Growing prevalence of chronic respiratory diseases is one of the key factors anticipated to accelerate demand for pulmonary drug delivery systems (PDDS) in coming years
As per a report published by the Global Asthma Network (GAN), in 2014, 334 million cases has been diagnosed across the globe. Growing incidence of respiratory diseases has resulted in increase in patient population. This, in turn, has resulted in increase in fuelled demand for pulmonary drug delivery devices. Subsequently, growing demand rate is boosting the global pulmonary drug delivery devices market.
Further, technological advancements in the field is projected to provide lucrative opportunities for expansion of the market.
Meanwhile, drawback of conventional treatment methods such as low efficacy and late onset of action is the key development areas. Research and development activities aiming to develop novel targeted drug delivery devices is likely to provide new growth avenues for widening of the pulmonary drug delivery devices market in coming years.
At the same time, growing number of initiatives undertaken by government bodies and non-government organizations is, further, contributing to the market growth in terms of revenue. For example, CDC’s National Asthma Control Program (NACP) is allotting funds for raising awareness regarding asthma among people as well as the affected patients.
Rising awareness regarding asthma is expected to boost the adoption rate of pulmonary drug delivery devices for treatment of the asthma and Chronic Obstructive Pulmonary Diseases (COPD). This, in turn, result in growth of the global market.
North America Market is anticipated to lead in the global pulmonary drug delivery devices market in coming years. Prominence of the region is attributed to increasing cases of affected people and growing demand for diagnostic devices.
the global pulmonary drug delivery devices market for the historical period 2017–2018 and forecast period 2019–2027, ‘increase in the prevalence and incidence of respiratory diseases across globe, increasing population of smokers across countries, rising prescription of the combination therapies, and rising research & development in the asthma & COPD treatment’ are projected to drive the global pulmonary drug delivery devices market.
According to the report, the global pulmonary drug delivery devices market was valued at US$ 36,159.9 Mn in 2018 and is projected to expand at a CAGR of 2.7% from 2019 to 2027.
Increase in prevalence and incidence of respiratory diseases: Key Drivers
Chronic obstructive pulmonary disease (COPD) is an umbrella term used to describe various progressive lung diseases such as emphysema, chronic bronchitis, refractory asthma, and others. Patients suffering from severe COPD require continuous supply of oxygen. Often symptoms such as increased breathlessness and coughing are ignored as a normal sign of aging; however, these are the early signs of COPD. According to WHO, COPD is the fourth-leading cause of death globally, with approximately 2.75 million deaths per annum. According to the CDC, over 16 million people in the U.S. are living with respiratory disorders, such as lung cancer, COPD, and heart diseases, caused due to smoking. Around 100 million adults are estimated to be suffering from COPD indication, and these statistics are expected to drive the pulmonary drug delivery devices market.
According to the United Nations, the geriatric population of people above the age of 60 is expected to double by 2050, and triple by 2100, which means that it is projected to rise from 962 million in 2017 to 2.1 billion in 2050 and reach 3.1 billion by 2100. Globally, the geriatric population is increasing at a faster pace than that of the younger age group, the present geriatric population of 962 million is about 13% of the global population and is increasing at a rate of about 3% every year. Furthermore, the number of persons age 80 years or above is estimated to be triple by 2050, an increase from 137 million in 2017 to 425 million by 2050.
The number of smokers is also increasing globally. The U.S. has seen a decline in the percentage of people smoking; however, there are still 40 million adults who smoke and 20 million will die prematurely unless they quit. Also, exposure to secondhand smoke raises complications for people suffering from asthma and COPD. According to the American Lung Association, exposure to secondhand smoke can cause more than 202,000 asthma flare-ups among children each year.
Low Cost Generic Competition Likely To Hamper Market: Key Restraint
Patent loss of branded drugs in the pulmo0nary drug delivery devices market provides a platform for the entry of generic drugs. Generics are generally priced lower than their equivalent branded drugs which attract large number of patients in low- and middle-income countries where the prevalence of pulmonary diseases is high as per the data provided by WHO, thus increase in generic drugs in the pulmonary drug delivery devices market will lead to decline in revenues. Moreover, patent loss of drugs such as Advair Diskus (GSK) during the forecast period will hit the market drastically and increase competitive scenario in the generic as well as branded drugs market.
Global Pulmonary drug delivery devices Market: Competitive Landscape
This report profiles major players in the global Pulmonary drug delivery devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. The global pulmonary drug delivery devices market is fragmented, with the presence of a number of international, regional players as well as local players. Various players operating in the global pulmonary drug delivery devices market are
Key Questions Answered in Global Pulmonary Drug Delivery Devices Market Report
Global Pulmonary Drug Delivery Devices Market - Segmentation