Asthma Spacers Market 2023-2030: Size, Share, and Growth Forecast
The worldwide market for asthma spacers witnessed robust growth in 2021, with an estimated value of USD 1,982.4 million. Analysts predict the market will continue to expand at a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period. Several factors contribute to this growth, including the increasing prevalence of chronic respiratory disorders, heightened awareness of spacer benefits, and augmented R&D investments by public and commercial entities.
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Chronic respiratory problems rank among the most common non-communicable diseases globally, with the World Health Organization (WHO) reporting 4,55,000 asthma-related deaths and 262 million affected individuals in 2019. Consequently, the usage of asthma spacer devices is anticipated to grow, propelling the market's expansion.
The strategic moves and product innovations by key market players have also played a significant role in driving market growth. For example, Philip Morris International's acquisition of Vectura for USD 1.2 billion in 2021 highlights their commitment to inhaled treatments product pipeline development, leading to further market growth.
COVID-19 has further impacted the asthma spacers market. The pandemic has increased the need for these devices as patients with respiratory symptoms sought treatment, including those affected by acute respiratory illness syndrome (ARDS). Moreover, the virus's transmissibility and risk of severe disease for asthma patients have driven the demand for asthma spacers. Many countries have recommended replacing small-volume nebulizers with asthma spacers, creating a favorable market opportunity.
The rising prevalence of respiratory diseases, attributed to factors like air pollution and lifestyle changes, is a significant driver of the asthma spacers market. Air pollution is linked
to the development and exacerbation of asthma, creating a growing demand for effective treatments such as spacers.
Despite these favorable factors, the market faces certain restraints. The high cost of asthma medicines and a lack of understanding regarding proper usage hinder widespread adoption. Healthcare practitioners' limited knowledge of these devices may also limit market growth.
In terms of segmentation, aero chamber spacers and their improved drug delivery method are expected to drive demand due to increasing inhaler usage. Furthermore, clinics and hospitals are projected to dominate the market as many asthma treatments can only be administered in these settings.
Geographically, North America leads the market, followed by the Asia Pacific. The rising prevalence of respiratory disorders, improved healthcare infrastructure, and technological advancements contribute to North America's dominance. In contrast, the Asia Pacific market benefits from a large population, increasing healthcare expenditure, and a growing awareness of available treatments.
Several key players, including PARI Respiratory Equipment, GlaxoSmithKline Plc, and Koninklijke Philips N.V, dominate the market. These companies are consistently investing in R&D to launch new products and expand their market share.
In conclusion, the global asthma spacers market is on a growth trajectory, driven by the increasing prevalence of respiratory disorders, the impact of COVID-19, and strategic initiatives by market players. The market is expected to expand steadily in the coming years, offering new opportunities for both established and emerging players.
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