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.

Read More:

https://www.dailyprbulletin.com/growth-of-the-respiratory-inhalers-market/

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