Projections from a latest study by Fact.MR, a global research firm, indicate that the asthma spacers market is slated to record a CAGR of 4% in 2021.
Projections from a latest study by Fact.MR, a global research firm, indicate that the asthma spacers market is slated to record a CAGR of 4% in 2021. The spread of respiratory ailments such as allergies and asthma on account of smoking and pollution is paving the way for higher demand expansion of asthma spacers. As geriatric population across the globe is growing rapidly and is demonstrating increased disposition for respiratory disorders. Therefore, the number of asthma patients will rise manifold.
“Market players are increasingly focusing on launching new products and spontaneous technological innovation to ascertain proper delivery of medicine to asthma patients by offering low-resistance, one-way inhalation flow thus bolstering the demand for asthma spacers.” says Fact.MR.
Geriatric Population Continues to Drive Asthma Spacer Sales
Geriatric population across the globe is proliferating at a swift pace. The number of geriatric people are projected to exceed 2 billion by 2050, capturing over 22% of the worldwide population. The growing prevalence of asthma amid the geriatric people is prompting a rise in the demand for asthma spacers.
Moreover, environmental degradation, leading to reduced and poor air quality has created increased demand for asthma spacers. Several studies have exhibited that 7 out of 10 patients are not capable to utilize inhaler devices efficiently. Inhalers necessitate patients to time a deep breathe exactly as the medicine is released. However, majority of the patients experience trouble adjusting this. Fact.MR’s study reflects that to improve the consumption of medication, demand for spacers shall be augmented in the forthcoming years.
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Aerochambers Demand Set to Increase
Aerochambers are likely to witness increased demand in 2021 and beyond, according to Fact.MR’s analysis. This is ascribed to delivery of the medicine in a controlled, slow way as well as technological developments. In addition, they avert wastage by guaranteeing minimum leak of medicine into the air. The segment is projected to record over 2/5th of the asthma spacers share, exceeding a valuation of nearly US$ 800 Mn by 2026.
Furthermore, demand for devices for instance flexi-chambers and micro spacers will foresee an uptick, and record approximately 4% CAGR in 2021.
How Big is the US Asthma Spacers Market?
The US shall retain its prominence in 2021 and beyond due to growing incidences of asthma attacks amid patients which is prompting rise in healthcare expenditure, advanced healthcare facilities, along with several government initiated program for healthcare. The region is anticipated to capture around 41% of the overall share through 2026.
Trailing behind the US, emerging countries such as China & India will grow steadily due to growing population and ensuing rise in health expenditure. The UK will account for a notable share for asthma spacer industry, due to growing adoption of asthma spacer in the region.
Acquisition of Product Profile of Emerging Companies Remains Key Focus Areas: Fact.MR Survey
Asthma spacers market is extremely fragmented owing to the presence of handful players having their footprint in the market. Fact.MR’s survey with thought leaders revealed that acquisition of emerging players majorly for research & development domain to co-develop advanced technologies will remain a key strategy for market players in 2021 & beyond. The updated edition of the report provides comprehensive coverage of the projected to remain the key strategies of market players. A few of the players profiled in the report are Koninklijke Philips N.V, Trudell Medical International, GlaxoSmithKline, Visiomed Group Ltd., Medical Developments International, Cipla Ltd. Clement Clarke, Merck & Co. AstraZeneca,and Lupin Pharmaceuticals Inc. The updated edition also offers a detailed analysis of the COVID-19 impact on this market.
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Source: Fact.MR