In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWS|
Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~7% |
The global pulmonary drug delivery devices market is estimated to garner significant revenue by the end of 2033 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2033. Further, the market generated modest revenue in the year 2022. The growth of the market can be primarily attributed to the surge in cases of asthma worldwide. According to the World Health Organization, an estimated 262 million people suffered from asthma around the world in 2019 and it caused 455 000 deaths.
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The pulmonary drug delivery method involves inhaling medication through the lungs and delivering it into the bloodstream. Pulmonary drug delivery is a noninvasive, safer method than intradermal or arterial injections. Moreover, the technological advancements, increasing consumption of tobacco and smoking, exposure to air pollution, along with development in drug delivery systems are anticipated to duel market growth during the forecast period. For instance, in February 2022, AptarGroup, Inc. launched HeroTracker Sense, a smart connected respiratory health device, which transforms a standard metered dose inhaler (pMDI) into a digital respiratory health tool.
Chronic respiratory diseases such as obstructive pulmonary disease (COPD) and asthma are commonly treated with pulmonary devices that deliver medication to the respiratory tract, such as inhalers. These medications are used both to prevent exacerbations of chronic conditions and to treat them. Thus the rising prevalence of respiratory diseases is anticipated to propel the demand for pulmonary drug delivery devices during the forecast period.
The global pulmonary drug delivery devices market is segmented and analyzed for demand and supply by application into asthma, cystic fibrosis, COPD, allergic rhinitis, and others. Among these segments, the COPD segment is anticipated to capture the largest market size in the global pulmonary drug delivery devices market owing to the higher prevalence and severity of this disease worldwide. For instance, COPD prevalence worldwide was 10% in 2019, accounting for 390 million cases among people over 40 years. Moreover, treatment for COPD is subsidized by government policies and non-governmental organizations are increasingly providing COPD treatment, these factors are anticipated to drive segment growth during the forecast period.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global pulmonary drug delivery devices market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033 backed by the increasing prevalence of lung diseases such as COPD, chronic bronchitis, and asthma. It was observed that in 2018, there were 8.9 million adults in the United States who experienced chronic bronchitis, or 3.5% of those over the age of 18 years. Furthermore, increasing healthcare spending, rising disposable income, presence of major key players, changes in lifestyle, and growing demand for diagnostic devices are factors anticipated to fuel the pulmonary drug delivery devices market growth in the region during the forecast period.
The global pulmonary drug delivery devices market is further classified on the basis of region as follows:
Our in-depth analysis of the global pulmonary drug delivery devices market includes the following segments:
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By Product |
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By Application |
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By Distribution Channel |
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FREQUENTLY ASKED QUESTIONS
Increasing prevalence of respiratory diseases such as asthma, lung infection, surge in COVID-19 cases, coupled with rising number of diagnostic centers are the major factors driving the growth of the pulmonary drug delivery devices market.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 – 2033.
Presence of alternative drug delivery systems and strict government regulations of product approval are the challenges affecting the market growth.
The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
The major players in the market are Novartis AG, Lupin Limited, Briggs Healthcare, Boehringer Ingelheim GmbH, Koninklijke Philips N.V., Merck & Co., Inc, 3M Healthcare, AstraZeneca plc, GlaxoSmithKline plc and others
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, application, distribution channel and, by region.
The COPD segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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