Global Pulmonary Drug Delivery Devices Market: Increasing R&D Pursuits for Novel Treatment of Respiratory Disorders to Benefit Market, says TMR
Transparency Market Research says that the global pulmonary drug delivery devices market features a highly competitive, however consolidated vendor landscape. The major chunk of the market share is held by top companies namely, GlaxoSmithKline Plc, AstraZeneca Plc, Merck & Co. Inc., Boehringer Ingelheim GmbH, and Teva Pharmaceutical Industries Ltd.
“The robust product pipeline of established drug makers, particularly the ones involved in the manufacture of drugs for asthma and chronic obstructive pulmonary diseases is expected to keep the competition high in this market,” say analysts.
The global market for pulmonary drug delivery devices market stood at US$32.2 bn in 2015. The market is projected to be worth US$43.05 bn by the end of 2024 rising at a CAGR of 3.30% from 2016 to 2024.
North America to Stay Dominant in Global Market
The global pulmonary drug delivery devices market is studied on the basis of product type, distribution channel, application, and region. In terms of product type, the market is divided into the segments of dry powder inhalers, nebulizers, and metered dose inhalers. Based on application, the pulmonary drug delivery devices market is divided into asthma, cystic fibrosis, COPD, and others. Among these, asthma is expected to display the leading demand for pulmonary drug delivery devices thanks to the robust pipeline products for treatment of asthma.
The regional segments into which the global market for pulmonary drug delivery devices market is divided are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America, among these, is leading closely followed by Europe. The increasing prevalence of COPD is the primary factor behind the growth of these regions. North America is expected to continue its dominant position in the global market with a share of more than 40% by the end of 2024. Technological advances in pulmonary drug delivery devices with the U.S. and Canada being leading domestic markets is the key factor for the lead position of North America. Germany is the leading domestic market for pulmonary drug delivery devices in Europe.
Asia Pacific, the Middle East and Africa, and Latin America pulmonary drug delivery devices markets are also expected to display significant growth in the forthcoming years due to the increasing prevalence of respiratory diseases. Increasing awareness among consumers about the importance of health and wellness and rising disposable income in developing countries in these regions are anticipated to fuel growth of these markets, states the market study.
Rising Patient Pool with Respiratory Diseases to Propel Market
The rising patient pool suffering from respiratory diseases is the most prominent factor driving the pulmonary drug delivery devices market. The alarming increase in air pollution level and the increasing number of smokers is adding to the COPD patient pool, thereby displaying a surging demand for pulmonary drug delivery devices. As the scenario is expected to remain the same over the forecast period, the demand for these devices is expected to be on the rise, say analysts.
In addition, the market is expected to be benefitted from increasing research and development pursuits to discover novel line of treatment for asthma and COPD. However, imminent patent expiration of blockbuster drugs for asthma and COPD and cumbersome procedure to receive regulatory approval for new devices may hamper the growth of this market to some extent, notes the research study.
The review presented is based on the findings of Transparency Market Research report, titled “Pulmonary Drug Delivery Devices Market (Product Type - Dry Powder Inhalers, Metered Dose Inhalers and Nebulizers; Application - Asthma, COPD, and Cystic Fibrosis; Distribution Channel - Retail Pharmacies, Hospital Pharmacies, and E-commerce) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The global pulmonary drug delivery devices market is segmented as follows:
By Product type
- Dry Powder Inhalers
- Single-dose inhalers
- Multi-dose inhalers
- Metered Dose Inhalers
- Manually-actuated pressurized inhaler
- Breath-actuated pressurized inhaler
- Jet nebulizers
- Ultrasonic wave nebulizers
- Vibrating mesh nebulizers
- Cystic Fibrosis
By Distribution Channel
- Retail Pharmacies
- Hospital Pharmacies
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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