US Inhalation Systems Market Forecast up to 2024
US Inhalation Systems Market – Drivers, Restraints, Opportunities, Trends, and Forecast: 2018–2024
The emergence of inhaled drug therapy has been a boon for patients with respiratory conditions such as COPD and asthma because of its painless and flexible administration when compared to injections. There are various kinds of inhalation systems available in the market, and these include inhalers and nebulizers. The two most commonly widespread respiratory diseases are asthma and COPD. According to WHO, around 235 million people are currently suffering from asthma, and it is very common in children. Chronic respiratory diseases such as asthma and COPD are responsible for substantial financial and health burden in the US, and in 2015, 6.7% deaths in the US were due to chronic respiratory diseases. Chronic obstructive pulmonary disease is the third leading cause of death across the globe, accounting for approximately 3 million deaths in 2016. State of West Virginia has the highest prevalence of COPD, and around 12% of the population are diagnosed with COPD.
The US inhalation systems market is driven by an upsurge in the prevalence of respiratory diseases, increasing geriatric population, and favorable reimbursement. However, side effects allied with the drug inhalation and unattainability of single effective inhaler device that can treat many disease conditions may slow down the growth of the market in the US.
Market Analysis: The “US Inhalation Systems Market” is estimated to witness a CAGR of 5.8% during the forecast period 2018–2024. The US market is analyzed based on three segments – products, applications, and end-users.
Product Analysis: The US inhalation systems market, by product, is segmented into inhalers and nebulizers. The market by inhalers type is further segmented into dry powder inhalers and metered dose inhalers. The market by nebulizers is segmented into ultrasonic nebulizer, pneumatic nebulizer, and mesh nebulizer. Inhalers occupied a major market share in 2017 and nebulizers segment is anticipated to grow at a high CAGR during the forecast period. The extensive usage of inhalers in the treatment of various respiratory illness such as asthma, chronic obstructive pulmonary disorder, and others makes the segment the major shareholder.
Application Analysis: The US inhalation systems market, by application, is segmented into asthma, chronic obstructive pulmonary disease (COPD), and others. Asthma occupied a major market share in 2017 and COPD is expected to grow at the highest rate in the next five years.
End-users Analysis: The US inhalation systems market by end-users is segmented into hospitals, ambulatory care centers, and home care centers. Hospitals occupied a major market share in 2017, and home care segment is expected to grow during the forecast period due to ease in the usage of modern products, less homecare cost, and the obtainability of reimbursement.
Omron Corp., Boehringer Ingelheim GmbH, PARI GmbH, Philips Healthcare, Teleflex Incorporated, 3M, AptarGroup, Inc., Agilent Technologies, Inc., AstraZeneca PLC, Inspiro Medical Ltd., Teva Pharmaceutical Industries Ltd., Monaghan Medical Corporation, GlaxoSmithKline plc, Becton Dickinson and Company are few of the key players in the US inhalation systems market.
There is an increase in approvals in recent years due to the popularity of the systems and also drug companies are launching new inhalation systems and collaborating with other vendors to develop innovative devices in the market. For instance, in February 2017, FDA approved two products developed by Teva Pharmaceutical Industries Ltd., ArmonAir RespiClick and AirDuo RespiClick, to treat adolescent and adult patients with asthma. In October 2017, FDA approved new inhalation device, named TD-300/A developed by United Therapeutics Corporation, for use with Tyvaso Inhalation Solution. The first triple combination inhaler named Trimbow launched for COPD in August 2017 and in February 2018, Teva Pharmaceutical Industries Ltd. announced the commercial availability of QVAR RediHaler Inhalation Aerosol to patients in the US.
Benefits: The report provides complete details about the products offered by inhalation system companies in various therapeutic verticals. With that, key stakeholders can know about the major trends, drivers, investments, and vertical player’s initiatives. Moreover, the report provides details about the major challenges that are going to impact on the market growth. Additionally, the report gives the complete details about the key business opportunities to key stakeholders to expand their business and capture the revenue in the specific verticals to analyze before investing or expanding the business in this market.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook