Pulmonary Drug Delivery Devices Market Insights by 2027
Transparency Market Research (TMR) has published a new report titled, ‘Pulmonary Drug Delivery Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global pulmonary drug delivery devices market was valued at US$ 36,159.9 Mn in 2018 and is projected to expand at a CAGR of 2.7% from 2019 to 2027.
Overview
- Pulmonary Drug Delivery Devices are the devices used primarily for the delivery of the locally acting drugs directly to their site of action, these devices are oftenly used for the management of asthma, COPD, chronic bronchitis and other respiratory diseases. Nebulizers, Metered Dose Inhaler, Dry Powder Inhaler are major pulmonary drug delivery devices with an innovative approach than the conventional inhalers. Rising trend of the targeted drug delivery through pulmonary route, improving patient acceptance and compliance for a non-invasive systemic route are few factors propelling the growth of the market.
- North America dominated the global pulmonary drug delivery devices market in 2018 and the trend is anticipated to continue during the forecast period. Acceptance and awareness of technological advancements, rise in COPD incidences, increase in the geriatric population, and strong reimbursement policies. Moreover, insurance coverage for pulmonary drug delivery devices and huge availability of these instruments to the patients is another key factor for its growth in the coming years.
- Asia pacific is likely to be major lucrative market for the growth of the pulmonary drug delivery devices. Merger and acquisition amongst companies and launching of innovative products for managing various respiratory conditions are estimated to drive the market of the pulmonary drug delivery devices. Rise in smoking, leading to COPD and other respiratory condition, and increase in disposable income are key factors for the increasing adaption of pulmonary drug devices. Moreover, a rise in the geriatric population in Japan and China, growing patient acceptance due to improved consistency of delivery and product stability drives the demand for pulmonary drugs delivery devices.
For More Industry Insight, Request Brochure@ https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=48993
Rise in respiratory disease such as Asthma and COPD, and Increasing Smoker Population to Drive Market
- The number of smokers is increasing globally. The U.S. has seen a decline in the percentage of people smoking; however, there are still 40 million adults who smoke and 20 million will die prematurely unless they quit. Also, exposure to secondhand smoke raises complications for people suffering from asthma and COPD. According to the American Lung Association, exposure to secondhand smoke can cause more than 202,000 asthma flare-ups among children each year. According to the WHO, tobacco accounts for over 6 million deaths each year; more than 600,000 of these are non-smokers exposed to second-hand smoke. Such alarming statistics indicate that the habit of smoking and increase in number of smokers are likely to propel the pulmonary drug delivery devices market.
- According to WHO, COPD is the fourth-leading cause of death globally, with approximately 2.75 million deaths per annum. WHO predicts that COPD would be the third-leading cause of death by 2030.In United States, around more than 16 million people are suffering from COPD condition and this statistics likely to drive the need of the pulmonary drug delivery devices. As per Centers for Disease Control and Prevention (CDC), 1 in 13 people likely to have asthma which accounted for 25 million Americans to have asthma. Amongst 25 million Americans, 7.7% adults and 8.4% of children possess asthma.
Dry Powder Inhaler Segment to Dominate Market
- Based on product type, the global pulmonary drug delivery devices market has been dry powder inhaler, metered dose inhaler, and nebulizers. Dry powder inhaler segment is further segmented into single dose inhalers, and multi-dose inhalers. Metered dose inhaler is further classified into manually actuated pressurized inhaler, and breath-actuated pressurized inhaler. Nebulizers is also further bifurcated into jet nebulizer, ultrasonic wave nebulizers, and vibrating mesh nebulizers.
- The dry powder inhaler segment held major share of the global pulmonary drug delivery devices market in 2018 and the trend is anticipated to continue during the forecast period. The attributable factors are attributed to its effective, efficient, and environmentally friendly way of delivering drugs to the lung. Moreover, uniform distribution of the drug, small dose variation, and good flow ability, adequate physical stability in the device before use and good performance in terms of emitted dose and fine particle fraction.
Asthma Segment to Hold Largest Market Share and Cystic Fibrosis to be Highly Lucrative Segment
- In terms of application, the global pulmonary drug delivery devices market has been divided into asthma, COPD, cystic fibrosis, and Others.
- The asthma segment held a largest market share in the year 2018 and Cystic fibrosis segment is expected to grow at highest CAGR during forecast period. As per research, severe asthma is prevalent in adults and highly common in the children. According to Global Asthma Network, asthma kills around 1000 people, every day, and affects around 339 million people, which are mostly from low- and middle-income countries.
- As per Cystic Fibrosis News Today, with higher rate of incidence in the U.S., an estimated 30,000 people suffer from cystic fibrosis. Furthermore, according to research, approx. 1,000 new cases of cystic fibrosis are diagnosed in the U.S. each year. In Europe, the incidence of cystic fibrosis in newborns is around 2000 to 3000 and in Asia Pacific, the disease is highly undiagnosed and the prevalence in the region is very rare. These statistics are estimated to boost the cystic fibrosis market to propel in coming years.
North America to Dominate Global Market
- In terms of region, the global pulmonary drug delivery devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global pulmonary drug delivery devices market in 2018, followed by Europe.
- North America accounted for major share of the global pulmonary drug delivery devices market in 2018, followed by Europe owing to increase in prevalence of respiratory diseases, such as asthma, COPD, cystic fibrosis, etc. in the region. Moreover, favorable reimbursement policies, presence of key players, merger & acquisitions, augment the demand of pulmonary drug delivery devices in the market.
- The pulmonary drug delivery devices market in Asia Pacific is anticipated to expand at a highest CAGR from 2019 to 2027. This can be attributed to increasing adoption of various pulmonary drug delivery devices, growing incidences of the asthma, COPD and other respiratory conditions. Medial tourism, rapid economic growth in developing economies such as India, China, Indonesia and others are another attributable factors for the market growth in the region.
Competitive Landscape
- The global pulmonary drug delivery devices market is fragmented in terms of number of players. Key players in the global market include Boehringer Ingelheim GmbH, Novartis AG, GlaxoSmithKline plc, AstraZeneca plc, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc., MannKind Corporation, F. Hoffmann-La Roche Ltd., Mylan N.V., Omron Corporation, 3M Healthcare, Sunovion Pharmaceuticals, Inc., Koninklijke Philips N.V., PARI GmbH, Nypro Healthcare Inc. (Jabil Circuit Inc.) and other prominent players.
- Companies strive to maintain their leading position in the market by adopting various business strategies such as merger & acquisition, launch of technically advanced products, and expansion strategy enabled companies to expand their product line and strengthen geographic presence across globe.
Get Exclusive PDF Sample Copy Of This Report@ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=48993
About Us
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants, uses proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact
Transparency Market Research,
90 State Street, Suite 700,
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/
