Market Research Report
Pulmonary Drug Delivery Systems Market - Forecasts from 2021 to 2026
|Pulmonary Drug Delivery Systems Market - Forecasts from 2021 to 2026|
Published: August 17, 2021
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Content info: 120 Pages
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The pulmonary drug delivery systems market is projected to grow at a CAGR of 4.83% to reach US$56.942 billion by 2026, from US$40.929 billion in 2019. The increasing prevalence of the chronic respiratory disease worldwide will drive the market growth of the pulmonary drug delivery systems market during the forecast period. According to the World Health Organization, more than 1 billion people suffer from either acute or chronic respiratory conditions. Around 4 million people die prematurely from chronic respiratory diseases. In addition, nearly 235 million people suffer from asthma in the world and over 80% of the deaths due to Asthma occur in low and middle-income countries. The increasing incidence of such diseases will support the market growth as more patients will require the pulmonary drug delivery system for their treatment.
Moreover, the rapidly growing geriatric population worldwide will contribute to the market growth as they are more prone to chronic respiratory diseases such as bronchitis, tuberculosis, and chronic obstructive pulmonary disease, etc. which will surge the demand for pulmonary drug delivery systems in the market. According to the United Nations, in 2019, the geriatric population was 703 million persons, nationwide. The number of older persons is projected to double to 1.5 billion in 2050.
Furthermore, the growing health awareness and increasing investment in the healthcare and drug delivery industry by both public and private players are also expected to further fuel up the growth of the market. Also, the initiative taken by the governing bodies of various countries is increasing health awareness among the people. For instance, the National Asthma Control Program (NACP) by CDS, provides funds for educating asthma-affected patients. Such initiatives will encourage more patients to adopt pulmonary drug delivery systems for their treatment which will further strengthen the market growth during the forecast period.
By product, the dry powder inhalers (DPIs) segment is projected to hold a significant market share owing to the advantages such as short administration & preparation time, ease of use, and fewer irritant effects associated with the use of these inhalers. Geographically, North America holds a significant market share due to the increasing prevalence of chronic respiratory diseases, early adoption of the pulmonary drug delivery systems, and the surge in healthcare spending in the region. Asia Pacific will be the fastest-growing market region owing to the rapidly growing geriatric population, increasing adoption of an unhealthy lifestyle, and rising urbanization in the region.
The increase in the geriatric population across the globe is expected to drive the market growth of pulmonary drug delivery systems. According to COPD, about 1 in 7 older adults suffers from some of the other forms of lung disease. The geriatric population is more prone to chronic respiratory diseases as compared to the younger population which will increase the demand for pulmonary drug delivery systems in the market during the forecast period.
The pulmonary drug delivery system is a relatively new system due to which not many patients are aware of the advantages of using this system which may restrain the market growth during the forecast period. The patients, especially in the developing countries are unaware of the existence of this system due to which the demand for it is low in these countries. However, with the increasing awareness by both the public and private players the patients are expected to become aware and adopt these systems.
The Covid-19 pandemic positively impacted the pulmonary drug delivery systems market as the novel coronavirus directly or indirectly attacks the respiratory system of the patient. There was a rapid spike in the number of patients suffering from respiratory diseases as the potent virus made their lungs weak, which, in turn, increased the demand for pulmonary drug delivery systems, worldwide. The virus outbreak continues to linger in many countries even after a year which is expected to further drive the market growth during the forecast period.
The market leaders for the pulmonary drug delivery systems market consist of Philips Respironics, GlaxoSmithKline PLC, Boehringer Ingelheim GmbH, Teva Pharmaceutical Industries Ltd., 3M Healthcare, PARI GmbH, F. Hoffmann-La Roche AG, Gilbert Technologies, and AstraZeneca PLC. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors.