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Press Release: Asthma Spacers Market to Surpass US$ 2,429.5 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Spacers (with metered dose inhalers) are used for treating respiratory diseases such as asthma, cystic fibrosis, and chronic obstructive pulmonary disease (COPD).
The increasing prevalence of respiratory diseases is expected to drive the global asthma spacers market growth during the forecast period. For instance, according to the World Health Organization (WHO), in 2017, around 65 million people suffered from moderate to severe chronic obstructive pulmonary disease, among which 3 million die every year globally.
The global asthma spacers market is estimated to be valued at US$ 1,573.4 million in 2020 and is expected to exhibit a CAGR of 6.4% during the forecast period (2020-2027).
Figure 1. Global Asthma Spacers Market Share (%) Analysis, By Spacers Type, 2020
The increasing prevalence of asthma is expected to drive the global asthma spacers market growth.
Respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD) among others are highly prevalent worldwide. According to the World Health Organization (WHO), the number of people suffering from asthma as of November 2019 was around 235 million. According to the Centers for Disease Control and Prevention (CDC), around 27 million Americans were suffering from asthma in 2016. It is the most common chronic condition among American children, where 1 child out of every 12 has asthma.
Furthermore, according to the National Heart, Lung, and Blood Institute, in 2014, around 30% of children in the U.S. were suffering from asthma. Moreover, according to the same source, more than half of the people suffering from asthma experience a severe asthma attack each year, which leads to 450,000 hospitalizations, annually.
Furthermore, asthma is more prevalent among the aging population which is expected to facilitate the asthma spacers market growth in the U.S. According to the World Population Ageing report, in 2017, the number of people aged 60 years in the U.S. was 69,774, and the number is projected to reach 108,425 in 2050. Furthermore, the global population aged 60 years was 962 million in 2017 and it is expected to reach nearly 2.1 billion in 2050.
Asthma Spacers Market- Restraints
Asthma can be treated with bronchial thermoplasty which is a proven alternative treatment. It is used in cases where asthma drugs do not show the desired effects or fail to cure the condition.
In bronchial thermoplasty, the inside of the lungs’ airways are heated with electrodes to shrink the smooth muscle inside the airways. It controls the ability of the airways to tighten, which makes breathing easier and reduces incident of asthma attacks.
According to data published by the National Center for Biotechnology Information in May 2015, several clinical trials have demonstrated the safety and efficacy of bronchial thermoplasty in improving quality of life and reducing events of severe asthma attacks. Thus, availability of alternative treatments for asthma are expected to hinder the global asthma spacers market growth.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 1,573.4 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 6.4% | 2027 Value Projection: | US$ 2,429.5 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
GlaxoSmithKline Plc., Truedell Medical International, Cipla Inc., Medical Developments International, PARI Respiratory Equipment, Inc., Koninklijke Philips N.V., Clement Clarke International Ltd., and Lupin Limited |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Asthma Spacers Market– Regional Analysis
North America accounted for the largest share in the asthma spacers market in 2019 as key players in the region are focusing on strategies such as mergers & acquisitions, product innovation, joint ventures, collaborations, and partnership to enhance their market position. For instance, in May 2017, Lupin Limited announced a partnership between its American subsidiary, Lupin Pharmaceuticals, Inc. (Lupin) and Albertsons Companies, to provide Lupin's InspiraChamber (a valved holding chamber for the enhanced delivery of inhaled aerosol therapies) to patients in more than 1,700 pharmacies in 35 states, including DC.
Furthermore, Asia Pacific is expected to observe the fastest growth during the forecast period owing to launch of asthma spacers. For instance, in April 2019, Cipla announced the launch of its inhaler, Niveoli, in India. It is India’s first extra-fine particle Beclomethasone-Formoterol combination Hydrofluoroalkane (HFA) inhaler for adults. It is indicated for treatment of obstructive airway diseases such as asthma.
Figure 2. Flobal Asthma Spacers Market Value (US$ Mn) & Y-o-Y Growth (%), 2017-2027
Asthma Spacers Market- Competitive Landscape
Key players operating in the Asthma Spacers Market are GlaxoSmithKline Plc., Truedell Medical International, Cipla Inc., Medical Developments International, PARI Respiratory Equipment, Inc., Koninklijke Philips N.V., Clement Clarke International Ltd., and Lupin Limited.
Asthma is a chronic condition in which airways in the lungs swell and narrow due to production of extra mucus which causes difficulty in breathing. Spacers are tube like devices which are attached to inhalers and used for administering aerosolized medication.
Market Dynamics
The global asthma spacers market is expected to witness significant growth during the forecast period owing to the increasing prevalence of asthma. According to the National Center for Biotechnology Information, in January 2016, the prevalence of asthma in Poland for both urban and rural population was significantly high and accounted for 3.5% in the rural population and 4.1 % in the urban population.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 26 market data tables and 27 figures on "Global Asthma Spacers Market” - Forecast to 2027”
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