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COPD and Asthma Devices Market Expected to Reach $51.628 Billion by 2027—Allied Market Research

 

Report Code : A00469

quote The demand for COPD and asthma devices is on a rise, owing to surge in incidence of chronic diseases such as respiratory disorders & COPD and increasing population of smokers. Furthermore, rise in portable aerosol inhalers devices across the globe is another factor that fuels the growth of the market. quote

Onkar Sumant
Manager, Healthcare at Allied Market Research

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According to a new report published by Allied Market Research, titled, "COPD and Asthma Devices Market by Product Type, Indication, and Distribution Channel:  Opportunity Analysis and Industry Forecast, 2019–2027," the global COPD and asthma devices market was valued at $36.457 billion in 2019, and is projected to reach $51.628 billion by 2027, registering a CAGR of 4.3% from 2020 to 2027. 

Chronic obstructive pulmonary disease (COPD) is also respiratory disease, which causes obstructions and difficulty in breathing, the primary cause of COPD is tobacco smoking and chemical flumes, dust, air pollution are minor causes of the disease. Further, asthma is a chronic respiratory disease that blocks the airways of the lungs because of the inflammation, mucus production, and tighten of muscles. Therefore, the CODP and asthma devices are frequently used in the treatment of COPD and asthma, which includes inhalers and nebulizers. Furthermore, there are several devices available in the market to assist such patients in breathing. These devices ensure that medicines reach the airways effectively. To administer asthma and COPD drugs, inhalers and nebulizers are used. During the sudden rise of Coronavirus disease 2019 pandemic across the globe. The patients with the COPD and asthma started keeping themselves adhere to the inhaler medications to be under control from Covid-19, so that they do not have an exacerbation that requires them to come into contact with people who may have been exposed to COVID-19. In addition, in 2020, the Global Initiative for Chronic Obstructive Lung Disease (GOLD) has recognized people with COPD are amongst the worst affected by COVID-19. Further, WHO is trying to minimise the impact of the infection. Therefore, this government initiative has uplifting the impact of COPD and asthma devices market growth during forecast period. 

The major factors that boost the market growth include increase in prevalence of respiratory diseases such as COPD, asthma, and emphysema; rise in need for rescue medication during sudden asthmatic attack; and burgeoning demand for short-term, effective medication. Moreover, rise in focus of manufacturers toward the development of advanced, portable inhalation devices, and government initiatives toward the spread of awareness for COPD and asthma symptoms are expected to boost the market growth. However, the factors such as environmental concerns associated with metered dose inhalers (MDI), high cost of some inhalation devices and treatment, increase in price competition, and deterioration of material quality restrain the market growth. In addition, incompetent reimbursement support and patent expiration for blockbuster drugs hamper the market growth. On the contrary, rise in use of smart inhaler devices that are more intuitive and drive patient engagement and adherence while increasing treatment effectiveness is anticipated to provide lucrative growth opportunity for the market growth in the near future.

The global COPD and asthma devices market is segmented on the basis of product type, indication, distribution channel, and region. Based on the product type, the market is segmented into inhalers and nebulizers. Furthermore, the inhalers segment includes dry powder inhalers (DPIs), metered dose inhalers (MDIs), and soft mist inhalers (SMIs). However, the nebulizers segment includes compressor nebulizers, ultrasonic nebulizers, and mesh nebulizers. Based on indication, the market is divided into asthma and COPD. Based on distribution channel, it is segregated into retail pharmacies, online pharmacies, and hospital. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. These regions are further analyzed on the basis of respective countries. 

On the basis of product type, the inhalers segment held the dominant share in 2019, owing to the factors such as inhalation route is the fastest and most effective method of delivering medications to the respiratory system during treatment of COPD and asthma. This type of treatment is known as combination therapy, in which a combination of two control medications is delivered through an inhaler.

By distribution channel, the retail pharmacies segment occupied the largest COPD and asthma devices market share in 2019 and is also expected to exhibit fastest growth rate during the forecast period. The growth of the segment is due to factors such as it is the oldest and most conventional medium distributing the respiratory devices to the consumers, owing to its large chain of distribution network.

In 2019, North America accounted for the major share of COPD and asthma devices market, and is expected to continue this trend, owing to the widespread and early adoption of inhalers & nebulizers and large pool of patients suffering from respiratory diseases. Moreover, the Asia-Pacific region is expected to grow rapidly due to rise in healthcare expenditure, growth in awareness of advanced portable COPD & asthma devices, and increase in disposable income.

Key Findings Of The Study 

  • Nebulizers segment is projected to grow at a significant CAGR of 4.70% during the forecast period.

  • North America was the leading region in the market, accounting for more than 40% share in 2019.

  • The COPD and asthma devices market in Asia-Pacific is projected to reach $14951.64 million by 2027, registering a CAGR of 5.00% from 2020 to 2027.

  • Retail Pharmacies was the leading region in the market, accounting for market share of $17,312.56 million in 2019, and will continue the growth during forecast period.

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quote COPD and Asthma Devices Market by Product Type (Inhalers and Nebulizers), Indication (Asthma and COPD), and Distribution Channel (Retail Pharmacies, Hospitals, and Online Pharmacies): Global Opportunity Analysis and Industry Forecast 2020–2027 quote

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