The COPD and asthma devices market in Asia-Pacific is projected to reach $14951.64 million by 2027, registering a CAGR of 5.00% from 2020 to 2027.
PORTLAND, OREGON, UNITED STATES, September 20, 2021 /EINPresswire.com/ — Increase in price competition and deterioration of material quality, overall high cost of asthma treatment is a challenge for the patients, and incompetent reimbursement support impede the growth to certain extent. Conversely, patent expiration for blockbuster drug and smart Inhalers are anticipated to create lucrative opportunities for the key players in the industry.
The global COPD and asthma devices market size was estimated at $36.45 billion in 2019, and is anticipated to hit $51.62 billion by 2027, registering a CAGR of 4.3% from 2020 to 2027.
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The demand for respiratory care devices including inhalers has been increased during Covid-19. Also, the international regulatory agencies have accelerated approval of several respiratory devices.
The global lockdown has disrupted the supply chain badly and as a result, the manufacturing process has also been severely hampered.
However, government bodies across the world have imposed certain relaxations to ease up the existing regulations and the global market is projected to retrieve its position soon.
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The demand for COPD and asthma devices is on a rise, owing to surge in incidence of chronic diseases such as respiratory disorders & COPD and increasing population of smokers. Furthermore, rise in portable aerosol inhalers devices across the globe is another factor that fuels the growth of the market.
The major factors that boost the market growth include increase in prevalence of respiratory diseases such as COPD, asthma, and emphysema; rise in need for rescue medication during sudden asthmatic attack; and burgeoning demand for short-term, effective medication. Moreover, rise in focus of manufacturers toward the development of advanced, portable inhalation devices, and government initiatives toward the spread of awareness for COPD and asthma symptoms are expected to boost the market growth. However, the factors such as environmental concerns associated with metered dose inhalers (MDI), high cost of some inhalation devices and treatment, increase in price competition, and deterioration of material quality restrain the market growth. In addition, incompetent reimbursement support and patent expiration for blockbuster drugs hamper the market growth. On the contrary, rise in use of smart inhaler devices that are more intuitive and drive patient engagement and adherence while increasing treatment effectiveness is anticipated to provide lucrative growth opportunity for the market growth in the near future.
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North America garnered the major share in 2019 –
Based on geography, North America garnered the largest share in 2019, holding more than one-third of the global COPD and asthma devices market. This is owing to the widespread and early adoption of inhalers & nebulizers and large pool of patients suffering from respiratory diseases in this region. However, the region across Asia-Pacific would portray the fastest CAGR of 5.0% by 2027, due to rise in healthcare expenditure, growth in awareness of advanced portable COPD & asthma devices, and increase in disposable income in Asia-Pacific region.
Leading market players analysed in the research include
GF Health Products
Koninklijke Philips N.V.
PARI medical Holding GMBH
Smith's Group Plc.
Baxter International Inc.
Boehringer Ingelheim International GmbH
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Source: EIN Presswire