June 17, 2024
Respiratory Inhalers Market

The Growing Prevalence of Respiratory Diseases is Driving the Respiratory Inhalers Market

Respiratory inhalers are medical devices used to deliver medication to the airways and deep lungs to effectively treat respiratory diseases. These devices provide relief from symptoms by relaxing muscles in the airways and reducing inflammation. Commonly used respiratory inhalers include metered-dose inhalers, dry powder inhalers, and nebulizers. Metered-dose inhalers contain medication that is released in a short burst when the device is actuated for immediate relief from asthma attacks and COPD exacerbations. Dry powder inhalers contain medication in powder form that can be inhaled deeply into the lungs for maintenance therapy of asthma and COPD. Nebulizers use compressed air or ultrasonic power to turn liquid medications into a mist that can be inhaled through a face mask or mouthpiece.

The growing prevalence of respiratory diseases like asthma and COPD globally due to increasing pollution levels and lifestyle changes have made respiratory inhalers a necessity for effective disease management. According to WHO, approximately 339 million people suffer from asthma worldwide, and over 3 million deaths each year are caused by COPD. Furthermore, with the aging population and rising healthcare standards, demand for these devices will remain robust over the forecast period. Additionally, the development of advanced respiratory inhalers with added features like feedback, connectivity, and sensor technology is favoring market revenue growth.

The global Respiratory Inhalers Market is estimated to be valued at US$ 35 Billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends enhancing market prospects is increasing adoption of digital respiratory inhalers. These smart inhalers are integrated with add-on features like sensors and Bluetooth connectivity that allow patients to track medication use along with symptom monitoring. This provides valuable insights to physicians for effective disease management and improved adherence. Furthermore, technological advancements are allowing development of multiplayer respiratory inhalers that can deliver combinations of drugs simultaneously for enhanced efficacy. Their multifunctional design simplifies dosing and provides flexibility of treatment. Such product innovations are fueling competitive pressures and market revenue growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the respiratory inhalers market is low due to high R&D and marketing costs.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of numerous players offering substitutes.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitutes.

Threat of new substitutes: The threat of new substitutes is high due to ongoing product innovations.

Competitive rivalry: The competitive rivalry in the market is high due to the presence of numerous global and regional players.

Key Takeaways

The Global Respiratory Inhalers Market Size is expected to witness high growth. The global Respiratory Inhalers Market is estimated to be valued at US$ 35 Billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.

Regional analysis: The respiratory inhalers market in North America is expected to grow at a significant rate owing to the high prevalence of respiratory diseases and increasing adoption of inhalers in the region. Europe and Asia Pacific are also anticipated to offer lucrative opportunities for market players during the forecast period.

Key players: Key players operating in the respiratory inhalers market are GlaxoSmithKline plc, Boehringer Ingelheim GmbH, Teva Pharmaceutical Industries Ltd, AstraZeneca plc, Merck & Co., Inc. GlaxoSmithKline plc and AstraZeneca plc are the leading players offering wide range of respiratory inhalers globally.

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