Respiratory Inhaler Devices Market to grow at a Healthy CAGR of 4.4% through 2020-2030
Global respiratory inhaler device shipments are likely to grow at over 4% in 2021, as the medical device industry makes a gradual recovery. Innovation in smart inhaler technologies is likely to be a key focus area, but manual inhalers will still account for 90% of total demand. This stark contrast reflects the status-quo in the global medical device industry, where realization of new investment and bottom-lines are concurrent.
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Global demand for respiratory inhaler devices continues to be driven by rising prevalence of COPD and asthma. According to the World Health Organization (WHO), nearly 251 million cases of chronic obstructive pulmonary disease (COPD) were reported worldwide in 2016 and nearly 339 million people were estimated to have asthma in the same year. Coupled with this, surging healthcare spending has been creating lucrative prospects for growth of the market.
Market players also are focusing on novel inhalation technologies to ascertain drug delivery to lungs. Spurred by these factors, the global market for respiratory inhaler devices is expected to report surging sales.
Respiratory Inhaler Devices Market
Smart Inhaler Technology Touted as a Major Breakthrough
Smart inhalers have been touted as a disruptive technology, and it remains a key focus area for manufacturers. Smart inhalers can signal patients if their overusing any medication, warning them against poor management of the condition. The technology is touted as a major breakthrough in the healthcare sector and one that is expected to enable growth in the respiratory inhaler devices market in the coming years.
Several studies already are underway gauging the potential of these development. For instance, My AirCoach, which is an EU-funded multi-institutional research project, aims at assessing how novel mobile health technologies, including smart inhalers, can help offering improved asthma control.
With myriad of developments underway, respiratory inhaler device shipments are likely to gain traction through 2030. FMI’s report offers a comprehensive analysis on how growth will unfold.
Some of the key takeaways from the report are:
- Dry powder inhalers remain the most lucrative category
- Manually operated inhaler devices will remain preferred choice among available technologies
- Respiratory inhaler devices sales surging to offer improved asthma control and management
- US to remain a highly lucrative market for respiratory inhaler devices, however, growth in East Asia is expected to accelerate at a higher pace
Who is winning?
Some of the leading companies are focusing on innovations and product launches to gain competitive advantage. There also are companies trying to capitalize on opportunities across high potential markets. For instance, Zydus Cadila has announced launching India’s first pressurized Metered Dose Inhaler (pMDI) – Forglyn pMDI with a combination of Long Acting Beta Agonist (LABA) and Long Acting Muscarinic Antagonist (LAMA) for COPD patients in October 2020.
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