Market Synopsis of Global Asthma Devices Market
Asthma is a chronic inflammatory lung disease that narrows the airways. Asthma causes recurring periods of wheezing, chest tightness, shortness of breath, and coughing. Mostly, the symptoms associated with asthma are short-lived and can be easily treated. Asthma inhalers are medical devices which deliver medication into the body via the lungs, thereby, treating asthma and chronic obstructive pulmonary disease. Increasing prevalence of asthma is one of the major drivers for the market growth. According to the World Health Organization in 2017, approximately 235 million people suffered from asthma. Moreover, it was estimated that in 2015, the disease killed approximately 383 million patients around the globe. Additionally, rising healthcare expenditures and increasing awareness fuel the market growth. However, long treatment procedures and low per capita income followed by lack of favorable reimbursement policies in the developing countries will restrain the market growth during the forecast period.
The global asthma devices market is expected to grow at an approximate CAGR of 4.3% during the forecast period.
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The global copd and asthma devices market is segmented on the basis of type, technology, and end users.
On the basis of the type, the market is segmented into inhalers, nebulizers, and others. The inhalers segment is sub-segmented into metered-dose inhalers and dry powder inhalers. The metered-dose inhalers segment, by inhalers, is further categorized into standard pressurized metered-dose inhalers, breath-activated pressurized metered-dose inhalers, metered-dose inhalers with a spacer, and others. The nebulizers segment is sub-segmented into compressor nebulizers, ultrasonic nebulizers, mesh nebulizers, and others.
On the basis of technology, the market is segmented into manually operated inhaler devices, digitally operated inhaler devices, and others.
On the basis of end users, the market is segmented into hospital, clinics, retail pharmacies, and others.
The Americas dominate the global asthma devices market owing to a well-developed healthcare sector and huge patient population for asthma diseases. According to the Centres for Disease Control and Prevention, in 2015, approximately, 7.8% of the total population in the U.S. was identified for the presence of asthma. Moreover, changing lifestyle and increasing healthcare expenditure fuels the market growth. Additionally, the presence of global players like Merck & Co., Inc. and Baxter, and others boost market growth during the forecast period.
Europe is the second largest asthma devices market owing to a well-developed healthcare infrastructure and huge patient population. Moreover, government support for research & development and rising healthcare expenditures fuel the market growth. According to a study published in the Asthma Research and Practice journal in 2017, the yearly estimated cost for all the asthmatics per patient is about USD 1,900. Additionally, the presence of the developed economies like the U.K, Germany, and France within the region boosts the market growth.
Asia Pacific is the fastest growing region in the global market due to the presence of a huge patient population and continuously developing economies like India and China. According to a study of the Indian Chest Society in 2015, 300 million people suffered from asthma worldwide and about a tenth of its share is in India. Moreover, as per the Indian Brand Equity Foundation in 2017, the Indian healthcare sector is one of the fastest growing industries and is expected to advance at a CAGR of 22.8% and reach USD 280 billion by 2020. Moreover, favorable government policies like reduced excise and customs duty followed by the exemptions in service tax along boosts the market growth.
On the other hand, the Middle East & Africa holds the least share of the global asthma devices market due to the presence of poor economy, especially within the African region. The absence of the developed healthcare sector and stringent government policies restrain the market growth within the African region. Majority of the market within the region is held by the Middle East due to huge healthcare expenditures.
Key players for global asthma devices market
GlaxoSmithKline plc. (Europe), Merck & Co., Inc. (U.S.), 3M (U.S.), Aristopharma Ltd. (Asia Pacific), SRS PHARMACEUTICALS PVT. LTD. (Asia Pacific), AstraZeneca (Europe), Baxter. (U.S.), Boehringer Ingelheim GmbH (Europe), Koninklijke Philips N.V. (Europe), and others.Top of Form
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