InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Inhaler Corticosteroid Device Market- (By Steroid Types (Beclomethasone Dipropionate, Budesonide, Fluticasone Inhaler Powder, & Mometasone), By Application (Asthma, COPD (Chronic Obstructive Pulmonary Disease) and Others) By End-user (Hospitals and Clinics, Academic and Research Institutes and Respiratory Care Center)) Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Inhaler Corticosteroid Device Market is valued at US$ 616.09 Mn in 2023, and it is expected to reach US$ 886.4 Mn by 2031, with a CAGR of 4.6% during the forecast period of 2024-2031.
Inhaled corticosteroid is the most commonly used tool for the treatment of asthma. As with increasing pollution and increasing incidences of asthma, many companies are engaged in developing new inhaler corticosteroid devices. Hence, this factor is responsible for the growth of the inhaled corticosteroid device market. The inhaled corticosteroid device market refers to the market for devices used to administer inhaled corticosteroids (ICS). Inhaled corticosteroids are commonly prescribed medications for the long-term treatment of respiratory conditions such as asthma and chronic obstructive pulmonary disease (COPD). These devices deliver the medication directly to the lungs, providing targeted and effective therapy. Inhaled corticosteroid devices are inhalation devices specifically designed to deliver corticosteroids to the respiratory system. These devices come in various forms, including metered-dose inhalers (MDIs), dry powder inhalers (DPIs), and nebulizers. They are commonly used by patients who require daily maintenance therapy to manage their respiratory conditions. The ever-increasing elderly population, growing awareness regarding pulmonary diseases, and rise in healthcare expenditure are sculpting growth in the market. Moreover, the rise in air pollution levels throughout the globe is fueling product demand.
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List of Prominent Players in the Inhaler Corticosteroid Device Market:
- Pfizer Inc.
- GlaxoSmithKline plc
- Novartis AG
- Mylan N.V.
- Teva Pharmaceutical Industries Ltd.
- Sanofi
- Boehringer Ingelheim International GmbH.
- AstraZeneca
- F. Hoffmann-La Roche Ltd.
- Bristol-Myers Squibb Company
- Amgen Inc.
- Aurobindo Pharma
- Eli Lilly and Company
- Cipla Inc.
- Sumitomo Corporation
Market Dynamics:
Drivers-
The rising prevalence of asthma is a major factor driving the growth rate of the inhaled corticosteroids market. Asthma is a respiratory condition that affects the entire respiratory system, including the major, intermediate, and small airways. Respiratory tract irritation, as well as blockage, are caused due to asthma. Patients with asthma, especially those who are young or elderly, have a variety of therapy options. As a result, the inhaler device, which is simple to use, has piqued people’s curiosity. The most often used asthma therapy tool is an inhaled corticosteroid. Another significant factor influencing the growth rate of the inhaled corticosteroids market is the rising healthcare expenditure, which helps in improving its infrastructure. Furthermore, rising initiatives by public and private organizations to spread awareness will expand the inhaled corticosteroids market. Additionally, high disposable income and rising addiction to smoking will result in the expansion of the inhaled corticosteroids market.
Challenges:
On the other hand, the expiration of patented drugs and the introduction of generic versions of drugs will obstruct the market’s growth rate. The lack of healthcare infrastructure in developing economies and the high cost associated with inhaled corticosteroids will challenge the inhaled corticosteroids market. Additionally, side effects linked with inhaled corticosteroids, such as oral thrush, cough, hoarseness, sore throat, and others, will act as a restraint and further impede the market’s growth rate. This pattern adds to cost-cognizant healthcare practices and impacts buying choices by healthcare suppliers and payers. Producers in the Inhaled Corticosteroids Device Market are progressively considering natural sustainability concerns. Endeavors are being made to foster inward breath devices with decreased natural effects, including eco-accommodating materials and charges.
Regional Trends:
North America emerges as the most dominant region in the inhaler corticosteroid device market share, holding a substantial share. This dominance is attributed to factors such as well-established healthcare infrastructure, a high prevalence of respiratory disorders, and a robust emphasis on technological advancements. The region’s proactive approach to respiratory health, coupled with a significant patient population requiring long-term respiratory care, fuels the demand for inhaler corticosteroid devices. Additionally, continuous research and development activities, collaborations between industry players and research institutions, and favorable reimbursement policies contribute to the sustained growth of the inhaler corticosteroid device market in North America.
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Recent Developments:
- In September 2020, GlaxoSmithKline plc and Innoviva, Inc. announced the U.S. Food and Drug Administration (FDA) approval for a new indication of Trelegy Ellipta. It is also used to treat patients suffering from chronic obstructive pulmonary disease (COPD).
- BreatheSuite is a 2018 startup firm based in St.Johns, Canada. It has developed an integrated inhaler device for medication adherence to manage COPD and asthma.
- CareTRx is a mobile app and sensor offered by Gecko Health for the management of asthma. The device is added to pre-existing inhalers. It aims at assisting patients to better manage their asthma by tracking medication use.
Segmentation of Global Inhaler Corticosteroid Device Market-
Global Inhaler Corticosteroid Device Market- By Steroid Types
- Beclomethasone Dipropionate
- Budesonide
- Fluticasone Inhaler Powder
- Mometasone
Global Inhaler Corticosteroid Device Market- By Application
- Asthma
- COPD (Chronic Obstructive Pulmonary Disease)
- Others
Global Inhaler Corticosteroid Device Market- By End-User
- Hospitals and Clinics
- Academic and Research Institutes
- Respiratory Care Center
Global Inhaler Corticosteroid Device Market- By Region
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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