New York, June 29, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on"Asthma Spacers Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product and Distribution Channel," Rising investments by public and private organizations in R&D activities for product innovation are driving the growth of the global asthma spacers market. However, rising costs of these devices and lack of awareness among people about the product are the factors restraining the market growth.
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| Report Coverage | Details |
| Market Size Value in | US$ 1,666.48 Million in 2022 |
| Market Size Value by | US$ 2,266.47 Million by 2028 |
| Growth rate | CAGR of 5.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 152 |
| No. Tables | 57 |
| No. of Charts & Figures | 74 |
| Historical data available | Yes |
| Segments covered | Product, and Distribution Channel |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Asthma Spacers Market: Competitive Landscape and Key Developments
Cipla Inc., PARI GmbH, Koninklijke Philips N.V., Lupin, HAAG-STREIT GROUP, Laboratoire ProtecSom, Monaghan Medical Corporation, Koo Medical Equipment, Agaplastic, Metal Zug, and Teleflex Incorporated are among the leading companies operating in the global asthma spacers market. These players focus on expanding, diversifying their market presence, and acquiring a novel customer base, thereby tapping prevailing business opportunities.
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In 2021, North America dominated the asthma spacers market. The US holds the largest share of the market in this region. The market growth in the country is attributed to the rising prevalence of chronic respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, lung cancer, and sleep apnea, increasing awareness of the uses and benefits of asthma spacers, and rising introduction of technologically advanced spacers, inhalers, and other respiratory devices.
In July 2021, Philip Morris International Inc. (PMI) agreed to buy asthma drugmaker Vectura Group Plc for US$ 1.2 billion. The acquisition will accelerate PMIs beyond nicotine strategy and expands its product pipeline development capabilities in inhaled therapeutics. Further, COPD is caused by exposure to cigarette smoke. Genetic factors strongly influence the development of the disease. Thus, the above-mentioned factors are driving the market growth.
In April 2019, Cipla Limited launched a new product named "Niveoli", which is India's first extra-fine particle beclomethasone-formoterol combination hydrofluoroalkane (HFA) inhaler. The newly launched product was intended for adults, targeting drug delivery to the small airways. Additionally, the new product was a proprietary Cipla inhaler. The latest offering from Cipla in respiratory inhalation therapy addresses unmet needs associated with obstructive airway diseases (OAD), such as asthma and chronic obstructive pulmonary disorder (COPD).
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Growing Awareness Regarding Benefits of Spacers Boosts Asthma Spacers Market Growth
Inhaler spacers play a vital role in the quick and effective delivery of the inhaled drug into the lungs. Spacers are majorly recommended along with the metered dose inhalers as they have significant capacity to spray the medicine, which gets deposited in the throat or palate. Further, the spacers extensively offer improved ergonomics for the patient, enabling enhanced treatment outcomes.
The rapidly increasing prevalence of respiratory conditions is driving the adoption of inhalers. However, many patients lack the preparedness while using inhalers, causing medication errors. For instance, according to a study published in the online newsletter Business Standard in 2019, an estimated 42% of the patients missed critical medication steps, which led to lowered treatment outcomes. Spacers can offer smooth and slower absorption of drugs in the lungs to deal with such issues. Such benefits served by the spacers offer significant growth opportunities for market growth.
In September 2019, Lupin launched a new product named "ADHERO". The newly launched product was a new connected smart device intended for a metered-dose inhaler. It was a first-of-its-kind device intended for patients suffering from chronic respiratory diseases by tracking their metered dose inhaler (MDI) usage and facilitating improving adherence to therapy.
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According to the Asthma and Allergy Foundation of America, approximately 25 million people in the US are currently living with asthma. Currently, there are about 5.1 million children under the age of 18 with asthma. Moreover, asthma is more common in male children than female children. Around 8.4% of male children have asthma, compared to 5.5% of female children.
Asthma Spacers Market: Segmental Overview
Based on product, the asthma spacers market is segmented into aerochamber, optichamber, volumatic, and inspirease. In 2022, the aerochamber segment is expected to hold the largest market share and is expected to witness the highest CAGR from 2022 to 2028.
Based on distribution channel, the asthma spacers market is segmented into retail pharmacy, hospital pharmacy, and E-commerce. In 2021, the retail pharmacy segment held the largest share of the market and is expected to witness the highest CAGR from 2022 to 2028.
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Browse Adjoining Reports:
Asthma Drugs Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Medications (Quick Relief Medications and Long-Term Control Medications), Route of Administration (Inhaled, Prefilled Syringes/Vials, and Others), and Distribution Channels (Online Pharmacies, Hospital Pharmacies, and Retail Pharmacies)
Asthma Inhaler Device Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Metered Dose inhaler, MDI with a spacer, Dry Powder inhaler, Others.); Technology (Manually operated inhaler, Digitally operated inhaler); End User (Hospitals, Clinics, Research Institutes, Others.)
Pediatric Asthma Treatment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product type (Dry powder inhalers, Metered dose inhalers, Mist inhalers, Nebulizer); Drug class (Anti-inflammatory drugs, Bronchodilators, Combination therapy); Route of administration (Oral, Inhaled, Intravenous, Subcutaneous) and Geography
Asthma Therapeutics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Dry powder inhalers, Metered dose inhalers, Mist inhalers, Nebulizer); Drug Class (Anti-inflammatory drugs, Bronchodilators, Combination therapy); Route of administration (Oral, Inhaled, Intravenous, Subcutaneous) and Geography
Asthma And COPD Drugs Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Disease (COPD, Asthma); Medication Class (Combination Products, LTA, ICS, Anti cholinergic, SABA, LABA, Others.)
Pulmonary Drugs Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Drug Class (Inhaled Corticosteroids, Long Acting Beta-2 Agonists, Antihistamines, Vasodilators, Short Acting Beta-2 Agonists, Others); Application (Asthma and COPD, Allergic Rhinitis, Pulmonary Arterial Hypertension, Cystic Fibrosis, Others); Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) and Geography
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