plc, Koninklijke Philips N.V., Novartis AG, PARI medical Holding GMBH, and Smith’s Group Plc.
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