Rockville, Nov. 28, 2022 (GLOBE NEWSWIRE) -- The global asthma spacers market is poised to expand at 3.9% CAGR during the forecast period (2021-2031). Demand for asthma spacers is expected to skyrocket as prevalence of suffered acute respiratory disease syndrome is surging across the globe. Sales in the market are slated to surpass US$ 1,803.9 Million by the end of 2031.
According to the World Health Organization (WHO), around 262 million people were affected by asthma in 2019 and nearly 455,000 people succumbed to the disease. To reduce the global burden, government bodies and non-profit organizations are raising initiatives such as funding and projects, especially for children.
Asthma spacers helps the patient to get accurate dosage to the lungs and is effective. Owing to its efficient drug delivery and manageability, aerochamber is expected to be the most preferred asthma spacer in the market. In addition to this, pollution and toxicity in the environment is increasing the risk of respiratory diseases, especially among baby boomers and children. This will propel the need for asthma spacers across the globe.
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Aerochambers is the first drug administration method for the patients suffering from asthma. To improve the product, key companies are investing in research and development to provide a proper and accurate drug delivery system for the incurable disease. Some of the start-ups are even developing an easier technology that will help the patients breathe easy and is not as bulky as asthma spacers. However, this might negatively impact the sales in the market.
Based on the region, North America is expected to be the most remunerative market for asthma spacer manufacturers. With rising prevalence of respiratory disorders and chronic diseases in the U.S., the demand in the market is predicted to burgeon. On the back of this, North America is predicted to account for around 2/5th of sales in the market.
Key Takeaways:
- In terms of product type, the aerochambers segment is expected to account for more than 40% of revenue in the global market.
- Based on distribution channel, e-commerce will witness an uptick, followed by hospital pharmacies over the upcoming decade.
- By 2031, North America is expected to be the leading region in the global asthma spacers market, surpassing US$ 739.61 Mn.
- Sales of asthma spacers in Asia Pacific are projected to increase at 4.5% CAGR over the assessment period.
- The U.S. is expected to vanguard the sales in North America asthma spacers market over the forecast period.
Growth Drivers:
- Increasing prevalence of chronic respiratory chronic disorders, especially among children, will propel the demand for asthma spacers.
- Rising investments by start-ups and leading companies in the development of product will benefit the market.
- Growing awareness regarding the health benefits of the spacers will aid the sales of asthma spacers in the market.
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Competitive Landscape:
As per the study, Trudell Medical International, GlaxoSmithKline, and Koninklijke Philips N.V. are profiled as the top tier companies in the asthma spacers market. With the presence of leading players, the market is expected to be fragmented. Acquisition and collaboration is likely to be the key strategy of key players to stay ahead in the game.
They are acquiring companies specialized in the research activities to develop novel technologies. Some of the players are also aiming for product development and launches in order to gain competitive edge in the market.
For instance,
- In 2021, Monaghan Medical Corporation announced the 3-yeay partnership with Captis for medication delivery and Oscillatory Positive Expiratory Pressure devices.
- In July 2021, Philip Morris International Inc. announced the acquisition of leading asthma drug maker Vectura Group Plc. to expand its product pipeline capabilities in inhaled therapeutics.
Key Companies Profiled by Fact.MR
- Trudell Medical International
- Koninklijke Philips N.V
- GlaxoSmithKline
- Medical Developments International
- Visiomed Group Ltd.
- Cipla Ltd.
- Clement Clarke
- AstraZeneca Merck & Co.
- Lupin Pharmaceuticals Inc.
More Valuable Insights on Asthma Spacers Market
In the latest study, Fact.MR provides unbiased analysis on the global asthma spacers market during the forecast period (2021-2031). The survey also offers comprehensive analysis on the key trends, opportunities, and drivers propelling the sales of asthma spacers through detailed segmentation as follows:
Product Type:
- Aerochambers
- Optichambers
- Volumatic
- Inspirease
- Others
Distribution Channel:
- E-Commerce
- Retail Pharmacy
- Hospital Pharmacy
Regions:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Key Questions Covered in the Asthma Spacers Market Report
- How will the demand for asthma spacers surge during the forecast period?
- Which are the key trend propelling the sales of asthma spacers in the market?
- Which region will be the most lucrative in the asthma spacers market during 2021-2031?
- What is the projected market valuation of the asthma spacers market in 2031?
- What are the challenges asthma spacers providers might face over the upcoming decade?
- Which will be the leading distribution channel in the asthma spacers market?
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