Asthma and COPD Devices Market Size, Share, Growth, and Industry Analysis, By Type (Inhaler and Nebulizer), By Application (Hospital, Online Store, Medical Machinery Sales Center, and Other) and Regional Forecast to 2032

Updated On: 11 November 2024

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MARKET REPORT OVERVIEW

The Asthma and COPD Devices Market Size is Projected to be worth US$ 328.67 Million in 2023. The market is likely to surpass US$ 501.9 Million by 2032 at a CAGR of 4.33% During the Forecast period [2024-2032].

It provide the user with a lot of features that make this particular product service work efficiently and effectively. Inhalers are small, portable medical devices that provide medication directly to the lungs. They are frequently used to treat asthma and chronic obstructive pulmonary disease (COPD). This factor has augmented the Asthma and COPD Devices Market growth.

The anticipated rate of growth for this particular product service is due to quality level of assurance. Prosperity has been observed for this particular product market with amusing numbers. Increases in the prevalence of COPD and asthma, technical developments, and an aging population are the main reasons propelling the market's expansion. A lot of new cutting edge changes and technological advancements are also the reasons for the growth of this market. These are a few basic  factors and reasons that have helped the revenue numbers to touch skies. This has ultimately outraged the sales and demand for this particular market growth and prosperity. Patients with asthma are becoming more numerous as a result of the significant rise in both prevalence and incidence of the condition, which has raised demand for these devices. This particular product has experienced immense growth due these factors.

COVID-19 Impact: Market Growth Obstructed by Pandemic due to Lockdown

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps to stop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related to healthcare. Therefore, a small influence from COVID-19 is anticipated on the Asthma and COPD Devices Market share.

LATEST TRENDS

"Geriatric Population to Drive Market Growth"

A latest trend has been witnessed to proliferate the market growth. This trend has been proved to be of utmost lucrative for this particular product market. Growing geriatric population is likely to drive the market's growth during the forecast period because asthma is a widely prevalent condition in persons over 65 and can lead to major health problems if not treated appropriately. A lot of specifications have been made to this particular product which has benefited the market growth. This specific trend has influenced the market growth so much so that the revenue and share numbers of this particular product is touching the skies and soaring over.

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MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Inhaler and Nebulizer amongst which the leading segment is the Inhaler.

• "Inhaler": It is nothing but a type of COPD with the Inhaler.
• "Nebulizer": It is basically a type that of COPD with the Nebulizer.

By Application

Based on application the global market can be categorized into Hospital, Online Store, Medical Machinery Sales Center, and Other amongst which the leading segment is the Hospital.

• "Hospital": It is just an application where it is used by
• "Online Store": It is nothing but an application where it is used by Online Store.
• "Medical Machinery Sales Center": It is just an application where it is used by Medical Machinery Sales Center.

DRIVING FACTORS

"Chronics Illness to Boost the Market"

This is the major factor attributing the growth of this particular market. Asthma is the most frequent chronic illness in children and a significant noncommunicable disease (NCD) that affects both adults and children. This driving factor has attributed growth for this particular product has been recorded to be most influential for the market. Because of this, during the pandemic phase, there was a greater need for asthma and COPD equipment. These factors are anticipated to drive the market growth during the forecast period. Compared to adult males, adult women in the US are more likely to have asthma.

"Technological Advancements to Expand the Market"

This is the second major factor attributing the growth of this particular  market and has resulted in the hike of revenue numbers so much so that they are touching the skies. Clients benefit from it. A few of the factors driving the segment's growth are the rising incidence of asthma globally, the efforts of NGOs and government agencies to raise awareness, and the R&D efforts of businesses to advance asthma device technology. These factors are anticipated to drive the market growth in the present times and also during the forecast period.

RESTRAINING FACTOR

"High Cost and Negligence to Impede Market Growth"

These particular solutions have been very helpful yet extremely costly as well. It has been witnessed that this particular market has experienced immense trouble in the supply chains which has resulted in the restrain for this market growth. Buying green tires would typically demand a larger initial cost than buying conventional tires. Financially strapped companies that prioritize short-term savings above long-term gains may find the expense to be a deterrent. The steep starting costs of green tires thus provide a significant barrier, particularly for consumers who are price conscious. This particular factor is anticipated to restrain the market growth and drastically reduce the sales and demands of this particular product market. 

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REGIONAL INSIGHTS

The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America  Dominating the Market due to Advanced Technology"

North America is expected to be the leading region of this particular product market and is anticipated to to grow over the forecasted period. Owing to the growing prevalence of asthma and COPD, a developed healthcare system, and more awareness, the North American market for these conditions is expected to account for a sizeable portion of the global market. 

KEY INDUSTRY PLAYERS

"Leading Players adopt Acquisition Strategies to Stay Competitive"

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

"List of Market Players Profiled"

• Omron Healthcare (Japan)
• GF Health Products (U.S.)
• Boehringer Ingelheim (Germany)
• PARI Pharma (Germany)
• Merck (U.S.)

INDUSTRIAL DEVELOPMENT

"May 2023": This particular company has attributed the market growth in terms of revenue and shares system. Alkem introduced the "Innohaler," their first inhalation device, to treat COPD and asthma in patients. This development has proved that the company will continue to proliferate this particular product market growth.

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.