Asthma and COPD Devices Market is Expected To Witness a CAGR of 5.2% During the Forecast Period 2020-2025
Global Asthma and COPD Devices market is expected to witness a CAGR of 5.2% during the forecast period. The primary factors that are driving the market growth include an increase in the burden of asthma and COPD, technological advancements, and growing geriatric population. According to World Health Organization, the number of cases of chronic obstructive pulmonary disease (COPD) has increased to 251 million cases in 2016 compared to 65 million in 2005, and rate is anticipated to grow at a notable rate over the coming years.
The increasing geriatric population around the world expected to boost market growth. According to the United States Census Bureau’s Statistics, as of 2017, the total number of people aged between 65 years and older, surpassed 50 million. As per stated by the United Nations, during the period of 2015-2030, the number of senior persons aged 60 years or over, worldwide, is estimated to grow by 56% (from 901 million to more than 1.4 billion). Therefore, attributing to the fact that asthma is a broadly prevalent disease found in people over age 65, and asthma in older adults can cause serious health issues if not treated accurately, the rising geriatric population is expected to propel the market growth during the forecast period. However, inadequate reimbursement policiess and stringent regulatory issues are expected to hamper the asthma and COPD market growth.
Key Market Trends
Asthma is Expected to Hold Largest Market Share in the Indication Type
- A condition in which a person's airways become inflamed, narrow and swell and produce extra mucus, which makes it difficult to breathe. It is the most common chronic respiratory condition around the world.
- Growing prevalence of asthma worldwide coupled with the activities of government organizations and NGO's in creating awareness, companies R&D activities in advancing the asthma device technologies further bolstering the segment growth.
- For instance, in January 2019, Find Air, a European company developing digital systems for asthma and COPD control has launched it's commercial smart inhaler device FindAir ONE. This device smart add-on intended to be attached to asthma or COPD rescue medication in the form of a pMDI inhaler, that collects data about each drug usage and information about the circumstances of that use. This helps patients understand their condition and learn to predict asthma attacks.
North America Dominates the Market and Expected to do Same in the Forecasted Period
- North America asthma and COPD market is anticipated to have a significant share on the global market win to the growing burden of both diseases coupled with well-established healthcare infrastructure and rising awareness.
- According to the Centers for Disease Control and Prevention (CDC), in 2018, around 19.2 million (7.7%) adults aged 18 and over had asthma in the United States.
- As per the Global Asthma Network 2018 report, the economic burden of asthma increased in the United States. In 2018, annual direct costs per patient in the United States was more than USD 3,000. Due to high death rates associated with asthma and increasing investment on asthma treatment in this country, the market is expected to show significant growth in the future.
- Moreover, the presence of key market players and advancing the product technologies further fuelling the market growth in the region.
The global Asthma and COPD Devices market is highly competitive and consists of a few major players. Companies like AstraZeneca Plc., Boehringer Ingelheim GmbH, GlaxoSmithKline PLC, Merck & Co., and Philips Healthcare, among others, hold the substantial market share in the Asthma and COPD Devices market.
Furthermore, market players involving in new product launches and collaborations. In January 2020, Apta Pharma partnered with Lupin Limited to launch India’s first connected device for metered-dose inhalers (MDI) called ADHERO. This unique add-on smart device is designed to help patients with chronic respiratory diseases such as COPD and Asthma and track their MDI usage and facilitate improved adherence to their prescribed therapy.
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