Global Asthma Devices Market to Grow at a Steady Pace Over the Forecast Period
Asthma is a chronic lung disease that narrows the tubes that help carry air both in and out of the lungs, i.e., the airways. Asthma causes the inside walls of your airways to become swollen and sore, making it hard for the air to pass out of the lungs. As a result of this, there are recurring periods of wheezing, coughing, shortness of breath, and tightness in chest, especially during the night and in the morning. When the symptoms of asthma become worse with time, it is referred to as an asthma attack. During a case of severe asthma attack, the airways get extremely close to one another causing the vital organs of the body to not get enough oxygen.
The severity of the disease can be understood by the striking percentage of deaths caused due to asthma over the last few decades. This has led to the emergence of asthma devices or asthma inhalers. These devices deliver medication into the body through the lungs, thereby acting as a treatment for asthma and chronic obstructive pulmonary disease. Recognizing the potential of the devices, Market Research Future (MRFR) conducted an in-depth research of the Global Asthma Devices Market. It projects that the market will expand at an approximate CAGR of 4.3% during the review period between 2017 and 2023.
The increasing prevalence of asthma disease is believed to be one of the key drivers of the market. As per the statistics published by the World Health Organization (WHO), a total of 235 million people suffered from asthma in 2017. Thus, showcasing the prevalent nature of this disease. Add to this, the surging healthcare expenditures and growing awareness concerning the disease are slated to fuel the market growth of asthma devices. At the same time, however, long-term treatment procedures coupled with the low per capita income and the lack of favorable policies in developing countries can restrict the growth of the global asthma devices market over the forecast period.
Global Asthma Devices Market – Competitive Dashboard
The major players operating the global asthma devices market are Aristopharma Ltd. (Asia Pacific), SRS PHARMACEUTICALS PVT. LTD. (Asia Pacific), AstraZeneca (Europe), Koninklijke Philips N.V. (Europe), GlaxoSmithKline plc. (Europe), 3M (U.S.), Boehringer Ingelheim GmbH (Europe), Merck & Co. Inc. (U.S.), Baxter. (U.S.), and others.
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November 20, 2018: The annual meeting of the American College of Allergy, Asthma & Immunology was recently held in Seattle and attracted around 3,500 participants from across the world. The meeting included immunology and allergy specialists and other health care professionals. The conference featured presentations which focused on the latest innovations and advances in the treatment and prevention of asthma.
Drivers and Constraints Impacting the Market
With the increasing prevalence of asthma, the global market for asthma devices is likely to boost in the coming years. Increasing awareness associated with asthma coupled with growing expenditure on healthcare are considered to fuel the market growth during the assessment period. Factors such as improper lifestyle which leads to smoking habits and incidences of pulmonary disorders are presumed to contribute to the market growth. Additionally, high expenditure on healthcare and government strategic and collaborative endeavors to diagnose and manage respiratory problems further influence the global market for asthma devices. Moreover, rising disposable income and inclination towards combination therapy for asthma treatment are estimated to contribute to the market growth in the coming years.
On the flip side, low per capita income and long treatment procedures are some of the major concerns likely to impede the market growth. Also, high price of the devices and lack of accuracy are likely to hamper the growth. Moreover, lack of favorable reimbursement policies in the developing countries are expected to retard the market growth in the coming years.
Global Asthma Devices Market – Segmental Analysis
The global asthma devices market has been segmented on the basis of technology, type, end-users, and region.
By mode of type, the global asthma devices market has been segmented into nebulizers, inhalers, and others. Among these, the inhaler segment is further sub-segmented into dry powder inhalers and metered-dose inhalers. The nebulizers segment is further sub-segmented into ultrasonic nebulizers, compressor nebulizers, mesh nebulizers, and others. The metered-dose inhalers segment is presumed to dominate the global market in terms of revenue owing to the reliability, self-containment, versatility, portability, easy availability, and cost-efficient medical aerosol delivery option among others.
By mode of technology, the global asthma devices market has been segmented into digitally operated inhaler devices, manually operated inhaler devices, and others.
By mode of end-users, the global asthma devices market has been segmented into clinics, hospitals, retail pharmacies, and others.
Global Asthma Devices Market – Regional Insights
Geographically, the asthma devices market span across regions namely, America, Europe, Asia Pacific, and Rest-of-the-World.
Among all the regions, America is considered to dominate the global market and is likely to maintain its dominance over the years. The growth is attributed to the well-developed healthcare infrastructure and huge patient pool in this region. Also, with the rising expenditure on healthcare along with changing lifestyle, the market is anticipated to flourish.
Europe holds the second position in the global market due to the well-developed healthcare sector along with the presence of huge patient population. Besides, support from the government for research and development coupled with increasing expenditure on healthcare are considered to boost the market growth.
The Asia Pacific region is considered to be the fastest growing region owing to the presence of huge patient population along with the presence of developing economies such as China and India. Meanwhile, the Middle East and Africa holds the least share owing to the presence of poor economy in this region. Moreover, strict government mandates and absence of well-developed healthcare sector are some of the major factors hindering the market growth.
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Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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