San Francisco, 24 December 2018, Digital Dose Inhaler Market Analysis By Product (Metered Dose Inhaler,
Dry Powder Inhaler), By Type (Branded Medication, Generics Medication) And
Segment Forecasts to 2024
The global digital dose inhaler market is anticipated to reach a
value of USD 3.56 billion by 2024, according to a new report by Grand View
Research, Inc. The key factors contributing to the lucrative growth of this
market include the continually increasing elderly population and the surging
prevalence of chronic respiratory diseases.
As a result of impactful
economic developments in the fast emerging countries, such as China, India,
Brazil, Philippines, and others, there has been growth in the per capita
income, which is thus expected to influence the demand for the technologically
advanced respiratory devices. Moreover, these technology-enabled respiratory
devices are greatly sought after among the pediatric and the geriatric population
so as to improve the patient medication compliance, dose tracking, and to
enhance patient-healthcare practitioner connectivity that would enable
real-time tracking of healthcare data; these serve as high impact rendering
factors, significantly driving the market growth in the next nine years.
In order to cater to the unmet
needs of the target population, the vendors are expanding their production
units and in addition, targeting the niche areas where the prevalence of
chronic lung diseases and asthma are on the rise, such as Asia Pacific and MEA
regions, to ensure long-term growth and profitability. Therefore, the
aforementioned, business expansion trends are expected to boost the usage rates
of the digital dose inhalers over the forecast period.
Additionally, favorable
government initiatives, such as the introduction of Fixed Dose Combination
(FDC), advanced by the U.S. FDA, fast increasing adoption of generic drugs, and
the growing demand for digital health platforms are the identified crucial
determinants influencing the rapid uptake of these digital inhalers, which is
expected to continue in the coming years.
Rapidly increasing geriatric
population worldwide in conjunction with the growing prevalence of various
chronic respiratory conditions, such as chronic sleep apnea, asthma, COPD,
among others negatively impact healthcare system. This would further escalate
the demand for innovative respiratory devices thereby encouraging the digital
dose inhalers market growth during the forecast period.
Access Full Research
Report On Digital Dose Inhaler Market Analysis:
www.grandviewresearch.com/industry-analysis/digital-dose-inhaler-market
www.grandviewresearch.com/industry-analysis/digital-dose-inhaler-market
Further key findings from the study suggest:
·
In 2015, the metered dose
inhalers (MDIs) segment accounted for the maximum revenue of USD 563.9 million,
mainly on account of the increased preference for MDIs.
·
However, the dry powder
inhalers (DPIs) segment is expected to emerge as the fastest growing category
with a CAGR of 16.9% over the forecast period owing to the growing awareness
regarding the adverse effects of chlorofluorocarbons employed as a propellant
in the MDIs. Moreover, widespread incidences of drug irritation due to MDI and
rising awareness regarding the benefits of using DPIs over MDIs are the leading
factors expected to further drive the usage rates of DPIs over the forecast
period.
·
In 2015, the branded medication
respiratory devices category accounted for the largest market share of USD
747.6 million attributable to the steadily growing need for advanced
respiratory drugs and the awareness related to the benefits of combination
medication gaining prominence.
·
North America held the maximum
share of over 38.64% in 2015. This large share is attributed to the presence of
several medical device players in this region, such as Johnson & Johnson,
Cohera Medical, Inc., Teleflex Medical, Inc., Covidien Plc, and others. There
are over 6,000 medical device companies domiciled in this region, which majorly
consists of small and medium sized enterprises (SMEs). Moreover, the soaring
geriatric population count and the surging prevalence of chronic respiratory
diseases, such as asthma and COPD, are few factors, among others, expected to
positively reinforce the digital dose inhaler market over the forecast period.
·
The Asia Pacific (APAC) region
is anticipated to grow at a lucrative pace with a CAGR of 17.2% over the
forecast period. The upsurge in the healthcare expenditure and the increasing
number of U.S. FDA manufacturing sites in APAC countries, such as in China and
India, are expected tosignificantly impact the market penetration of the
digital dose inhalers.
·
Furthermore, the growing
awareness regarding the various innovative technologies employed in the
respiratory devices, the ongoing favorable government initiatives that further
encourage the use of generic drugs, various subsidies for electronic component
manufacturing of medical devices, and several tax benefits that enable medical
device exports from this region are anticipated to strongly reinforce the
market growth over the forecast period.
·
Some leading players of the
market include Glenmark Pharmaceuticals Ltd., Novartis AG, Propeller Health,
AstraZeneca Plc, Philips Respironics, Opko Health, Inc., and Teva
Pharmaceuticals Industries Ltd.
Browse More Reports Of This Category By
Grand View Research At: www.grandviewresearch.com/industry/medical-devices
Grand View Research has segmented the
digital dose inhaler market by product and region:
Digital Dose Inhaler Market
Product Outlook (Market revenue in USD Million, 2013 - 2024)
·
Metered dose inhalers
·
Dry powder inhalers
Digital Dose Inhaler Market
Type Outlook (Market revenue in USD Million, 2013 - 2024)
·
Branded medication
·
Generic medication
Digital Dose Inhaler Market
Regional Outlook, (Market Revenue in USD Billion, 2013 - 2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
o
UK
·
Asia Pacific
o
Japan
o
China
·
Latin America
o
Brazil
o
Mexico
·
MEA
o
South Africa
Access Full Press Release of this Report:
www.grandviewresearch.com/press-release/global-digital-dose-inhaler-market
www.grandviewresearch.com/press-release/global-digital-dose-inhaler-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more information: www.grandviewresearch.com/
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