May 22, 2024
Respiratory Inhalers Market

The Global Respiratory Inhalers Market Driven By Increasing Prevalence Of Respiratory Diseases

The global respiratory inhalers market offers a wide range of products that help alleviate various respiratory conditions such as asthma, COPD, and other lung disorders. Respiratory inhalers are used to deliver medication directly to the airways through deep breathing. The devices are available in various forms such as metered-dose inhalers, soft mist inhalers, and dry powder inhalers. Metered dose inhalers are the most commonly prescribed devices for delivering bronchodilators and corticosteroids to open up airways. They provide quick relief from symptoms and help manage long term respiratory disorders.

The global Respiratory Inhalers Market is estimated to be valued at US$ 39.2 billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing prevalence of respiratory diseases has emerged as a key trend driving the respiratory inhalers market. As per the American Lung Association, over 25 million Americans suffer from asthma and around 16 million are suffering from COPD. These respiratory conditions require long term medication delivered through inhalers. Hence, the growing patient pool diagnosed with asthma, COPD and other lung disorders has positively impacted the sales of respiratory inhalers worldwide. Additionally, the rising elderly population also augments the demand as older adults are more prone to developing respiratory diseases.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the Respiratory Inhalers market requires substantial R&D investments and regulatory compliances.

Bargaining power of buyers: The bargaining power of buyers is high due to the availability of generic products and prevalence of pulmonary diseases.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the presence of alternate component manufacturers and suppliers.

Threat of new substitutes: The threat of new substitutes is high with continued innovation and new product launches catering to specific respiratory ailments.

Competitive rivalry: The competitive rivalry is high among the top players to gain higher market share through extensive marketing activities.

Key Takeaways

The Global Respiratory Inhalers Market is expected to witness high growth over the forecast period.

Regional analysis: Europe currently dominates the respiratory inhalers market owing to high prevalence of respiratory diseases such as asthma and COPD. Major players in the region are extensively focusing on launching new advanced inhalers to cater to the growing patient demands.

Key players operating in the Respiratory Inhalers market include GlaxoSmithKline, Merck, Boehringer Ingelheim, AstraZeneca, 3M, Teva Pharmaceutical, Novartis, Cipla, Sunovion Pharmaceuticals, and MannKind Corporation. GlaxoSmithKline leads the global respiratory inhalers market with their wide range of products including Ventolin and Advair.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it