Future Outlook of the Chronic Obstructive Pulmonary Disease (COPD) And Asthma Devices Market: Growth, Trends, and Emerging Opportunities Explored
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What is the Expected Growth Rate of the Chronic Obstructive Pulmonary Disease (COPD) And Asthma Devices Market Based on Industry Projections?
In recent years, the market size for devices used in the treatment of chronic obstructive pulmonary disease (COPD) and asthma has seen substantial growth. It is projected that the market will expand from a valuation of $44.95 billion in 2024 to $47.83 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.4%. This past growth surge can be linked to factors such as an aging population, an increased prevalence of allergies, amplified government actions, a boost in clinical research and trials, as well as escalating urbanization.
In the ensuing years, the market for chronic obstructive pulmonary disease (COPD) and asthma devices is set to witness robust growth. It is projected to inflate to $60.53 billion by 2029, with a compound annual growth rate (CAGR) of 6.1%. The growth during this forecast period can be linked to the rising rates of respiratory diseases, an increase in cigarette smoking, escalating levels of environmental pollution, and general respiratory issues. Other contributing factors include an increase in healthcare spending and the enhanced portability of drug delivery devices. Key trends predicted for this period comprise advancements in technology, the incorporation of smart technology, customized medicine, integration of biologics, and the use of wearable respiratory monitors.
What External and Internal Drivers Are Contributing to the Growth of the Chronic Obstructive Pulmonary Disease (COPD) And Asthma Devices Market’s Growth?
The escalating incidences of respiratory ailments are projected to fuel the advancement of the market for chronic obstructive pulmonary disease (COPD) and asthma devices. Respiratory conditions include a variety of disorders affecting the lungs and respiratory system, such as asthma, COPD, pneumonia, and lung cancer, which affect breathing and overall respiratory functioning. Rising air pollution, shifting climate patterns that influence allergens and pathogens, and lifestyle habits such as smoking that deteriorate respiratory health are all contributing to the increased occurrence of these conditions. Devices for COPD and asthma are integral to the all-encompassing management and treatment of these ailments, aiding patients in improving their respiratory health and overall wellness. For example, the World Health Organization (WHO), a United Nations specialized agency based in Switzerland overseeing global public health, reported in March 2023 that COPD was the third main cause of death globally, accounting for approximately 3.23 million deaths. Additionally, nearly 90% of these deaths among individuals under 70 years took place in low- and middle-income countries (LMICs). Hence, the escalating incidence of respiratory diseases is driving the growth of markets for COPD and asthma devices.
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What Companies Are At the Forefront of Innovation in the Chronic Obstructive Pulmonary Disease (COPD) And Asthma Devices Market?
Major companies operating in the chronic obstructive pulmonary disease (COPD) and asthma devices market are:
• AstraZeneca Plc
• Novartis AG
• GlaxoSmithKline Plc
• 3M Health Care
• Boehringer Ingelheim
How Are Emerging Trends in Consumer Behavior Affecting the Chronic Obstructive Pulmonary Disease (COPD) And Asthma Devices Market?
Leading corporations in the chronic obstructive pulmonary disease (COPD) and asthma devices industry are concentrating their efforts on generating innovative solutions such as inhalation devices. These technological advancements aim to incorporate digital health features that allow for remote monitoring and customized treatment management. These inhalation devices provide direct medication to the lungs through the process of inhalation. For example, in May 2022, India’s pharmaceutical firm, Alkem Laboratories, launched a device named the Innohaler. This dry powder inhaler (DPI) device is designed to improve the quality of life of those living with asthma and COPD. The Innohaler utilizes sophisticated breath-actuated technology to deliver precise amounts of medication with each breath taken, maximizing dosage accuracy and minimizing waste. The device’s user-friendly interface and ergonomic design facilitate its use, catering to patients across all age groups. Furthermore, the compact and portable construction of the device ensures ease of transport, thereby encouraging patients to stick to their prescribed regimens.
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How Are Market Segments in the Chronic Obstructive Pulmonary Disease (COPD) And Asthma Devices Industry Positioned for Long-Term Growth?
The chronic obstructive pulmonary disease (COPD) and asthma devices market covered in this report is segmented –
1) By Type: Metered Dose Inhalers, Drug Powder Inhalers, Soft Mist Inhalers, Jet Nebulizers, Ultrasonic Nebulizers, Other Types
2) By Indication: Asthma, Chronic Obstructive Pulmonary Disease
3) By Application: Hospitals, Clinics, Home Care Settings, Research Institutions, Other Applications
4) By End User: Pediatric, Adult, Geriatric
Subsegments:
1) By Metered Dose Inhalers: Conventional MDI, Breath-Actuated MDI
2) By Drug Powder Inhalers: Dry Powder Inhalers (DPI), Multi-Dose DPI
3) By Soft Mist Inhalers: Respimat Soft Mist Inhalers, Other Soft Mist Devices
4) By Jet Nebulizers: Pneumatic Nebulizers, Venturi-Type Nebulizers
5) By Ultrasonic Nebulizers: Tabletop Ultrasonic Nebulizers, Portable Ultrasonic Nebulizers
6) By Other Types: Nebulizer Accessories, Spacer Devices
What Regions Are Propelling Growth in the Chronic Obstructive Pulmonary Disease (COPD) And Asthma Devices Industry?
North America was the largest region in the chronic obstructive pulmonary disease (COPD) and asthma devices market in 2023. The regions covered in the chronic obstructive pulmonary disease (COPD) and asthma devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does the Definition of the Chronic Obstructive Pulmonary Disease (COPD) And Asthma Devices Market Include?
Chronic obstructive pulmonary disease (COPD) and asthma devices refer to the medical devices used to manage and treat breathing and respiratory conditions. These devices help patients breathe more effectively, manage symptoms, and improve their quality of life.
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