RESPIRATORY INHALERS MARKET ANALYSIS

Respiratory Inhalers Market Size and Trends

Global respiratory inhalers market is estimated to be valued at USD 33.11 Bn in 2024 and is expected to reach USD 49.10 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.8% from 2024 to 2031.

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Rising prevalence of respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD) can boost demand for respiratory inhalers. Asthma currently affects over 300 million people worldwide and is one of the most common chronic diseases among children. Incorrect usage of inhalers and lack of disease awareness regarding proper utilization of inhalers in developing nations can hamper the market growth. However, ongoing research & development activities for development of more effective and affordable respiratory inhalers can offer growth opportunities for the market players.

Increasing Prevalence of Respiratory Diseases

Rising prevalence of respiratory diseases such as asthma and COPD across the world can boost demand for respiratory inhalers. Chronic respiratory conditions tend to worsen with age, and with an increasingly aging global population, the problem is further exacerbated. Data from health organizations shows a steady growth in the number of people diagnosed with asthma and COPD each year. This upward trend is seen prominently in developed as well as developing nations. For instance, as per some studies, around 235 million people are estimated to be suffering from asthma currently worldwide. This number can reach 400 million by 2025. Exposure to indoor and outdoor pollution, occupational hazards, and smoking are the primary causes of respiratory illnesses. As patient pool expands consistently, respiratory inhalers are used as the preferred mode of drug delivery in asthma and COPD management. Inhaled medications allow for direct targeting of the airways, ensuring better therapeutic response with minimal systemic side effects. This also permits use of higher dose with greater safety. The ongoing development and approval of newer and more effective inhaled drugs can boost inhaler consumption. with progressive morbidity and mortality associated with respiratory infections, inhaler therapy adoption is likely to maintain its northward trajectory in the coming years from both healthcare as well as patient perspectives. Unrelenting urbanization and pollution levels across large sections of the globe can cause asthma and COPD.

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Technological advancements in inhalers

Technological advancements in inhalers can drive the global respiratory inhalers market growth. Inhalers have increasingly become smart and digital with new features which help patients better manage their chronic respiratory conditions like asthma and COPD. Many new digital inhalers are equipped with sensors that can track usage data and send it via Bluetooth to a app in the patient's smartphone. This provides both patients and doctors real-time insights into medication adherence and symptoms. The data collection functionality is useful for doctors to monitor patient's condition remotely and tweak treatment plans accordingly. It also helps patients to take medications on time as dosage schedule and remaining timeline is visible on mobile apps. Some high-end smart inhalers also have in-built reminders and feedback systems to ensure proper inhalation technique. All these features are proving especially helpful for the growing elderly population suffering from multiple chronic conditions. The tracked usage data is also valuable for pharmaceutical companies to enhance therapeutics and services over time. On the product front, new single-dose dry powder inhalers that are easy-to-use and require less coordination during inhalation compared to older variants have witnessed huge demand. Furthermore, the introduction of affordable generic versions of blockbuster respiratory drugs has made treatment more accessible to patients globally. On May 2024, According to World Health Organization (WHO), the number of people suffering from asthma is estimated to increase by over 100 million globally by 2025. This growing disease burden coupled with technological upgrades in medication delivery methods can drive the respiratory inhalers market growth.