The Global Respiratory Inhaler Device Market Accounted for USD 30 Billion in 2015
The global respiratory inhaler device market is segmented into product such as dry powder inhaler (DPI), metered dose inhaler (MDI) and nebulizer. Additionally, nebulizer segment is sub-segmented into compressed air nebulizer, ultrasonic nebulizer and mesh nebulizer. Further, metered dose inhaler (MDI) captured the largest segment in 2015, accounting for 70% of the global revenue. Further, the growth of this segment is attributed to increasing number of population affected respiratory diseases such as asthma. Moreover, continuous advancement in inhaler devices is also believed to spur the growth respiratory inhaler device market.
Global respiratory inhaler device market is expected to register a significant CAGR of 4.3% over the forecast period i.e. 2016-2023. Moreover, the global respiratory inhaler device market is anticipated to reach at noteworthy revenue by 2023. The market is expected to expand on the back of rising occurrence of population affected with respiratory diseases such as asthma and COPD (chronic obstructive pulmonary disease).
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The asthma segment by application is predicted to seize a remarkable CAGR by the end of 2023 due to mounting patients affected with asthma. In terms of regional platform, North America and Europe are the most prominent regional markets of respiratory inhaler device by collectively contributing for 65% of the total respiratory inhaler device market. Apart from this, Asia-Pacific region is believed to be the fastest growing market due to increasing old age population along with rising disposable income.
Increasing Prevalence of Respiratory Diseases
Growing number of respiratory disease among the pediatric and geriatric population due to weak immune system is believed to be the dynamic factor behind the rapid growth of respiratory inhaler device market. Furthermore, growing demand for rescue medication during sudden asthma attack is also predicted to bolster the growth of respiratory inhaler device market by 2023.
Positive GDP Figures
Positive GDP figures of the developing nation have intensified the growth of industrial sector which leads to environmental pollution as well as respiratory problems. Moreover, swelled disposable income coupled with increasing spending of the consumer towards healthcare products is envisioned to flourish the growth of respiratory inhaler device market.
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On the contrary, high cost associated with respiratory inhaler devices and lack of awareness regarding respiratory device in underdeveloped nations are some of the factors hindering the market of respiratory inhaler device.
The report titled “Respiratory Inhaler Device Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the global respiratory inhaler device market in terms of market segmentation by product, by application, by application, by technology and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global respiratory inhaler device market which includes company profiling of Philips Healthcare, 3M Health Care, Allied Healthcare Products Inc., Smith Medicals, Baxter International, GlaxoSmithKline Plc., Novartis AG, OMRON Healthcare, Beximco Pharmaceuticals Ltd. and PARI Medical Holding. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global respiratory inhaler device market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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