The global respiratory inhaler device market is estimated to garner notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to increasing cases of chronic obstructive pulmonary diseases. Furthermore, the data published by the World Health Organization states that asthma affected 262 million people in 2019 and caused 455,000 deaths worldwide. The inhaled medication can control asthma symptoms, which is the reason global respiratory inhaler device market is projected to grow significantly during the forecast period. Additionally, the prevalence of chronic obstructive pulmonary diseases is directly related to tobacco smoking. The data released by the Institutes for Health Metrics and Evaluation states that the number of smokers is rising worldwide and in 2019, smoking caused 8 million deaths. On the back of an escalating number of people involved in smoking the global respiratory inhaler device market is estimated to grow significantly during the forecast period. The inhalers are effective in providing relief to common cold patients. On account of the efficacy in providing relief to common cold patients, the global respiratory inhaler device market is projected to grow during the forecast period.
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The market is segmented by disease indication into asthma, chronic obstructive pulmonary disease, pulmonary disease, and others. Out of which, the asthma sub-segment is anticipated to hold the largest share in the global respiratory inhaler device market on account of the aggressively increasing number of patients with asthma. Respiratory inhalers are highly effective in controlling asthma symptoms.
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 respiratory inhaler device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is estimated to witness modest growth over the forecast period on the back of the presence of a highly established healthcare infrastructure. Furthermore, the Centers for Disease Control and Prevention states that chronic obstructive pulmonary diseases affect more than 15 million Americans. Owing to this, the global respiratory inhaler device market is projected to witness remarkable growth during the forecast period. Apart from this, a report published by the National Center for Biotechnology Information states that 5% of adults suffer from acute bronchitis every year. A person suffering from bronchitis might receive a nebulizer breathing treatment which calms the inflation in the mucous membrane and allow the body to start to heal.
The Asia Pacific region is also estimated to witness significant growth during the forecast period on the back large number of people suffering from respiratory diseases. Also, the data released by the WHO, countries such as, Bangladesh, India, and Pakistan are among the most polluted countries in the world, all exceeding WHO guidelines by 10 times. The increasing air pollution in the region is leading to severe respiratory diseases among the population, which is the reason the global respiratory inhaler device market is projected to witness significant growth during the forecast period.
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The global respiratory inhaler device market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global respiratory inhaler device market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The rising cases of chronic obstructive pulmonary diseases are expected to be the major factor driving the growth of the global respiratory inhaler device market during the forecast period.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 - 2031.
The major players in the market are Merck & Co., Inc., GlaxoSmithKline plc., Cipla Inc., and Koninklijke Philips N.V.
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, technology, disease induction, and by region.
The asthma segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
Associated health complications are estimated to hamper the market growth.
The North America region is estimated to provide more business opportunities for the growth of the market owing to the presence of developed healthcare infrastructure.
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