The Asthma and Copd Devices Market size is forecast to reach $41.6 billion by 2026, growing at a CAGR of 4.9% during the forecast period 2021-2026. Asthma and Chronic obstructive pulmonary disease drug delivery systems are used as rescue therapy or permanent therapy for respiratory and other diseases. Copd and asthma are the inflammatory lung disorder that cause difficulty in a blockage and in breathing in the airways of the lungs. Asthma is a respiratory disease that blocks the airways of lungs. It is a condition in which airways become narrow, inflamed, and produce extra mucus that makes it difficult to breathe and it is the most common chronic respiratory condition. Inhalers & nebulizers are the two types of products of it. Increasing incidences of asthma and the increasing activities of the government organizations in creating awareness are the major factors driving the growth of the market. Increasing advancements in the asthma device technologies and increasing need for rescue meditation is set to further enhance the overall market developments of the Asthma and Copd Devices Market for the period 2021-2026.
Asthma and Copd Devices Market Analysis – By Product Type
Inhalers held the largest share in the Asthma and Copd Devices Market in 2020 and is estimated to grow at a CAGR 5.4% during the forecast period 2021-2026. This is attributed to the increasing adoption of metered dose inhalers and soft mist inhalers. There is an increasing demand for inhalers and increasing respiratory disorders. Inhalation route is more effective and fast method for delivering medication to respiratory system. With the increase in pollution is increasing the number of suffering from chronic obstructive pulmonary disease and asthma. People are exposing directly to poor quality of air. Inhalers are estimated to register the higher CAGR over the period 2021-2026.
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Asthma and Copd Devices Market Analysis – By Indication
Asthma held the largest share in the Asthma and Copd Devices Market in 2020 and is estimated to grow at a CAGR 5.8% during the forecast period 2021-2026. This is owing to the increasing developments of advanced asthma devices. Asthma is a condition in which airways narrow and it tends to produce extra mucus. Increasing exposure to air pollution is also increasing the growth of the segment. Asthma are estimated to register the higher CAGR over the period 2021-2026.
Asthma and Copd Devices Market Analysis – By Geography
North America dominated the Asthma and Copd Devices Market with a major share of 38.2% in 2020. This is owing to the increasing adoption of nebulizers and large pool of patients. Increasing incidences from respiratory diseases, increase in healthcare expenditure, increasing awareness of COPD along with increasing demand for asthma devices is also increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing awareness regarding the treatment of Copd and increasing active smokers along with the increasing demand for drug delivery devices.
Asthma and Copd Devices Market Drivers
Increasing Incidences of Respiratory Diseases
Increasing incidences of respiratory diseases is also increasing the growth of the Asthma and Copd Devices Market. Respiratory diseases produces problematic symptoms, life threatening conditions, and health complications. COPD is a chronic respiratory disease that is caused owing to the irritation and damage in the lungs. In this the inflamed airways contracts & expands and it generates excess mucus. Respiratory diseases suffers cough and have difficulty while breathing during an attack. Thus, increasing the growth of the Asthma and Copd Market during the forecast period 2021-2026.
Increasing Technological Advancement
Increasing technological advancement is also increasing the growth of the Asthma and Copd Devices Market. This is owing to the increasing advancements in the advance portable inhalation technology and increasing incidences of the respiratory diseases. Asthma and COPD devices are used as a rescue therapy or permanent treatment for respiratory diseases and is the most advanced mode of administration of the drug. It is directly delivered to lungs. Thus, increasing the growth of the Asthma and Copd Market during the forecast period 2021-2026.
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Asthma and Copd Devices Market Challenges
Increasing Price Competition and High Cost of Asthma Treatment
Some of the factors that are set to impede the growth of the Asthma and Copd Devices Market are increasing price competition and high cost of asthma treatment. Lack of reimbursement support, high cost of devices, increasing environmental concerns, and lack of material quality is also set to hinder the growth of the market during the forecast period 2021-2026.
Asthma and Copd Devices Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Asthma and Copd Devices Market. In 2020, the Asthma and Copd Devices Market share is consolidated by the top ten players present in the market. The Asthma and Copd Devices Market, top 10 companies are Smith’s Group PLC, GF Health Products, Boehringer Ingelheim International GmbH, 3M Company, Glaxo SmithKline Plc, Philips and AstraZeneca PLC among others.
Key Takeaways
North America dominated the Asthma and Copd Devices Market in 2020 owing to the increasing adoption of inhalers, and increasing incidences of asthma. The Asthma and Copd Devices Market scope for different regions will be provided in the final report.
Increasing government initiatives and increasing demand for drug delivery system is likely to aid the market growth of the Asthma and Copd Devices Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Asthma and Copd Devices Market report.
Increasing price competition and high cost of asthma treatment devices is poised to create the hurdles for the Asthma and Copd Devices Market.
Related Reports:
A. COPD And Asthma Devices Market
https://www.industryarc.com/Research/COPD-And-Asthma-Devices-Market-Research-502228
B. Respiratory Inhaler Devices Market
https://www.industryarc.com/Research/Respiratory-Inhaler-Devices-Market-Research-504256
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