Number of pages: 100 | Report Format: PDF | Published date: February 09, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
According to the deep-dive market assessment study by Growth Plus Reports, the global respiratory inhalers market was valued at US$ 25.23 billion in 2021 and is expected to register a revenue CAGR of 6.1% to reach US$ 42.99 billion by 2030.
Respiratory Inhalers Market Fundamentals
Respiratory inhalers are medical devices that are used to deliver medication directly to the lungs to treat respiratory conditions, such as asthma and chronic obstructive pulmonary disease (COPD). There are different types of respiratory inhalers available, including metered-dose inhalers (MDIs), dry powder inhalers (DPIs), soft mist inhalers, and nebulizers. MDIs release a measured dose of medication in the form of a spray or mist, which is inhaled through the mouth. DPIs release fine powder that is inhaled through the mouth, while soft mist inhalers release a fine mist. Nebulizers are devices that turn liquid medication into a fine mist that is inhaled through a mouthpiece or a mask. It is important to use respiratory inhalers correctly in order to ensure that the medication reaches the lungs effectively and maximizes the benefits of treatment. Healthcare providers can teach how to use the inhaler correctly and can also help a patient choose the right type of inhaler for their needs.
Respiratory Inhalers Market Dynamics
Respiratory inhalers are widely used for the treatment of respiratory conditions, such as asthma and COPD. This is one major driver influencing the respiratory inhalers market, as the number of people affected by these conditions is growing the demand for respiratory inhalers. According to the World Health Organization (WHO), asthma affects about 339 million people worldwide, and COPD affects about 329 million people. Additionally, as manufacturers continue to innovate and improve inhaler design, the market for respiratory inhalers is influenced. For instance, the introduction of new inhaler technologies that are more convenient or easier to use is driving market revenue growth.
Healthcare policies and regulations have a significant impact on the revenue growth of the market for respiratory inhalers. For instance, changes in reimbursement policies or the approval of new products also influence market demand. The market for respiratory inhalers is highly competitive, with several different manufacturers offering a variety of products. Competition among manufacturers is also likely to drive innovation and influence market revenue growth. Moreover, the cost of respiratory inhalers varies significantly, and pricing and reimbursement policies can influence market demand. For instance, if inhalers are not covered by insurance or if out-of-pocket costs are high, patients may be less likely to use them. Lastly, as the population is aging and the prevalence of respiratory conditions is increasing, the market for respiratory inhalers is also growing at a significant pace. Additionally, changes in lifestyles, such as smoking, and air pollution levels are also influencing market revenue growth.
However, there are several factors that may act as restraints to the market for respiratory inhalers, including competition from alternative treatments, stringent regulatory requirements, high costs, difficulty in using inhalers, and negative public perception. Competition from alternative treatments, such as oral medications or injectable therapies, may limit the market for respiratory inhalers. The respiratory inhalers market is also constrained by stringent regulatory requirements, as manufacturers need to demonstrate the safety and effectiveness of these products before they can be approved for use. This can be a time-consuming and costly process. Respiratory inhalers can be expensive, especially for patients who require long-term treatment, which may deter some patients from using these products. Additionally, there may be a negative public perception of respiratory inhalers due to misconceptions about their safety or effectiveness, which could potentially limit market revenue growth.
Respiratory Inhalers Market Ecosystem
The global facial injectables market has been analyzed from four perspectives by product type, patient type, indication, and region.
Respiratory Inhalers Market by Product Type
Based on the product type, the global respiratory inhalers market is segmented into dry powder inhalers, metered dosed inhalers, soft mist inhalers, and nebulizers.
There are several different types of respiratory inhalers available on the market, each of which may be suitable for different patients and conditions. Metered-dose inhalers (MDIs) were the most commonly used inhalers in 2021. They contain a pressurized canister of medication and a plastic mouthpiece. Dry powder inhalers (DPIs) release a fine powder that is inhaled through the mouth. DPIs do not require as much coordination as MDIs; however, they may be less effective for some people, especially if they have trouble inhaling deeply. Soft mist inhalers release a fine mist of medication that is inhaled through the mouth. Nebulizers are often used for people who have trouble using other types of inhalers or for those who need high doses of medication. However, nebulizers are bulky and require electricity to operate, so they may not be as convenient as other type of inhalers.
Respiratory Inhalers Market by Indication
The market for respiratory inhalers based on indication is segmented into asthma, COPD, allergies, bronchitis, and cystic fibrosis.
The COPD segment accounted for the largest revenue share of the market in 2021. Asthma is a chronic respiratory condition characterized by inflammation and narrowing of the airways, and inhalers are a mainstay of treatment for managing symptoms and preventing attacks. COPD is a progressive lung disease that includes chronic bronchitis and emphysema, and inhalers are used to treat this condition. Inhalers for COPD may also be used to manage allergy symptoms, such as sneezing, itching, and congestion, and to treat bronchitis, an inflammation of the bronchial tubes. Additionally, inhalers for asthma may be used to treat cystic fibrosis, a genetic disorder that affects the respiratory and digestive systems. The most appropriate inhaler for a particular patient depends on their specific needs and the nature of their condition.
Respiratory Inhalers Market by Region
Based on the region, the global respiratory inhalers market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
The market was dominated by North America in 2021. The considerable CPOD prevalence in this region encouraged the revenue growth of the respiratory inhalers market. Europe is the second-largest market for respiratory inhalers. The market players are focusing on strengthening their production capabilities. Due to rising awareness of CPOD and asthma, there is a huge demand in the market for respiratory inhalers. The size of the Europe respiratory inhalers market is also likely to grow during the forecast period. The usage of respiratory inhalers is expected to rise significantly in hospitals and other healthcare institutions across the U.K. Moreover, the market in Asia Pacific is expected to register the fastest revenue CAGR during the forecast period due to the developing healthcare infrastructure in the region.
Respiratory Inhalers Market Competitive Landscape
The key companies in the global respiratory inhalers market are:
Respiratory Inhalers Market Strategic Developments
Respiratory inhalers are devices that deliver medications into the lungs to treat breathing problems, such as asthma and COPD. There are several types of inhalers available, including metered-dose inhalers, dry powder inhalers, soft mist inhalers, and nebulizers. Respiratory inhalers can be an effective treatment for breathing problems; however, they must be used correctly to be effective.
Increasing prevalence of respiratory diseases, development of novel inhaler technologies, expansion in emerging markets, and growing adoption of generic inhalers are propelling revenue growth in the market.
GlaxoSmithKline, AstraZeneca, Boehringer Ingelheim, Novartis, and Merck & Co. are among the top market players.
The respiratory inhalers market may be restrained by high cost, reimbursement issues, stigma, inconvenience, side effects, and competition from alternative therapies.
The global respiratory inhalers market is expected to register a revenue CAGR of 6.1% during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain