Aerosol Delivery Devices Market Size To Reach USD 46.72 Billion, Globally, By 2027
Pune, Maharashtra, India, February 22 2021 (Wiredrelease) Allied Analytics –:Aerosol delivery devices are generally used as facilitators to provide drugs to patients. Inhaled medication through lungs is mostly provided to prevent or relieve asthma, COPD and other respiratory & non-respiratory ailments. Advantages of aerosol delivery devices are direct deposition of inhaled medication to airway receptor sites, rapid onset of action of broncho-active drugs, and relative ease & convenience of self-administration by patients. Common classes of drugs suitable for aerosol delivery include anticholinergic antagonists, beta agonists, and anti-inflammatory agents.
The global aerosol delivery devices market was valued at $31.46 billion in 2019, and is projected to reach $46.72 billion by 2027, registering a CAGR of 4.9% from 2020 to 2027.
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1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
The aerosol delivery devices market is expected to experience significant growth during the forecast period, owing to rise in prevalence of respiratory disorders such as asthma, chronic obstructive pulmonary disease (COPD), and cystic fibrosis; rise in need for rescue medication during sudden asthmatic attack; and rise in demand for short-term, effective aerosol drug delivery devices. Moreover, increase in focus of manufacturers toward development of advanced, portable inhalation devices, surge in public awareness toward inhalation therapy, introduction of novel and advanced aerosol delivery devices in customized shapes and sizes, rise in geriatric population, and easy reimbursement policies associated with inhalation therapy are anticipated to drive growth of the aerosol delivery devices market. However, complications and side-effects associated with drug inhalation and high cost associated with nebulizers are expected to hinder growth of the aerosol delivery devices market. On the basis of product, the market is categorized into dry powder inhalers, metered dose inhalers, and nebulizers.
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Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. There are no drugs that are currently licensed for COVID-19 treatment or prevention. Increase in number of R&D activities and rise in use of aerosol delivery devices in clinical studies to develop medicines for treatment of COVID-19 is anticpated show positive impact on the market. For instance, Synairgen a UK-based respiratory drug discovery & Development Company launched home-based clinical trial of its inhaled IFN-β1a solution (SNG001) in patients with COVID-19.The dry powder inhalers (DPI) segment will show significant aerosol delivery devices market growth during the forecast period, owing to rise in demand for DPI, surge in patient awareness toward effective & advanced respiratory devices, advancements in DPI drug delivery, and launch of cost effective products.
On the basis of application, the market is segregated into asthma, chronic obstructive pulmonary disease, cystic fibrosis, and non-respiratory diseases. Presently, the asthma segment accounts for majority of the aerosol delivery devices market share, owing to rise in prevalence of asthma in both developed as well as developing countries, surge in demand for metered dose inhalers (MDIs) to treat asthma, rise in smoking population, increase in air pollution, and surge in geriatric population facing chronic respiratory problems.
North America accounted for 41.16% of the global aerosol delivery devices market share in 2019, and is expected to remain dominant throughout the forecast period. This was attributed to increase in number of asthma and COPD patients; higher healthcare awareness; early detection of respiratory diseases; availability of advanced healthcare facilities with trained medical professionals; rise in number of R&D activities, coupled with large presence of key players; and surge in investment made by governments in the healthcare system. However, Asia-Pacific is expected to experience highest growth during the forecast period, owing to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced medical facilities, rise in healthcare reforms, and technological advancements in the field of healthcare.
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Key Findings Of The Study
• By product, the metered dose inhalers segment held largest market share in 2019, and is expected to remain dominant throughout the forecast period.
• On the basis of application, the asthma segment held largest market share in 2019, and is expected to remain dominant throughout the forecast period.
• According to distribution channel, the e-commerce segment exhibits fastest growth, and is expected to grow at a CAGR of 9.3% from 2020 to 2027.
• Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 6.4% during the forecast period.
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