PORTLAND, Ore., Sept. 7, 2020
Increase in air pollution, advantages over conventional drug delivery devices, rise in prevalence of COPD & asthma, and surge in the number of government initiatives drive the growth of the global aerosol delivery devices market.
PORTLAND, Ore., Sept. 7, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Aerosol Delivery Devices Market by Product (Dry Powder Inhalers (DPIs), Metered Dose Inhalers (MDIs), and Nebulizers), Application (Asthma, Chronic Obstructive Pulmonary Disease (COPD), Cystic Fibrosis, and Non-Respiratory Diseases), and Distribution Channel (Retail Pharmacies, Hospital Pharmacies, and E-commerce): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global aerosol delivery devices industry was pegged at $31.46 billion in 2019, and is expected to hit $46.72 billion by 2027, registering a CAGR of 4.9% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Increase in air pollution, advantages over conventional drug delivery devices, rise in prevalence of COPD & asthma, and surge in the number of government initiatives drive the growth of the global aerosol delivery devices market. On the other hand, high cost of asthma & COPD treatments curbs the growth to some extent. However, several growth opportunities in emerging markets have proved to be beneficial for the industry.
The metered dose inhaler segment to lead the trail by 2027-
Based on product, the metered dose inhaler segment accounted for more than half of the global aerosol delivery devices market share in 2019 and is expected to rule the roost by 2027. This is attributed to rise in incidences of asthma, COPD, and cystic fibrosis, surge in patient awareness toward effective & advanced respiratory devices, and launch of effective products, which are tested under clinical trials by various companies to ensure better therapeutic outcomes. The nebulizer segment, on the other hand, would portray the fastest CAGR of 5.9% during the study period, owing to increase in demand for home healthcare devices, rise in incidence rate of chronic respiratory diseases, surge in geriatric population, and technological advancements in nebulizers.
The asthma segment to dominate during the estimated period-
Based on application, the asthma segment contributed to more than half of the global aerosol delivery devices market revenue in 2019 and is projected to retain its dominance by the end of 2027. Increase in the awareness of patients about lung diseases, surge in demand for metered dose inhalers (MDIs), and rise in prevalence of asthma globally propel the segment growth. Simultaneously, the non-respiratory diseases segment would manifest the fastest CAGR of 7.4% throughout the forecast period. This is due to rise in prevalence of non-respiratory diseases such as diabetes, analgesia, and Parkinson's disease, and increase in demand for aerosolized insulin.
North America to rule the roost-
Based on geography, North America generated the major share in 2019, holding more than two-fifths of the global aerosol delivery devices market. This is attributed to surge in demand for aerosol delivery devices, availability of advanced healthcare facilities with trained medical professionals, rise in number of R&D activities, large presence of key players, and surge in investments made by government in North America's healthcare system. Asia-Pacific, on the other hand, would grow at the fastest CAGR of 6.4% till 2027. The developing healthcare infrastructure and large population base susceptible to asthma and COPD drive the market growth in the region.
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