Rockville , June 27, 2023 (GLOBE NEWSWIRE) -- Demand for asthma spacers is expected to witness a market value of US $ 2.2 Billion by the end of 2033. The market is predicted to witness a CAGR of 5.4% during the forecast period of 2023 - 2033.
The prevalence of chronic obstructive pulmonary diseases (COPDs) has been rising significantly in recent years, and it is anticipated that this will have a significant impact on the demand for asthma spacers in the years to come. Due to growing knowledge of their advantages in accurately dosing the lungs with medication, asthma spacers are expected to see a modest increase in demand.
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Over the next ten years, it is also projected that rising expenditures on asthma management and asthma care by asthmatic patients around the world will increase exports of asthma spacers and asthma inhalers. The increased prevalence of obesity, rising exposure to allergens, rising air pollution, and rising urbanisation are all contributing factors to the rising incidence of asthma.
Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Projected Market Value 2033 | US$ 2.2 Billion |
| Growth Rate (2023-2033) | 5.4% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 27 Tables |
| No. of Figures | 73 Figures |
Key Companies Profiled In This Report
- Trudell Medical International
- Koninklijke Philips N.V
- GlaxoSmithKline
- Visiomed Group Ltd.
- Cipla Ltd.
- Clement Clarke
- AstraZeneca
- Merck & Co.
- Medical Developments International
- Lupin Pharmaceuticals Inc.
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Key Driving Forces Accelerating the Market Growth
- Asthma is a common respiratory condition affecting a significant number of people in various geographies such as North America. The rising prevalence of asthma is driving the demand for effective treatment options such as asthma spacers.
- There is an increased focus on educating patients and healthcare professionals about the proper use of inhalers and the benefits of using asthma spacers. This awareness has resulted in higher adoption rates of asthma spacers among patients, thereby driving the market growth.
- The development of advanced asthma spacers with features such as dose counters, anti-static properties, and compact designs has improved their efficiency and convenience. Technological advancements are attracting more users and contributing to market growth.
- In North America, favorable reimbursement policies and insurance coverage for asthma medications and devices, including spacers, are encouraging patients to adopt these devices. This factor has a positive impact on market growth.
- The aging population in various geographies such as North America is more susceptible to respiratory conditions, including asthma. As the geriatric population continues to grow, the demand for asthma spacers is expected to increase, driving the market growth.
Vital Indicators Shaping The Future Of The Industry
- The development of innovative technologies and features in asthma spacers, such as integrated sensors, Bluetooth connectivity, and smart inhalers, will shape the future of the market. Advanced technologies will enhance usability, data tracking, and patient engagement, driving the adoption of asthma spacers.
- Ongoing research and development activities focused on improving the design, functionality, and effectiveness of asthma spacers will influence the future market. Investments in R&D will lead to the introduction of new and improved spacer devices, enhancing patient outcomes and market growth.
- The future of the asthma spacers market will be driven by a patient-centric approach, which emphasizes usability, convenience, and patient satisfaction. Manufacturers that prioritize patient needs and preferences, including factors such as ease of use, portability, and customization options, will have a competitive advantage in the market.
- The healthcare industry in North America is witnessing a shift from volume-based to value-based care models. In this evolving landscape, the effectiveness and cost-effectiveness of healthcare interventions, including asthma spacers, will be crucial. The ability of spacers to improve medication adherence, reduce hospitalizations, and provide better patient outcomes will be significant drivers of market growth.
Challenges Hindering The Market Growth
- Despite efforts to raise awareness, there is still a lack of knowledge and understanding among patients and healthcare professionals about the benefits and proper usage of asthma spacers. Insufficient education can result in low adoption rates and limited market growth.
- Affordability can be a challenge for some patients, especially those without adequate insurance coverage or limited financial resources. The cost of asthma spacers, particularly advanced or technologically advanced models, can be a barrier to adoption, hindering market growth.
How Competition Influences The Market
Key asthma spacer companies are focusing on various collaborations, mergers & acquisitions to expand their reach and strengthen their market share.
- For instance, Monaghan Medical Corporation (Monaghan), had announced that it had signed a three-year contract agreement with Captis, a collaborative healthcare organization. The collaboration was done to improve patient outcome
- In July 2022, Aretaria Therapeutics, a biotechnology company had won 350 Mn USD in a Series A funding round. Moreover, the company was expected to use this capital to run a phase 3 trial for its new asthma candidate.
Moreover, to establish a sustainable market share amongst this competition, key players are working on revolutionizing the asthma inhaler space industry by developing a new high-performance, mechanical inhaler that is kid-friendly.
Key Segments of Asthma Spacers Industry Research Report
- By Product Type :
- Aerochamber
- Optichamber
- Volumatic
- Inspirease
- Others
- By Distribution Channel :
- Retail Pharmacies
- e-Commerce
- Hospital Pharmacies
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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