Dry Powder Inhaler Device Market is Expected to Notable Growth at a CAGR of 4.13% and Reach USD 964.5 Million by 2028 | Reports and Data
The global Dry Powder Inhaler Device Market is estimated to reach USD 964.5 Million by 2028, according to a new report by Reports and Data. This can be mainly associated due to increasing incidences of hereditary diseases, lung disorders and increasing pollution due to the high discharge of harmful chemicals are significant reasons for chronic respiratory diseases that are generating a significant demand for the dry powder inhalers. Improvised efficiency of dry powder inhalers and better results in comparison with alternative therapies is a driving factor that will aid market growth. Based on statistics, the rise in elderly population base inclined to respiratory infections will boost market growth. A significant cause of lung disorders in teenagers and adults is the addiction to nicotine. Increases in variations of hormones due to the changing lifestyle which can trigger the need for having an addiction are also significant factors stimulating Market demand.
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Dry powder inhaler market in North America accounts for the largest share of 22.30% in 2020, which is driven due to the presence of world-class healthcare infrastructure with technologically advanced practice, a high number of people with respiratory problems, higher spending, strict guidelines and presence of leading industry players in the region. The U.S. will boost the North America dry powder inhaler industry due to the increasing predominance of asthma and other respiratory diseases copulated with the growing geriatric population. Adoption of new technologies will further propel the growth of dry powder inhaler devices.
Further key findings from the report suggest:
- The asthma segment is valued at USD 205.1 million in 2020 and is estimated to reach USD 299.2 million by 2028 at a CAGR of 4.7% during the forecast period, due to an increase in air pollution levels across the world and increase in the incidence of asthma particularly in developed countries.
- Single-use devices are observing improved demand as they have the potential to overcome the challenges and offer a hygienic & clean device. This segment is valued at USD 393.5 million in 2020 and is estimated to reach USD 563.8 million by 2028 at a CAGR of 4.5% during the forecast period. A significant trend in the market is the demand for accessibility and easy handling of respiratory devices.
- Multiple dry powder inhalers are popular among patients with respiratory diseases as an additional device for different places such as cars, homes and job sites. With single-use dry powder inhalers, patients are allowed to carry the exact dose of inhalations needed in blister packs, which in turn promotes handling and comfort.
- The chronic obstructive pulmonary diseases (COPD) sector of the application segment accounts for a market share of 21.50% in 2020 and is estimated to reach USD 202.5 million by 2028 at a CAGR of 4.8%.
- Increase in incidence of respiratory disorders including asthma and COPD, increase in air pollution levels especially in emerging countries, and an increase in per capita health care spending are the major factors increasing demand and utilization of dry powder inhalers worldwide.
- Increase in variations of hormones due to the changing lifestyle which can trigger the need for having an addiction will show enhanced demand for dry powder inhaler industry growth.
- The rise in the number of prescriptions for dried powder inhalers by hospitals due to the growth rate of adoption shown by doctors boost the market growth. Among the end users segment, the hospital sector is anticipated to grow at a CAGR of 4.6%. IT accounts for the largest market share of 46.41% in 2020. The growth in this market segment is due to the availability of these inhalers in the pharmacies and presence of strong business channels.
- Lifestyle changes and rise in the occurrence of allergies and infections amongst the population has driven to an extended demand for dry powder inhalers in the overall market in Europe. Industrialization and excessive use of chemicals have further increased the occurrence of respiratory ailments in workers that have led to market development.
- Other regions such as APAC are estimated to register the highest CAGR of 5.1 %, during the forecast period. APAC is anticipated to have the fastest growth, due to a rapidly emerging medical infrastructure, increasing expenses on healthcare and rising medical tourism in developing nations such as China and India in this region.
Increasing incidences of hereditary diseases, lung disorders and increasing pollution due to the high discharge of harmful chemicals are significant reasons for chronic respiratory diseases and are the major factors influencing the growth of market – Our Expert Opinion
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
3M Company, Astrazeneca Plc., Chiesi Farmaceutici S.p.A., GlaxoSmithKline Plc, Novartis AG, Cipla Ltd., Teva Pharmaceutical Industries Limited, Boehringer Ingelheim GmbH, MannKind Corporation, and Vectura Group Plc
Dry Powder Inhaler Device Market Segmentation:
Product Outlook (Volume, Thousand Units; and Revenue, USD Million; 2020-2028)
- Capsule based
- Blister based
- Reservoir/Cartridge based
End User Outlook (Volume, Thousand Units; and Revenue, USD Million; 2020-2028)
- Hospitals and pharmacies
- Retail pharmacies
- Drug stores
Application Outlook (Volume, Thousand Units; and Revenue, USD Million; 2020-2028)
- Hereditary diseases
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Dry Powder Inhaler Device market over the forecast period?
- What are the major factors driving the growth of the Global Dry Powder Inhaler Device Market?
- What are the key challenges impacting the global Dry Powder Inhaler Device market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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