May 18, 2024
Respiratory Inhalers Market

Respiratory Inhalers Market Are Expected To Be Flourished By Increasing Prevalence Of Respiratory Diseases

Respiratory inhalers are medical devices used for administering asthma and chronic obstructive pulmonary disease (COPD) medications. Key products include metered-dose inhalers (MDIs), dry powder inhalers (DPIs), and soft mist inhalers. MDIs are the most widely used type and contain medication that is sprayed through the mouth when activated. DPIs contain medication in powder form and require inhalation through the mouth to release the drug. Soft mist inhalers produce medication in a mist form and require slow inhalation for delivery. They provide immediate relief to patients from symptoms such as wheezing, chest tightness, and shortness of breath caused by respiratory diseases. The global respiratory inhalers market is estimated to be valued at US$ 29.55 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

The global respiratory inhalers market is estimated to be valued at US$ 29.55 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The respiratory inhalers market is expected to be flourished by the increasing prevalence of respiratory diseases. According to the World Health Organization, respiratory diseases accounted for approximately 4.4 million deaths in Europe in 2016. Further, the global prevalence of asthma has increased by 12.6% from 2007 to 2016. The growing geriatric population is also driving market growth as the risk of respiratory diseases increases with age. According to United Nations data, the number of people aged 65 years and above is projected to reach 1.5 billion globally by 2050 from 703 million in 2019.

Another driver for the respiratory inhalers market is increasing adoption of free trade agreements that are opening access to new markets. For instance, the United States–Mexico–Canada Agreement will provide significant market access opportunities for respiratory device manufacturers from the United States and Canada to expand in Mexico. Such trading pacts help reduce barriers to trade and facilitate healthcare reform, thereby promoting market growth.

Segment Analysis

The respiratory inhalers market is dominated by the dry powder inhalers sub segment which accounts for around 45% of the total market share. This is because dry powder inhalers are easier to use as compared to metered dose inhalers, provide better lung deposition and have longer shelf life. They also have a better patient acceptance and compliance.

PEST Analysis

Political: Government regulations related to drug approvals and strict regulations associated with respiratory drugs affect the market. Various environmental laws to reduce carbon emissions also impact market growth.

Economic: Rising healthcare spending, increasing disposable income, growing geriatric population suffering from respiratory diseases are some of the key factors driving market growth.

Social: Growing air pollution levels and changing lifestyle leading to increased stress have enhanced the risk of various respiratory ailments among population. Greater awareness about respiratory illnesses supplement market expansion.

Technological: Developments in connected digital technologies have enabled integration of inhalers with smartphones. Advanced sensors help in monitoring medication usage and treatment effectiveness in real-time.

Key Takeaways

The global Respiratory Inhalers Market Share is expected to witness high growth at a CAGR of 6.8% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 29.55 Bn by 2023.

Regional analysis

North America dominates the market and accounts for over 40% of the global revenue owing to the increasing prevalence of respiratory disorders, rising healthcare expenditure and presence of major players in the region. Asia Pacific is anticipated to exhibit the fastest growth during the assessment period favored by the rising air pollution levels, growing geriatric population and improving access to healthcare facilities.

Key players

Key players operating in the respiratory inhalers market are Unilever, Procter & Gamble, Reckitt Benckiser, Henkel AG & Co. KGaA, Church & Dwight Co. Inc. These companies have a dominating presence across major markets and hold a significant share of the total market revenue.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it