Increase in price competition and deterioration of material quality, overall high cost of asthma treatment is a challenge for the patients, and incompetent reimbursement support impede the growth to certain extent.
Increase in price competition and deterioration of material quality, overall high cost of asthma treatment is a challenge for the patients, and incompetent reimbursement support impede the growth to certain extent. Conversely, patent expiration for blockbuster drug and smart Inhalers are anticipated to create lucrative opportunities for the key players in the industry.
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Global COPD and asthma devices market size was estimated at $36.45 billion in 2019, and is anticipated to hit $51.62 billion by 2027, registering a CAGR of 4.3% from 2020 to 2027.
- GF Health Products
- GlaxoSmithKline Plc
- Koninklijke Philips N.V.
- Novartis AG
- PARI medical Holding GMBH
- Smith’s Group Plc.
- Aerogen, Inc.
- AstraZeneca PLC
- Baxter International Inc.
- Boehringer Ingelheim International GmbH
- 3M COMPANY
Drivers, restraints, and opportunities-
Daily exposure to environmental pollution, rise in population susceptible to indoor air pollutants, portability of the drug delivery devices, surge in population of active smokers, and increase in the number of surgeries drive the growth of the global asthma diagnostic and monitoring device sector. On the other hand, high costs of the device and stringent regulatory procedures impede the growth to some extent. However, high growth potential in emerging markets and increase in geriatric population are expected to create lucrative opportunities in the industry.
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Prime determinants of growth-
Day-to-day exposure to environmental pollution, increase in population susceptible to indoor air pollutants, portability of the drug delivery devices, rise in population of active smokers, and surge in government initiatives drive the growth of the global COPD and asthma devices market. However, increase in price competition and deterioration of material quality, overall high cost of asthma treatment is a challenge for the patients, and incompetent reimbursement support impede the growth to certain extent. Conversely, patent expiration for blockbuster drug and smart Inhalers are anticipated to create lucrative opportunities for the key players in the industry.
The retail pharmacies segment to maintain the dominant share-
Based on application, the retail pharmacies segment accounted for nearly half of the global COPD and asthma devices market revenue in 2019, and is anticipated to lead the trail from 2020 to 2027. Retail pharmacies are the oldest and most conventional medium for distributing the respiratory devices to the consumers, owing to its large chain of distribution network of pharmacies store. This factor has propelled the segment growth. Simultaneously, the online pharmacies segment would manifest the fastest CAGR of 6.0% till 2027.
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The asthma segment to maintain the dominant share-
Based on indication, the asthma segment accounted for nearly two-thirds of the global asthma diagnostic and monitoring device market revenue in 2019, and is anticipated to rule the roost by 2027. This is attributed to rise in indoor and outdoor causative agents such as pollution, allergens, and dust, coupled with the changing lifestyles that influence the incidences of asthma. Simultaneously, the COPD segment would register the fastest CAGR of 6.7% from 2020 to 2027.
North America garnered the major share in 2019-
Based on region, North America garnered the major share in 2019, holding nearly two-fifths of the global asthma diagnostic and monitoring device market. Rise in prevalence of respiratory diseases in the province fuels the market growth. At the same time, the market across Asia-Pacific would exhibit the fastest CAGR of 7.0% during the forecast period, due to increase in population coupled with high growing geriatric population and rise in healthcare expenditure in the region.
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