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.
View summary of this report @ http://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.
Read detailed report or request for sample of this research report: - http://www.grandviewresearch.com/industry-analysis/digital-dose-inhaler-market/request
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
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more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/medical-devices
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