Inhalation Devices Market Size, Share & Trends Growth [2031]

Report Description

Market Outlook:

The Global Inhalation Devices Market was estimated at USD 48,052.9 Million in 2022 and is anticipated to reach USD ~72,734.3 Million by 2031, expanding at a CAGR of 4.9% during the forecast period.

Inhalation devices are medical devices that are used to deliver medication to the lungs through the work of a person’s breathing. They are commonly used to treat and prevent respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD). Treatment for chronic lung illness often includes the use of inhaled medications or medications that are breathed directly into the lungs. There are several medications that can be inhaled. The drug quickly enters the respiratory tract after being breathed, and less of it enters the bloodstream. Several inhalation devices are available that deliver medication directly to the lungs. Different medications are presently offered through metered-dose inhalers (MDIs), dry powder inhalers, nebulizers, and soft mist inhalers. Many chronic lung conditions, such as asthma and COPD, can be treated with a mix of inhaled drugs.

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Inhaler devices are used to deliver a variety of inhaled medications, including anticholinergics, beta-agonists, antibiotics, glucocorticoids, insulin, prostaglandin analogs, mannitol, antipsychotics, and levodopa.

Macro-economic Factors

Healthcare Reimbursement and Investment

High healthcare expenditure in North America is one of the key macroeconomic factors that is expected to influence the inhalation devices market. The US and Canada are among the countries with high per capita health spending in the world, which reflects their high level of income, health insurance coverage, and access to advanced technologies. For instance, according to the US Centers for Medicare & Medicaid Services, the country’s annual growth in national health spending is expected to average 5.1% from 2021 and reach nearly USD 6.8 trillion by 2030.

The healthcare systems in both these countries provide reimbursement for inhalation devices to patients with respiratory diseases, which encourages them to adopt inhalation devices. Moreover, the government and private sectors, investing in the research and development of new and improved inhalation devices, are to enhance their performance, safety, and efficacy.

Disposable Income

Disposable income is a crucial macroeconomic factor that significantly impact the inhalation devices market in various countries in Europe. Individuals with a high disposable income has more capital left over after covering essential expenses, making it easy for them to pay for expensive medical treatments and devices such as inhalation devices. According to European Union (EU), in 2021, the median disposable income was 18,019 purchasing power standard (PPS) per inhabitant in the EU.

High levels of median disposable income were recorded in Western and Nordic countries, especially in Luxembourg with 32,132 PPS, the Netherlands with 24,560 PPS, Austria with 24,450 PPS, and Germany with 23,401 PPS. On the other hand, the median disposable income was lower in most Southern and Eastern Europe countries, especially in Romania with 8,703 PPS, Bulgaria with 9,375 PPS, Greece with 9,917 PPS, and Hungary with 9,982 PPS.

Market Dynamics

Market Driver- Rising Prevalence of Chronic Respiratory Diseases

The rising prevalence of chronic respiratory diseases, including asthma and COPD, across the globe is expected to boost the market in the coming years. Chronic respiratory diseases (CRDs) are one of the leading causes of death and disability globally. For instance, according to the World Health Organization (WHO), chronic obstructive pulmonary disease (COPD) is the third leading cause of death globally, causing 3.23 million deaths in 2019. Increased adoption of unhealthy & sedentary lifestyles, smoking, pollution, and alcohol consumption are some of the major factors contributing to the growing prevalence of CRDs among patients across the globe. Additionally, the demand for inhalation devices is expected to rise in the coming years, as a result of the significant rise in asthma prevalence and incidence globally.

According to WHO, asthma is a significant non-communicable disease (NCD) that affects both children and adults. It reportedly had a negative impact on 262 million people worldwide, and it caused 461,000 deaths. Additionally, according to a research report by the European Respiratory Society (ERS), an estimate of the European prevalence of COPD in 2050, released in 2020, predicted that 36,580,965 Europe-based individuals have COPD, with the number expected to rise to 49,453,852 by the year 2050.

Market Driver- Increasing Healthcare Initiatives from International Organizations

The increasing collaboration between various healthcare organizations and rising government initiatives to overcome chronic respiratory diseases are the major factors driving the global market for inhalation devices. The Global Alliance against Chronic Respiratory Diseases (GARD) is a global network of stakeholders. The aim of GARD is to reduce by one-third premature mortality from NCDs through prevention & treatment and to promote mental health & well-being by 2030.

Additionally, in 2021, Global Initiative for Asthma (GINA) has taken up various initiatives to enhance the diagnosis and management of asthma among patients. GINA was established through a collaboration between the World Health Organization (WHO) as well as the US National Heart, Lung, and Blood Institute (NHLBI). The aim of GINA is to improve the diagnosis, management, and prevention of asthma by providing an up-to-date strategy & tools and practical resources for clinicians across the globe. Therefore, these factors are expected to boost the market during the forecast period.

Market Restraint- High Pricing for Inhalation Devices

The high cost of inhalation devices is a key restraining factor that is expected to hinder the market during the forecast period. The high cost of an inhalation device is mainly due to rising patient preference for brand-name inhalers over generic inhalers. For instance, the average cost of a brand-name asthma inhaler without insurance is USD 292.91. The high price of inhalers pose a financial burden on patients and limit their access & affordability to quality respiratory care. This also reduces the profitability and competitiveness of inhaler manufacturers in some regions, especially where there are unfavorable reimbursement policies or low-cost alternatives. The use of inhalers depends on the severity of the condition of a patient, and patients with severe conditions are required to be treated with expensive medications or devices. Thus, the high cost of inhalers, especially found in rapidly developing countries such as China, India, and Brazil, is estimated to restrain the market in the coming years.

Market Opportunity- Growing Awareness about Respiratory Health and the Need for Effective Treatment Options

The growing awareness about respiratory health and the need for effective treatment options are major factors that drive the growth of the global inhalation devices market. The increasing availability and accessibility of information and education on respiratory diseases and their prevention, diagnosis, management, and treatment as well as various initiatives by governments, organizations, and media aim to raise awareness and disseminate knowledge about respiratory health among the public and health care is expected to drive the demand for inhalation devices.

Additionally, the increasing demand and expectation for quality healthcare services and products can improve the outcomes and satisfaction of patients with respiratory diseases. Patients are becoming increasingly aware of their rights & choices and seek personalized & evidence-based care that can meet their needs and preferences. Hence, these all factors are expected to offer opportunities in the global inhalation devices market in the coming year.

Scope of the Report  

The report on the Global Inhalation Devices Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Segmental Outlook

Based on Type, the market is segmented into nasal sprays, metered dose inhalers (MDI), dry powder inhalers (DPI), and nebulizers. The Dry Powder Inhalers (DPI) segment is expected to hold a considerable share of the market during the forecast, owing to the high drug dose-carrying capacity of Dry Powder Inhalers (DPI). Additionally, the rising use of metered dose inhalers for the treatment of chronic lung diseases, including asthma and COPD, is expected to drive the segment in the coming years. DPIs require little or no coordination of actuation and inhalation. DPIs deliver a range of doses from less than 10 mg to more than 20 mg through one short inhalation.

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On the basis of indication, the market is fragmented into chronic obstructive pulmonary disease (COPD), asthma, nasal congestion, and others. The asthma segment holds a key share of the market, due to the increasing number of asthma cases on account of the rising air pollution. Increasing focus on advanced inhalers for asthma treatment is a major factor contributing to the growth of the market. For Instance, according to the World Health Organization (WHO), asthma affected an estimated 262 million people in 2019 and caused 455,000 deaths across the globe.

On the basis of distribution channel, the market is categorized into online pharmacy and offline pharmacy. The offline pharmacy segment holds a key share of the market. The segment is driven by factors such as in-person recommendations and care from pharmacists. Additionally, the increasing initiatives by various governments to provide cost-effective drugs, growing population, and rising affordability of medicines in retail pharmacies are expected to drive the segment in the coming years.

In terms of end-user, the market is fragmented into hospitals, clinics, home care, and others. The homecare segment holds a key share of the market. This is attributed to the increasing preference for home and ambulatory care among patients with chronic respiratory diseases.

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Regional Outlook

Based on regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to maintain its dominance in the global market during the forecast period, due to the increasing demand for inhalation devices from major sectors such as hospitals, clinics, and laboratories in the region.

The rising burden of COPD & asthma, well-established healthcare facilities, and rising awareness of respiratory diseases are expected to drive the market in the region. According to the government of Canada, there were 453,700 and 488,100 cases of chronic obstructive pulmonary disease (COPD) in 2019 and 2020, respectively, which is 7.2% and 7.5% of the total population. Additionally, according to the Office of Disease Prevention and Health Promotion (ODPHP) 2020, more than 25 million US residents have asthma, and 14.8 million individuals have been given a COPD diagnosis.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Inhalation Devices Market

• Historical, Current, and Projected Market Size in Terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global Inhalation Devices Market performance