Increase in price competition and deterioration of material quality, overall high cost of asthma treatment is a challenge for the patients, and incompetent reimbursement support impede the growth to certain extent. Conversely, patent expiration for blockbuster drug and smart Inhalers are anticipated to create lucrative opportunities for the key players in the industry.
The global COPD and asthma devices market size is anticipated to reach $51.6 billion with a considerable CAGR from 2020 to 2027. North America is presently holding the highest market share, attributed to a huge number of patients suffering from respiratory syndromes and widespread adoption of nebulizers & inhalers. The Asia-Pacific region at the same time, is expected to witness the fastest growth rate, owing to surge in disposable income, increase in healthcare expenditure, rise in awareness of advanced portable COPD and asthma devices.
Daily exposure to environmental pollution, rise in population susceptible to indoor air pollutants, portability of the drug delivery devices, surge in population of active smokers, and increase in the number of surgeries drive the growth of the global asthma diagnostic and monitoring device sector. On the other hand, high costs of the device and stringent regulatory procedures impede the growth to some extent. However, high growth potential in emerging markets and increase in geriatric population are expected to create lucrative opportunities in the industry.
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The retail pharmacies segment to maintain the dominant share-
Based on application, the retail pharmacies segment accounted for nearly half of the global COPD and asthma devices market revenue in 2019, and is anticipated to lead the trail from 2020 to 2027. Retail pharmacies are the oldest and most conventional medium for distributing the respiratory devices to the consumers, owing to its large chain of distribution network of pharmacies store. This factor has propelled the segment growth. Simultaneously, the online pharmacies segment would manifest the fastest CAGR of 6.0% till 2027.
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North America garnered the major share in 2019 –
Based on geography, North America garnered the largest share in 2019, holding more than one-third of the global COPD and asthma devices market. This is owing to the widespread and early adoption of inhalers & nebulizers and large pool of patients suffering from respiratory diseases in this region. However, the region across Asia-Pacific would portray the fastest CAGR of 5.0% by 2027, due to rise in healthcare expenditure, growth in awareness of advanced portable COPD & asthma devices, and increase in disposable income in Asia-Pacific region.
Leading market players analysed in the research include
- GF Health Products
- GlaxoSmithKline Plc
- Koninklijke Philips N.V.
- Novartis AG
- PARI medical Holding GMBH
- Smith's Group Plc.
- Aerogen, Inc.
- AstraZeneca PLC
- Baxter International Inc.
- Boehringer Ingelheim International GmbH
- 3M COMPANY
