Portland, OR, Nov. 04, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research the 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.
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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COVID-19 impact-
- The demand for respiratory care devices including inhalers has been increased during Covid-19. Also, the international regulatory agencies have accelerated approval of several respiratory devices.
- The global lockdown has disrupted the supply chain badly and as a result, the manufacturing process has also been severely hampered.
- However, government bodies across the world have imposed certain relaxations to ease up the existing regulations and the global market is projected to retrieve its position soon.
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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North America garnered the major share in 2019 –
Based on geography, North America garnered the largest share in 2019, holding more than one-third of the global COPD and asthma devices market. This is owing to the widespread and early adoption of inhalers & nebulizers and large pool of patients suffering from respiratory diseases in this region. However, the region across Asia-Pacific would portray the fastest CAGR of 5.0% by 2027, due to rise in healthcare expenditure, growth in awareness of advanced portable COPD & asthma devices, and increase in disposable income in Asia-Pacific region.
Leading market players analysed in the research include
- 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
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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