Transparency Market Research (TMR) has published a new report titled, ‘Pulmonary Drug Delivery Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global pulmonary drug delivery devices market was valued at US$ 36,159.9 Mn in 2018 and is projected to expand at a CAGR of 2.7% from 2019 to 2027.
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Overview
- Pulmonary Drug Delivery Devices are the devices used primarily for the delivery of the locally acting drugs directly to their site of action, these devices are oftenly used for the management of asthma, COPD, chronic bronchitis and other respiratory diseases. Nebulizers, Metered Dose Inhaler, Dry Powder Inhaler are major pulmonary drug delivery devices with an innovative approach than the conventional inhalers. Rising trend of the targeted drug delivery through pulmonary route, improving patient acceptance and compliance for a non-invasive systemic route are few factors propelling the growth of the market.
- North America dominated the global pulmonary drug delivery devices market in 2018 and the trend is anticipated to continue during the forecast period. Acceptance and awareness of technological advancements, rise in COPD incidences, increase in the geriatric population, and strong reimbursement policies. Moreover, insurance coverage for pulmonary drug delivery devices and huge availability of these instruments to the patients is another key factor for its growth in the coming years.
- Asia pacific is likely to be major lucrative market for the growth of the pulmonary drug delivery devices. Merger and acquisition amongst companies and launching of innovative products for managing various respiratory conditions are estimated to drive the market of the pulmonary drug delivery devices. Rise in smoking, leading to COPD and other respiratory condition, and increase in disposable income are key factors for the increasing adaption of pulmonary drug devices. Moreover, a rise in the geriatric population in Japan and China, growing patient acceptance due to improved consistency of delivery and product stability drives the demand for pulmonary drugs delivery devices.
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Rise in respiratory disease such as Asthma and COPD, and Increasing Smoker Population to Drive Market
- The number of smokers is increasing globally. The U.S. has seen a decline in the percentage of people smoking; however, there are still 40 million adults who smoke and 20 million will die prematurely unless they quit. Also, exposure to secondhand smoke raises complications for people suffering from asthma and COPD. According to the American Lung Association, exposure to secondhand smoke can cause more than 202,000 asthma flare-ups among children each year. According to the WHO, tobacco accounts for over 6 million deaths each year; more than 600,000 of these are non-smokers exposed to second-hand smoke. Such alarming statistics indicate that the habit of smoking and increase in number of smokers are likely to propel the pulmonary drug delivery devices market.
- According to WHO, COPD is the fourth-leading cause of death globally, with approximately 2.75 million deaths per annum. WHO predicts that COPD would be the third-leading cause of death by 2030.In United States, around more than 16 million people are suffering from COPD condition and this statistics likely to drive the need of the pulmonary drug delivery devices. As per Centers for Disease Control and Prevention (CDC), 1 in 13 people likely to have asthma which accounted for 25 million Americans to have asthma. Amongst 25 million Americans, 7.7% adults and 8.4% of children possess asthma.
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Competitive Landscape
- The global pulmonary drug delivery devices market is fragmented in terms of number of players. Key players in the global market include Boehringer Ingelheim GmbH, Novartis AG, GlaxoSmithKline plc, AstraZeneca plc, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc., MannKind Corporation, F. Hoffmann-La Roche Ltd., Mylan N.V., Omron Corporation, 3M Healthcare, Sunovion Pharmaceuticals, Inc., Koninklijke Philips N.V., PARI GmbH, Nypro Healthcare Inc. (Jabil Circuit Inc.) and other prominent players.
- Companies strive to maintain their leading position in the market by adopting various business strategies such as merger & acquisition, launch of technically advanced products, and expansion strategy enabled companies to expand their product line and strengthen geographic presence across globe.
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