What is the global market size of the COPD and Asthma Devices Market?

Global COPD and Asthma Devices Market was valued at USD 38.4 billion in 2021 and 40.28 in 2022, and it is expected to reach a value of USD 59.06 billion by 2030, at a CAGR of 4.9% over the forecast period (2023–2030).

COPD and Asthma Devices Market Size, Share, Growth Analysis, By Product Type(Chronic Obstructive Pulmonary Disease (COPD) and Asthma), By Indication(Retail Pharmacies, Hospitals and Online Pharmacies), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35B2075 | Region: Global | Published Date: July, 2024
Pages: 157 | Tables: 60 | Figures: 69

COPD and Asthma Devices Market Regional Insights

North America dominated the Global COPD and Asthma Devices Market in 2021 on account of the increased prevalence of asthma and COPD together with a developed healthcare system and growing public awareness. According to the Asthma and Allergy Foundation of America (AAFA), around 1 in 13 Americans (or about 25 million individuals) had asthma in 2021, and 11 people died from the condition every day. The market is anticipated to have considerable expansion in the next years as a result of the high death rates linked to asthma and rising investment in asthma treatment in this nation. Additionally, the presence of significant market players and the development of product technologies are promoting market expansion in the area.

Asia Pacific Region is expected to witness growth at a high CAGR during the forecast period. This can be attributed to an increase in disposable income, rising healthcare costs, and growing knowledge of cutting-edge portable COPD and asthma equipment. Furthermore, the rise in active smokers and knowledge of the therapy for COPD, as well as the rising need for medication delivery systems is expected to boost the market growth of COPD and Asthma devices in this region.

COPD and Asthma Devices Market Report Snapshots

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COPD and Asthma Devices Market was valued at USD 46.50 billion in 2022, and is poised to grow from USD 48.78 billion in 2023, to USD 71.52 Billion by 2031 at a CAGR of 4.90% during the forecast period (2024-2031).

Global COPD and Asthma Devices Market is highly competitive and fragmented due to the presence of a few prominent players. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Major players include AstraZeneca, Boehringer Ingelheim, GlaxoSmithKline, Merck & Co. and Philips Healthcare among others. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Smith’s Group PLC', 'GF Health Products', '3M Company', 'Aerogen, Inc.', 'Baxter International Inc.', 'Koninklijke Philips N.V. (Philips)', 'Novartis AG', 'PARI medical Holding GMBH', 'Omron Healthcare', 'Invacare Corporation', 'Cipla Ltd.', 'Consort Medical', 'Gerresheimer', 'NYPRO'

The prevalence of respiratory conditions including COPD, asthma, and emphysema is on the rise. Additionally, there is a growing need for short-term, effective treatment as well as a growing requirement for rescue medication during abrupt asthmatic attacks. Additionally, the government's measures to raise awareness of the signs of COPD and asthma, as well as manufacturers' increased focus on the development of innovative, portable inhalation devices, are anticipated to spur market expansion.

Clinical pharmacy has a lot of opportunities with digital inhalers. Inhalers have long been a go-to for those with chronic respiratory illnesses. They constitute an interesting therapeutic option since they can administer medication directly to the lungs and avoid systemic adverse effects. Medical professionals still have trouble treating COPD and asthma (COPD). Inhaler efficacy may be lowered by poor adherence and incorrect technique. Incorrect inhaler technique and non-adherence are associated with worsening dyspnea, deteriorating health, and exacerbations of existing conditions.

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COPD and Asthma Devices Market Size, Share, Growth Analysis, By Product Type(Chronic Obstructive Pulmonary Disease (COPD) and Asthma), By Indication(Retail Pharmacies, Hospitals and Online Pharmacies), By Region - Industry Forecast 2024-2031

COPD and Asthma Devices Market Regional Insights

COPD and Asthma Devices Market Report Snapshots

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