The Respiratory Inhalers Market is Estimated To Witness High Growth Owing To Increasing Prevalence of Respiratory Diseases
Respiratory Inhalers Market |
The
Respiratory Inhalers Market
Respiratory inhalers are medical devices used to deliver medication to the
lungs to relieve symptoms and control asthma, chronic obstructive pulmonary
disease (COPD), and other respiratory conditions. The most common types of
inhalers are metered-dose inhalers (MDIs), dry powder inhalers (DPIs), and soft
mist inhalers. These devices help deliver drugs such as bronchodilators and
corticosteroids directly into the airways to provide quick relief from
symptoms. Respiratory inhalers offer convenience, portability, and accurate
dosing compared to other delivery modes.
Market key trends
The increasing prevalence of respiratory diseases such as asthma and COPD
is a major driver of growth of the respiratory inhalers market. As per
published facts by the American Lung Association, around 25 million Americans
suffer from asthma while over 16 million Americans have been diagnosed with COPD.
Moreover, with growing pollution levels and lifestyle changes, the burden of
respiratory illnesses is expected to increase significantly over the coming
years. This will drive the demand for respiratory inhalers. Additionally,
technological advancements in inhaler devices leading to development of smart
or connected inhalers that can track medication use is another key trend in the
market. These electronic inhalers are integrated with sensors and mobile
applications to monitor adherence and sending alerts to physicians.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low due to high
capital requirement and presence of major established players in the market.
Bargaining power of buyers: The bargaining power of buyers is moderate as there
exist multiple brands in the market offering substitutes. However, buyers
prefer branded products owing to effectiveness and reliability.
Bargaining power of suppliers: The bargaining power of suppliers is low due to
presence of many suppliers in the market and suppliers are not specialized.
Threat of new substitutes: The threat of new substitutes is moderate as there
exist close substitute products like nebulizers. However, inhalers are highly
preferred due to ease of use.
Competitive rivalry: The competitive rivalry in the market is high due to
presence of major global and regional players offering innovative products.
SWOT Analysis
Strengths: The Respiratory
Inhalers Market Demand is driven by high prevalence of respiratory
diseases and increasing pollution levels globally. Respiratory inhalers are
easy to carry and use.
Weaknesses: High cost of branded inhalers, side effects associated with long
term usage, and changing preferences towards alternatives like nebulizers are
weaknesses affecting the market.
Opportunities: Growth opportunities lie in emerging economies, increasing
healthcare expenditure, and development of cost-effective portable inhalers.
Threats: Patent expiries of blockbuster drugs, stringent regulations, and
availability of generic alternatives threaten the market.
Key Takeaways
The global Respiratory Inhalers Market is expected to witness high growth
of 4.8% CAGR over the forecast period, due to increasing prevalence of
respiratory diseases, growing elderly population, and rising pollution levels.
Regionally, North America is expected to dominate the respiratory inhalers
market during the forecast period, owing to high healthcare spending and robust
presence of key players in the region. Asia Pacific is poised to exhibit the
fastest growth rate over the next few years due to increasing healthcare
infrastructure development and rising respiratory disease burden in developing countries.
Key players operating in the respiratory inhalers market are AstraZeneca Plc;
Beximco Pharmaceuticals Ltd.; Boehringer Ingelheim International GmbH; Cipla
Ltd; GSK Plc; Koninklijke Philips NV; OMRON Corp; OPKO Health, Inc; PARI
Respiratory Equipment, Inc.; and Teva Pharmaceutical Industries Ltd. These
players are focusing on new product launches and acquisitions to strengthen
their market position.
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https://www.dailyprbulletin.com/growth-of-the-respiratory-inhalers-market/
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