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The global asthma devices market is witnessing a revolution
owing to the influx of smart inhaler devices and the rising number of asthma
patients. The Asthma
Devices Market is projected to reach USD 7202.6 Million by 2030 at 4.7%
CAGR during the forecast period 2022-2030.Growing incidence of asthma and
exposure to risk factors are the prime driving factors behind the market
growth.
According to the Centers for Disease Control and Prevention
(CDC)reports, almost 25 million US citizens suffer from asthma representing
7.7% of adults and 8.4% of children. The rising rates of asthma cases are
further increasing market growth. CDC states that approximately 11.4 million US
patients had more than one asthma episode in 2017. Asthma also
disproportionately affects more children than adults and affects almost 6.2
million patients under 18 years of age, and a whopping 47.5 percent of children
reported more than one asthma attack.
The large economic burden due to asthma and the excellent
reimbursement rates and insurance coverage of asthma is another driver of the
market. Asthma results in 9.8 million physician visits and 1.8 million
emergency visits per year in the US The high mortality associated with asthma
and the poor elasticity of demand is another driver of the market. In 2017
alone, 3,564 US mortalities were associated with asthma.
New product development, such as the emergence of smart
inhalers, is expected to increase the market demand. Additional factors that
are substantiating the market growth are exposed to risk factors such as
sedentary lifestyles, pollution, and others.
Global Asthma Devices Market – Segments
MRFR has segmented the market into five market dynamics to
widen the scope of understanding,
By Type :
Inhalers (Metered-Dose Inhalers and Dry Powder Inhalers), Nebulizers
(Compressor Nebulizers, Ultrasonic Nebulizers, Mesh Nebulizers), among others.
By Technology : Inhaler Devices, Digitally Operated Inhaler Devices, Manually
Operated among others.
By End-use :
Hospital, Clinics, Retail Pharmacies among others.
By Regions :
Europe, Asia Pacific, North America, and the Rest-of-the-World.
Global Asthma Devices Market – Regional Analysis
North America accounts for the significant share in the
global asthma devices market owing to a large patient base and high healthcare
expenditure. According to the CDC, approximately 9.8% of women and 5.4% of men
have asthma, which makes for a large market. Excellent healthcare reimbursement
is another driver of the market.
Europe accounts for the second-largest asthma devices market
due to excellent healthcare infrastructure and large government support for
research & development. According to the Asthma Research and Practice
journal, the annual cost of asthma treatment per person in 2017, was about USD
1,900. The presence of large medical device companies in Germany is further
boosting the market growth.
The Asia Pacific is projected to drive further market growth
owing to low treatment rates and the growing population. According to the
Indian Chest Society, account for 10% of the global asthma burden. According to
the Indian Brand Equity Foundation, the Indian healthcare sector is projected
to grow at 22.8% CAGR and expand to more than USD 280 billion by the end of
2020. Favorable excise and customs policies such as exemptions from service tax
are boosting the market growth.
Global Asthma Devices Market – Competitive Landscape
The asthma devices market is fragmented and competitive
owing to large pricing pressures, especially at low-end devices. However, the
smart devices segment is consolidated and yields a premium owing to features
such as online and mobile connectivity and analytics. Consolidation of data and
precise measurement of dose are other features available. Moreover, the latest
asthma devices can predict the need and timing of the dose, helping the patient
manage his condition. Manufacturers of asthma devices are developing a close
association with healthcare end-users such as hospitals, enhancing their
exposure to end-users.
Major Players:
Players leading the global asthma devices market
include GlaxoSmithKline plc. (Europe), Merck & Co., Inc. (US), 3M (US),
Aristopharma Ltd. (Asia Pacific), SRS Pharmaceuticals Pvt. Ltd. (Asia Pacific),
AstraZeneca (Europe), Baxter(US), Boehringer Ingelheim GmbH (Europe), and
Koninklijke Philips N.V. (Europe), among others.
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