Respiratory Inhaler Device Market size is estimated to reach $46.2 billion by 2026, growing at a CAGR of 6.8% during the forecast period 2021-2026. Respiratory inhaler devices are the devices that are hand-held and portable devices that deliver medication to the respiratory organs. These inhaler devices help in reducing the amount of medication that remains in the throat or on the tongue after breathe. Respiratory inhaler devices are increasingly being adopted across the world owing to their ability to control the intake of medication.
The rise in the demand for dry powder inhalers and soft mist inhalers for asthma treatment, increasing adoption of metered dose inhalers for the treatment of chronic obstructive pulmonary disease (COPD), rise in the demand for combination therapies for respiratory devices, and growing investment by the key players to develop advanced respiratory inhaler devices are the factors that are set to drive the growth of the Respiratory Inhaler Device Market for the period 2021-2026.
Respiratory Inhaler Device Market Segment Analysis-By Product Type
The Respiratory Inhaler Device Market based on the Product Type can be further segmented into Metered Dose Inhalers, Dry Powder Inhalers, and Soft Mist Inhalers. The Dry Powder Inhalers segment held the largest share in 2020 owing to the factors such as the rise in the adoption of dry powered inhalers as an alternative to aerosol-based inhalers and the growing demand for dry powered inhalers for the treatment of chronic obstructive pulmonary disease (COPD).
The growing investments by the key players in research and development activities for developing advanced dry powered inhalers is driving the growth of the Respiratory Inhaler Device Market. The Metered Dose Inhalers segment is estimated to be the fastest growing segment with a CAGR of 7.6% over the period 2021-2026. This growth is owing to the factors such as the growing adoption of metered dose inhalers in asthma conditions and the rise in the product launches by key players.
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Respiratory Inhaler Device Market Segment Analysis-By Application
The Respiratory Inhaler Device Market based on the Application can be further segmented into Asthma and Chronic Obstructive Pulmonary Disease (COPD). The Asthma segment held the largest share in 2020 owing to the factors such as the increase in the demand for metered dose inhalers and soft mist inhalers for the treatment of asthma and rise in the investment by the key players to develop advanced inhaler devices for asthma treatment.
The rise in awareness about proactive asthma management in children in developed nations is driving the growth of the Respiratory Inhaler Device Market. The Chronic Obstructive Pulmonary Disease (COPD) segment is estimated to be the fastest growing segment with a CAGR of 8.2% over the period 2021-2026. This growth is owing to the factors such as the rise in the adoption of advanced inhalers in hospitals for the treatment of chronic obstructive pulmonary disease (COPD) and increase in the prevalence of chronic respiratory diseases across the world.
Respiratory Inhaler Device Market Segment Analysis-By Geography
North America held the largest share with 31% of the overall market in 2020. The growth in this segment is owing to the factors such as the rise in the demand for dry powder inhalers and soft mist inhalers for asthma treatment and the rise in the product launches by key players. The increasing adoption of metered dose inhalers for the treatment of chronic obstructive pulmonary disease is driving the growth of the Respiratory Inhaler Device Market.
Asia-Pacific segment is estimated to be the fastest growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as the rise in the adoption of combination therapies for respiratory devices and growing investment by the key players to develop advanced respiratory inhaler devices.
Respiratory Inhaler Device Market Drivers
Increase in the Adoption of Combination Therapies for Asthma
The rise in the adoption of combination therapies for asthma has propelled the demand for respiratory inhalers, such as dry powder inhalers and soft mist inhalers owing to their effective results for the patients. The inhaler devices are becoming one of the best options to induce the combination drug, which is one of the major factors driving the growth of the Respiratory Inhaler Device Market.
Increasing Demand for Metered Dose Inhalers
Metered Dose Inhalers are increasingly being adopted for the treatment of asthma and chronic obstructive pulmonary disease (COPD) owing to their ability to deliver the right amount of medication fast. Many governments in developed nations are also supporting the production of advanced inhaler devices owing to their massive demand, which is further propelling the growth of the Respiratory Inhaler Device Market.
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Respiratory Inhaler Device Market Challenges
High Cost of Respiratory Inhaler Devices
The key players in the market are collaborating with other players to carry out various research and development activities for launching advanced respiratory inhalers for the treatment of Asthma and Chronic Obstructive Pulmonary Disease (COPD). However, the high cost of respiratory inhalers is one of the major factors that is estimated to reduce the growth of the Respiratory Inhaler Device Market.
Respiratory Inhaler Device Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Respiratory Inhaler Device Market. Key companies of this market are GlaxoSmithKline PLC, Merck & Co, OMRON Healthcare, AstraZeneca, Teva Pharmaceutical, Novartis, Koninklijke Philips N.V., Boehringer Ingelheim GmbH, Sandoz International GmbH, and Beximco Pharmaceuticals Ltd among others.
Partnerships/Product Launches:
In December 2020, OMRON Healthcare has launched WheezeScan for children with Asthma to accurately detect the presence of wheezing in young children and to remove the uncertainty of potential misdiagnosis.
Key Takeaways
Geographically, North America Respiratory Inhaler Device Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the rise in the adoption of metered dose inhalers for the treatment of asthma.
The rise in awareness about proactive asthma management in children in developed nations is driving the Asthma segment. However, the high cost of respiratory inhaler devices is one of the major factors that is said to reduce the growth of the Respiratory Inhaler Device Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Respiratory Inhaler Device Market report.
Related Reports :
A. Asthma and Copd Devices Market
https://www.industryarc.com/Research/Asthma-And-Copd-Devices-Market-Research-509746
B. Dry Powder Inhaler Devices Market
https://www.industryarc.com/Report/16963/dry-powder-inhaler-devices-market.html
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