Pulmonary Drug Delivery Devices Market to Exceed Value of USD 49.5 Billion by 2031, TMR Study
The rise in the prevalence of major respiratory disorders is expected to drive the pulmonary drug delivery devices market during the forecast period.
Wilmington, Delaware, United States, Nov. 23, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. –The global pulmonary drug delivery devices market is projected to flourish at a CAGR of 4.7% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 49.5 billion is anticipated for the market in 2031. As of 2023, the demand for pulmonary drug delivery devices is expected to close at US$ 38.5 billion.
Rising incidences of respiratory diseases like asthma, COPD (Chronic Obstructive Pulmonary Disease), cystic fibrosis, and pneumonia are major drivers. These conditions require frequent medication and management, boosting the demand for pulmonary drug-delivery devices.
Continuous innovations in drug delivery mechanisms, such as developing smart inhalers, nebulizers, and dry powder inhalers (DPIs), have enhanced drug delivery efficiency, contributing to market growth. Pulmonary drug delivery devices offer convenience and ease of use, especially for self-administration. This appeals to patients, increasing the adoption rate and driving market growth.
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An increasingly aging population and growing prevalence of respiratory diseases increase, leading to higher demand for pulmonary drug delivery devices as this demographic group often requires chronic disease management. Growing respiratory health awareness and increased healthcare expenditure have encouraged patients and healthcare providers to invest in advanced drug delivery devices for better treatment outcomes.
Stringent regulations mandating efficient drug delivery systems in healthcare and government initiatives to control respiratory diseases have fostered market growth by encouraging the development and adoption of these devices.
The market is quite competitive, with key players engaged in mergers & acquisitions, new product development, collaborations & partnerships, and growth strategies to increase market penetration. Rise in the number of companies is expected to fuel competition in the near future.
- Boehringer Ingelheim GmbH
- Novartis AG
- GlaxoSmithKline plc
- Teva Pharmaceutical Industries Ltd.
- AstraZeneca plc
- Merck & Co. Inc.
- MannKind Corporation
- F. Hoffmann-La Roche Ltd.
- Bristol-Myers Squibb Company
- Mylan N.V.
- Omron Corporation
- 3M Healthcare
- Sunovion Pharmaceuticals, Inc.
- Koninklijke Philips N.V.
- Gerresheimer AG
- AptarGroup, Inc.
- SHL Group
- Nypro Healthcare Inc. (Jabil Circuit Inc.)
- Chiesi Farmaceutici S.p.A. Other prominent players
Key Takeaways from the Market Study
- As of 2022, the pulmonary drug delivery devices market was valued at US$ 36.8 billion
- Based on product type, the metered dose inhalers (MDI) segment held a key market share in 2020.
- Based on application, the asthma segment held a key share of the global market in 2020.
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Pulmonary Drug Delivery Devices Market: Key Trends and Opportunistic Frontiers
- The rise in prevalence of major respiratory problems such as COPD, asthma, and cystic fibrosis is a major factor driving the global market.
- The growing need of minimal invasive and effective treatment, and rise in the number of people with habit of smoking are projected to fuel the growth of the global market.
- Pulmonary drug delivery devices often offer more environmentally friendly solutions than traditional methods, an additional driving factor as sustainability gains importance.
- Increasing disposable income and improving healthcare infrastructure boost the market growth.
- Rise in the number of initiatives undertaken by government and non-government organizations drives the global market, in terms of revenue.
Pulmonary Drug Delivery Devices Market – Regional Analysis
- North America is the leading pulmonary drug delivery device market due to the presence of a well-established healthcare infrastructure and a high prevalence of respiratory diseases. The presence of key market players, favorable reimbursement policies, and high healthcare expenditure contribute significantly to market growth.
- Asia Pacific is witnessing rapid growth due to the rising prevalence of respiratory diseases, increasing disposable income, and improving healthcare infrastructure. Moreover, government initiatives to enhance healthcare access and affordability contribute to market expansion. This region is experiencing growth due to the improved healthcare infrastructure and a growing focus on chronic disease management.
Key Developments in the Pulmonary Drug Delivery Devices Market
- GlaxoSmithKline (GSK) has been actively involved in advancing inhalation technology. They’ve been developing next-generation inhalers with sensors to track medication use, enhancing patient adherence and disease management.
- AstraZeneca has focused on developing innovative devices and formulations for respiratory diseases. They have been working on novel inhalers and combination therapies for conditions like asthma and COPD, aiming for better treatment efficacy.
- Boehringer Ingelheim has been investing in research and development for new inhalation devices and formulations. Their focus has been on delivering innovative solutions for diseases like COPD and idiopathic pulmonary fibrosis (IPF).
Pulmonary Drug Delivery Devices Market – Key Segments
By Product Type
- Metered Dose Inhalers (MDIs)
- Dry Powder Inhalers (DPIs)
- Chronic Obstructive Pulmonary Disease (COPD)
- Cystic Fibrosis
By Distribution Channel
- Retail Pharmacies
- Hospital Pharmacies
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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