Respiratory inhalers are medical devices used for delivering medication to the respiratory system. There are two main types of respiratory inhalers: metered-dose inhalers and dry powder inhalers. They allow easy delivery of drugs to the lungs and are commonly used for treating respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD).
The global respiratory inhalers market is estimated to be valued at US$ 44,200 million 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 Opportunity:
Opportunity for Treating Respiratory Diseases
The growing prevalence of respiratory diseases such as asthma and COPD presents a major opportunity for growth of the respiratory inhalers market. According to the World Health Organization (WHO), currently over 335 million people suffer from asthma worldwide. The prevalence of asthma is rising due to environmental factors such as growing air pollution levels. Additionally, over 251 million people have COPD globally. The increasing cases of respiratory illnesses is driving the demand for effective therapeutic solutions such as respiratory inhalers for treatment. The rising disease burden associated with respiratory diseases creates a vast opportunity for players in the respiratory inhalers market to introduce more effective products to cater to this growing patient population and drive market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The respiratory inhalers market faces moderate threat from new entrants given the requirement of significant R&D investment and regulatory approvals for new products.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to the presence of several manufacturers and availability of generic products.
Bargaining power of suppliers: Suppliers of raw materials have low bargaining power as raw materials are easily available and technology barriers are low.
Threat of new substitutes: The threat from substitutes is low as respiratory inhalers are considered the standard treatment for respiratory diseases.
Competitive rivalry: The market witnesses high competitive rivalry among existing players given the rapid product innovations.
SWOT Analysis
Strength: Respiratory inhalers offer effective drug delivery to lungs and minimal side effects. Several innovations in product designs have improved patient compliance.
Weakness: High costs associated with R&D and clinical trials. Regulatory approval timelines affect timely launch of new products. Dependence on seasonal incidence of respiratory diseases.
Opportunity: Increasing global prevalence of respiratory diseases, especially COPD and asthma represents significant growth opportunities. Emerging economies with large patient populations offer substantial untapped potential.
Threats: Patent expiries of blockbuster drugs increase pricing pressures. Stringent regulatory norms across regions increase compliance costs.
Key Takeaways
The Global Respiratory Inhalers Market Growth is expected to witness high over the forecast period supported by the rising geriatric population, increasing pollution levels, and growing prevalence of respiratory diseases.
Regionally, North America dominates the market currently owing to the high healthcare expenditures and increasing use of combination therapies. However, Asia Pacific is likely to emerge as the fastest growing market in the coming years due to improving access to healthcare facilities, raising awareness about inhalers, and expansion efforts by leading manufacturers.
Key players operating in the respiratory inhalers market are GlaxoSmithKline, Novartis AG, Merck & Co, Boehringer Ingelheim, AstraZeneca and Teva Pharmaceutical. GlaxoSmithKline offers several industry-leading products such as Seretide, Flovent and Ventolin and maintains a dominant market share. Novartis and Boehringer base their product ranges around branded drugs like Symbicort and Pulmicort respectively. Teva and Merck have a significant presence through respiratory generic inhalers.
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