Asthma Devices Market 2020: Global Industry Exhibits Huge Growth by Top Key Players

 

The global asthma devices market is growing moderately. Factors affecting market growth positively are rising prevalence of chronic respiratory disease and increasing usage of combination therapy.

The global asthma devices market has been evaluated as steadily growing market and expected that the market will reach high growth figures. Respiratory inhalers, and nebulizers are the devices which are used to control the respiratory conditions by directly inhaling the drug into the respiratory tract. Over the past 50 years, inhaler devices have revolutionized the respiratory care by delivering the medicines directly into the lungs and avoiding the adverse effects caused by the other modes of medication. However there has been a point of concern for the doctors whether the patients are talking the medication correctly or not. The asthma devices market is expected to grow at an approximate CAGR of 4.3% during the forecast period.

Because, even if you have the most potent drug in the inhaler; if the patient does not take the medication correctly and on time, you will not see the desired effect of the drug. Different inhaler drugs are being developed for the different conditions and the inhalers are prescribed to the patients on the basis of the condition of the patient and the severity of the disease. There are some major factors that are driving the market growth such as rising prevalence of respiratory disorders due to increase pollution and unhealthy lifestyle, increasing usage of combination therapies due to associated benefits, increased efficacy and easy reimbursement policies associated with them and others.

On the other hand, there are some hindering factors which are restricting the market growth such as side effects and complications during inhalation, high prices of devices, and lack of accuracy etc. The market is expected to show large opportunities in the coming future with the advancement of technology in developing countries and new products with increased accuracy. However, some of the challenges which the market is expected to face includes competition from new entrants or big pharmaceutical giants entering the business or market and the continuous advancements in the product.

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Industry Updates

Feb, 2017 BI received expansion of FDA approval of the use of Tiotropium Respimat for treatment of Asthma in Children. With this approval, company will be able to sell the product inside the United States.

Jan, 2017 AstraZeneca had announced that on 25 January 2017 the US Food and Drug Administration (FDA) granted six months of paediatric exclusivity for Symbicort (budesonide/formoterol) Inhalation Aerosol. Symbicort is approved in the US to treat asthma in patients 12 years and older and for the maintenance and treatment of COPD in adults, the company is expecting larger market share with the product launch.

Nov, 2016 Chiesi acquires Atopix therapeutics. The acquisition of the UK based clinical stage biotechnology company will help Chiesi enhance its Asthma Segment.

Feb, 2015 AstraZeneca and Actavis Plc had signed agreement under which AstraZeneca will acquire the rights to Actavis’ branded respiratory business in the U.S. and Canada for an initial consideration of $600 million on completion and low single-digit royalties above certain revenue threshold.

Global Asthma Devices Market - Regional Analysis

Depending on geographic region, Globally North America is the largest market for Asthma Inhalers. Currently there are around 6.4% of American suffering from COPD in U.S. and around 5.4 million people suffering from asthma in U.K. This major growth is attributed to the increasing demand of the dry powder inhalers among population due to its several advantages over Metered Dose Inhalers and other types of inhalers.

Europe is the second-largest market for asthma inhalers. It is observed that approximately 70% of the child’s death occurs per year are due to respiratory disorders which are results of the sudden attacks hence rescue medication or rescue inhalers can serve better to save lots of lives per year.

Asia pacific region is expected to be fastest growing region in respiratory Inhaler market. Middle East & Africa is expected to have limited but steady growth in the market. These countries with the advancement of technology are expected to show large number of cases of asthma and other respiratory disease which remain unnoticed currently.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.

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