Pulmonary Drug Delivery Systems Market to Expand at 4.50% CAGR Owing to Increased Prevalence of COPD and Asthma
The global pulmonary drug delivery systems market is said to be growing at a CAGR of 4.5% between 2013 and 2019, as described in a research report released by Transparency Market Research. This market was recorded at US$28.7 bn in 2019 and is expected to reach US$21.03 bn by the end of 2019. The report, titled “Pulmonary Drug Delivery Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” is the result of an extensive study of the current scenario in the market. All the information released in the report can be absorbed by market players and investors in order to execute their business decisions with improved clarity and therefore, enhanced success rate.
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According to the report, the main reason why the global pulmonary drug delivery systems market is currently growing is the increase in the prevalence of respiratory diseases around the world. These include asthma and chronic obstructive pulmonary disease. There is, therefore, a need for the global pulmonary drug delivery systems market to provide enhanced devices and treatment options that can effectively take care of today’s ailments on a larger scale. This means major advancements are being made in the formulation of drugs and their delivery systems.
The report also draws from studies conducted by global bodies such as the World Health Organization. The WHO has stated that nearly 300 mn individuals around the world are asthmatic, while almost 210 mn people are suffering from COPD. Two major reasons the WHO cites for this alarmingly high number of people with respiratory problems are the increase in the number of tobacco products consumers and the increasing rate of air pollution. Another major reason for this situation is the changes made by people to fit in to modern society, as quite a few of them are noted to be unhealthy.
The report divides the global pulmonary drug delivery systems market according to product type and application. In terms of products, the market was led by metered dose inhalers in 2012, when it accounted for 56.8% of the market. The second-largest product type in the market at the time was dry powder inhalers, while nebulizers is expected to be the fastest-growing segment in the market for the given forecast period. Metered dose inhalers could lose market share to dry powder inhalers due to their increasing demand.
The report’s geographical analysis of the global pulmonary drug delivery systems market reveals North America as being the leader in the market in terms of demand in 2012. This region’s dominance in the global pulmonary drug delivery systems market was attributed to the large number of people affected by respiratory illnesses.
Europe is expected to show a downward trend in the global pulmonary drug delivery systems market for the given forecast period, owing to austerity measures taken by governments and a high penetration rate of generic drugs. Conversely, the Asia Pacific market is expected to show a rapid rate of increase due to a high population density and a rapidly improving healthcare infrastructure. This region is also benefitting from increased medical expenditure and increasing awareness levels.
The key players in the global pulmonary drug delivery systems market are GlaxoSmithKline Plc., Philips Respironics, Inc., Omron Healthcare, Inc., Novartis AG, 3M Health Care, CareFusion Corporation, and PARI Respiratory Equipment Inc.
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