Respiratory Inhaler Devices Market 2022 Strategic Analysis, Growth Drivers, Industry Trends, Demand And Future Opportunities Till 2031
The rising prevalence of respiratory disorders has necessitated innovation in manufacture of respiratory inhalers. The demand for better precision in drug delivery is enabling broader adoption of Respiratory Inhaler Devices, especially among patients of asthma and chronic obstructive pulmonary diseases (COPD). Steady growth is expected to continue as favorable reimbursement policies by governments create a conducive environment around the world.
In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for respiratory inhalers. The report tracks the global sales of respiratory inhalers in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the medical device industry in general, and Respiratory Inhaler Devices in particular.
For instance, Sustainable Development Goals (SDG) created by the United Nations in 2016 were intended at improving living standard globally. Likewise, the Forum of International Respiratory Societies (FIRS) was a part of a worldwide call for action to address the soaring burdens of respiratory diseases. These efforts have been crucial in driving demand for respiratory inhalers. According to FMI’s analysis, respiratory inhaler sales have grown at 3.4% CAGR between 2015 and 2019.
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A slew of new drugs were launched for the management of asthma and COPD over the last decade and development of more are currently underway. With leading drug manufacturers expecting the demand to surge amid COVID-19, respiratory inhaler sales are set to grow steadily through 2030.
The pandemic crisis has resulted in the fast-tracking of drug approval, a trend most welcome by drug manufacturers. In a statement the U.S. Food and Drug Administration (USFDA) has recognized the surging demand for albuterol products amid pandemic crisis. The organization also reiterated its commitment to facilitating access to medical products in the statement. These developments present a positive outlook for growth. FMI expects global respiratory inhalers market to grow at 4.4% CAGR through 2030.
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.
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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
“Some of the leading players are working on technologies that would enable monitoring and correction of inhalation techniques in the near future. They are developing smart inhalers that will use the Bluetooth technology to monitor inhaler use in patients. While several developments are underway, industry experts are cautiously examining the potential of smart inhalers to ensure all potential concerns pertaining to the novel technologies are ironed out. However once launched, smart technology can help the market gain momentum at accelerated pace in the near future,” said a lead analyst at FMI.
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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.
In 2019, Lupin announced launching “ADHERO,” which is a connected smart device for metered dose inhalers and promises to ensure improved adherence to inhalation therapy for COPD treatment.