LOS ANGELES, Feb. 10, 2021 (GLOBE NEWSWIRE) -- The Global COPD Drug Delivery Device Market is anticipated to grow at a CAGR of around 4.5% during the forecast period 2020 to 2027 and to reach around US$ 12.0 Bn by 2027.
The market in North America is expected to account for a major revenue share in the global COPD drug delivery device market due to the increasing number of patients suffering from respiratory issues. According to U.S. Department of Health and Human Services currently more than 25 million people in the United States have asthma and approximately 14.8 million adults have been diagnosed with COPD.
In addition, the government is spending high on development of healthcare infrastructure and players are investing high for R&D activities which is expected to support the growth of target market. An innovative product offering by players in order to attract new customers is expected to boost the growth of target market.
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Government is imposing various regulations related to product approval along with availability of favorable reimbursement is expected to impact the growth of target market positively.
The market in Asia Pacific is expected to witness faster growth in the target market over the forecast period due to developing healthcare sector. In addition, developing regulatory scenario, increasing number of patients suffering from COPD issues and players focus on development of innovative drug delivery solutions are factors expected to support the growth of target market.
Increasing geriatric population in developing countries and rising demand for minimally invasive advanced drug delivery solution are factors responsible to impact the growth of target market.
Increasing number of patients suffering from chronic respiratory disorder across the globe, increasing government spending on R&D activities and introduction of innovative solutions are factors expected to drive the growth of the global COPD drug delivery device market. In addition, high investment by major players for product development activities and focus on development of smart inhalers is expected to support the growth of target market.
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Major players are focused on enhancing the business presence in order to increase the customer base and increase profit.
- In 2018, Koninklijke Philips N.V. launched InnoSpire Go, it's the smallest and lightest portable hand-held nebulizer that provides portable, fast and effective medication delivery. This is expected to help the company to enhance the customer base.
- In 2020, AireHealth acquired BreathResearch’s research and patents, which include work on machine learning analytics for respiratory condition tracking. This is expected to help the company to enhance the product portfolio.
- In 2019, Hill-Rom, Inc., a company focused on making hospital beds, furniture, other health care equipment, and medical technology systems acquired Breathe Technologies, a global provider of a wearable ventilator for people with lung conditions such as chronic obstructive pulmonary disease. This is expected to help the company to enhance the customer base.
- In 2019, Cipla Limited that primarily develops medicines to treat respiratory, cardiovascular disease, arthritis, diabetes, weight control and depression; other medical conditions launched Niveoli for use in respiratory inhalation therapy. This is expected to help the company to enhance the customer base.
- In 2020, Glenmark Pharmaceuticals a generic drug and active pharmaceutical ingredient manufacturer launched triple therapy inhaler in the India market for patients suffering from chronic COPD. This is expected to help the company to strengthen its position in global market.
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However, factors such as stringent government regulation related to product approval and high cost associated to product and R&D activities are expected to hamper the growth of global COPD drug delivery device market. In addition, lack of reimbursement policies in developing countries is expected to challenge the growth of target market.
Technological advancements by major players and inclination towards tracking the untapped market in emerging economies are factors expected to create new opportunities for players operating in the target market over the forecast period. In addition, players focus on online channel in order to enhance the customer reach is expected to support the revenue growth of target market.
Players operating in the global COPD drug delivery device market are Boehringer Ingelheim GmbH, GlaxoSmithKline plc, Novartis AG, Teva Pharmaceutical Industries, Merck & Co., Inc., Cipla Inc., Sunovion Pharmaceuticals, Inc., Koninklijke Philips N.V., AstraZeneca, PARI GmbH, and Omron Corporation. The market is highly competitive due to presence of large number of players operating on global level.
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