Respiratory Drug Delivery Market is anticipated to grow at a CAGR of approximately 6.8% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Respiratory Drug Delivery Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the Global Respiratory Drug Delivery Marketaccounted for overUS$ 39 billion in 2019. It is anticipated to grow at aCAGR of approximately 6.8% from 2020 to 2030.
Respiratory drug delivery offerstreatment fordiseases of the respiratory tract through noninvasive meansto deliver either topically active medications or systemic drugs to target organs. The nose and lung are the target organs for the deposition of the aerosol drug.In asthma, drug delivery to the upper airways is needed while for alveolar lung diseases, such as chronic obstructive pulmonary disease (COPD) and idiopathic pulmonary fibrosis, it is important to have drug deposition deep within the lungs rather than just the upper airways.
The market growth of respiratory drug delivery can be attributed to factors such as thegrowing geriatric population globally and therising number of patients suffering from respiratory diseases. According to the Office of Disease Prevention and Health Promotion, more than 25 million in the U.S. are suffering from asthma and 14.8 million adults have been diagnosed with COPD. Also, according to the WHO, smoking is considered to be a primary cause for COPD and more than 1 billion people inhale outdoor polluted air exposed to tobacco.These factors are leading to an upsurge in market growth.
Other factors,suchas a rise in governmental&non-governmental initiatives is expected to provide the market with lucrative growth opportunities. Moreover, technological advancements for the development of innovative products by the keyplayersare alsoboosting marketgrowth.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Respiratory Drug Delivery Market by Formulation (Suspension Aerosols,Solution Aerosols, and Dry Powder Formulations), Device Type (Metered Dose Inhalers (MDIS), Dry Powder Inhalers (DPIs) and Nebulizers), Application (Chronic Obstructive Pulmonary Disease (COPD), Asthma, and Cystic Fibrosis) andEnd User (Hospitals & Clinics and Home Care Patients) - Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/respiratory-drug-delivery-market/288
However, thehigh price of these devices and wastage of drug formulations during the use of such devices may curb market growth to a certain extent.
Asia Pacific is estimated to be the fast-growing region due to the high prevalence of COPD andthe increasing number of asthmatic &allergic rhinitis patients. R&D activities by key market players to develop novel respiratory devices arealso expected to facilitategrowth of the Asia Pacific region. Moreover, favorable government reimbursement plans and growing healthcare awareness levels are also key growth contributors across this region.
Some of the prominent players in the global respiratory drug delivery market include 3M, GlaxoSmithKline plc., AstraZeneca, Novartis AG, Teva Pharmaceutical Industries Ltd., Boehringer Ingelheim International GmbH., Philips Respironics, Merck & Co., Inc., OMRON Healthcare, Cipla Inc., and others.
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