The respiratory inhaler devices industry is poised to expand at a steady rate, thanks to innovation in pulmonary and nasal technology. In the next decade (2015-2025), global demand for respiratory inhaler devices is expected to amplify at a compound annual growth rate (CAGR) of 4.3%.Global revenues generated by respiratory inhaler devices in 2015 totalled US$ 28 billion (approx.).
Considering the lucrativeness and estimated growth, a number of generic manufacturers are making a foray in this market. Established names, such as GlaxoSmithKline, Merck, and Teva Pharmaceuticals are raking in billions in annual revenues selling inhaler devices for asthma and COPD. However, decline in market share has prompted frenzied activity, including launch of new products and mergers/acquisitions.
Smart Inhalers: The Key Trend in Respiratory Inhalers Market
Mergers and acquisitions seem to have become the order of the day in the highly lucrative asthma- and COPD- treatment market. Among the various methods of drug delivery, inhalers are gaining traction, owing to their ease of use and portability.
Respiratory inhalers are becoming more advanced, as manufacturers incorporate some of the latest available technology in their offerings. Smart inhalers are not only helping healthcare providers improve adherence rates, but also in storing data. Wisconsin-based Propeller Health has made a headstart in this segment by offering a mobile platform that measures and monitors each dosage.
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Adherium Limited, a New Zealand based company working on a smart inhaler received $3 million investment from its partner company and pharma behemoth AstraZeneca. Adherium is working on developing smart medical devices under the brand name ‘Smartinhaler’. AstraZeneca will incorporate Smartinhaler in its offerings to improve medication adherence.
In a bid to cash in on the surging demand for smart inhalers, Israel-based Teva Pharmaceuticals snapped up Gecko Health Innovations in October this year. Gecko’s cloud-based solution CareTRx provides dose-tracking features and tracking features, with connectivity to the cloud.
Opko Health, a Miami-based biopharmaceutical company acquired Inspiro Medical to develop an inhaler that will be connected to a mobile app. Opko Health’s smart inhaler is equipped with sensors and microcontrollers, making adherence, monitoring, and data analysis a seamless affair.
Respiratory Inhalers: The State of the Market
Demand for respiratory inhalers is expected to remain strong, primarily due to the rising geriatric population in the US. The US remains a highly lucrative market for respiratory inhalers, owing to the high profit margins manufacturers place in the region. Although incidences of asthma and COPD are also high in developing regions, a substantial percentage of population lacks access owing to affordability issues. Nevertheless, developing countries offer growth opportunities to manufacturers in terms of sales of entry-level inhalers.
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North America (US & Canada) is expected to remain a lucrative market for respiratory inhalers in the future as well. Currently, the regions accounts for nearly 40% revenues of the global respiratory inhalers market. Asia Pacific is expected to witness stellar growth, and expand at nearly 5% CAGR through 2025.
By 2015, the respiratory inhaler devices market is expected to earn $43 billion in revenues. Among the various types of inhalers available in the market, such as dry powder, metered dose, and nebuliser, demand for metered dose inhalers is the highest. In 2015, this segmented represented nearly 70% of global revenues.