The global asthma devices market is witnessing a revolution owing to the influx of smart inhaler devices and the rising number of asthma patients. According to Market Research Future (MRFR), the global asthma devices market is expected to garner a CAGR of over 4.3% over the assessment period (2016-2023). Growing incidence of asthma and exposure to risk factors are the prime driving factors behind the market growth.
According to the Centers for Disease Control and Prevention (CDC)reports, almost 25 million US citizens suffer from asthma representing 7.7% of adults and 8.4% of children. The rising rates of asthma cases are further increasing market growth. CDC states that approximately 11.4 million US patients had more than one asthma episode in 2017. Asthma also disproportionately affects more children than adults and affects almost 6.2 million patients under 18 years of age, and a whopping 47.5 percent of children reported more than one asthma attack.
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The large economic burden due to asthma and the excellent reimbursement rates and insurance coverage of asthma is another driver of the market. Asthma results in 9.8 million physician visits and 1.8 million emergency visits per year in the US The high mortality associated with asthma and the poor elasticity of demand is another driver of the market. In 2017 alone, 3,564 US mortalities were associated with asthma.
New product development, such as the emergence of smart inhalers, is expected to increase the market demand. Additional factors that are substantiating the market growth are exposed to risk factors such as sedentary lifestyles, pollution, and others.
Global Asthma Devices Market – Segments
MRFR has segmented the market into five market dynamics to widen the scope of understanding,
By Type : Inhalers (Metered-Dose Inhalers and Dry Powder Inhalers), Nebulizers (Compressor Nebulizers, Ultrasonic Nebulizers, Mesh Nebulizers), among others.
By Technology : Inhaler Devices, Digitally Operated Inhaler Devices, Manually Operated among others.
By End-use : Hospital, Clinics, Retail Pharmacies among others.
By Regions : Europe, Asia Pacific, North America, and the Rest-of-the-World.
Global Asthma Devices Market – Regional Analysis
North America accounts for the significant share in the global asthma devices market owing to a large patient base and high healthcare expenditure. According to the CDC, approximately 9.8% of women and 5.4% of men have asthma, which makes for a large market. Excellent healthcare reimbursement is another driver of the market.
Europe accounts for the second-largest asthma devices market due to excellent healthcare infrastructure and large government support for research & development. According to the Asthma Research and Practice journal, the annual cost of asthma treatment per person in 2017, was about USD 1,900. The presence of large medical device companies in Germany is further boosting the market growth.
The Asia Pacific is projected to drive further market growth owing to low treatment rates and the growing population. According to the Indian Chest Society, account for 10% of the global asthma burden. According to the Indian Brand Equity Foundation, the Indian healthcare sector is projected to grow at 22.8% CAGR and expand to more than USD 280 billion by the end of 2020. Favorable excise and customs policies such as exemptions from service tax are boosting the market growth.
Global Asthma Devices Market – Competitive Landscape
The asthma devices market is fragmented and competitive owing to large pricing pressures, especially at low-end devices. However, the smart devices segment is consolidated and yields a premium owing to features such as online and mobile connectivity and analytics. Consolidation of data and precise measurement of dose are other features available. Moreover, the latest asthma devices can predict the need and timing of the dose, helping the patient manage his condition. Manufacturers of asthma devices are developing a close association with healthcare end-users such as hospitals, enhancing their exposure to end-users.
Players leading the global asthma devices market include GlaxoSmithKline plc. (Europe), Merck & Co., Inc. (US), 3M (US), Aristopharma Ltd. (Asia Pacific), SRS Pharmaceuticals Pvt. Ltd. (Asia Pacific), AstraZeneca (Europe), Baxter(US), Boehringer Ingelheim GmbH (Europe), and Koninklijke Philips N.V. (Europe), among others.
Industry/ Innovation/ Related News:
May 01, 2019 —- FindAir launched its smart inhaler device FindAir ONE in Europe. FindAir focuses on the end-user with emphasizes on the patient experience. FindAir ONE device is a pMDI inhaler add-on attached to asthma medication which collects data for drug usage and information. It uses wireless technology to connect to the mobile app & web platform and can detect even the air quality at the time of an asthma attack.
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