Respiratory Inhaler Devices Market Poised For Strong Growth At A Rate Of More Than 7%, Driven By Rising Smoking Rates As Per The Business Research Company's Respiratory Inhaler Devices Global Market Report 2024
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LONDON, Feb. 22, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Respiratory Inhaler Devices Global Market Report 2024, the respiratory inhaler devices market has demonstrated robust growth in recent years, signalling promising opportunities for expansion. Forecasted to escalate from $38.54 billion in 2023 to $41.35 billion in 2024, with a compound annual growth rate (CAGR) of 7.3%, the respiratory inhaler devices market signifies significant potential. Projections anticipate substantial growth, with expectations of reaching $54.72 billion by 2028, maintaining a steady CAGR of 7.3%.
Factors Driving Growth: The surge in smoking rates emerges as a key driver for the respiratory inhaler devices market. Smoking poses significant health risks, including damage to the airways and lungs, leading to respiratory diseases such as asthma, COPD, and bronchitis. Consequently, there is a growing need for respiratory inhaler devices to alleviate breathing difficulties and manage respiratory conditions effectively.
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Industry Trends and Developments: Major players in the respiratory inhaler devices market are embracing new technologies to sustain their market position. Metered dosage inhalers (MDIs), for instance, have emerged as a popular choice, delivering precise doses of medication to the lungs in the form of a mist or spray. AptarGroup Inc.'s launch of HeroTracker Sense exemplifies this trend, providing a smart, connected solution to track patients' inhaler usage and improve therapy adherence.
In a strategic move to expand its respiratory device portfolio, AptarGroup Inc. acquired the worldwide rights to the Orbital inhaler from Pharmaxis Ltd. This acquisition underscores Aptar Pharma's commitment to providing innovative solutions for patients with respiratory conditions, further enhancing its market presence and product offerings.
Market Landscape: North America emerged as the largest region in the respiratory inhaler devices market in 2023. However, Asia-Pacific is poised to witness the fastest growth in the forecast period, driven by increasing healthcare expenditure, rising awareness about respiratory health, and expanding patient populations.
Segmentation and Applications: The respiratory inhaler devices market is segmented based on product type, technology, disease indication, and end-user. Dry powder inhalers, metered dose inhalers, and nebulizers constitute key product categories, catering to diverse patient needs across various disease indications such as asthma, COPD, and pulmonary arterial hypertension.
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The Respiratory Inhaler Devices Market Report offers comprehensive insights into the industry's growth potential and dynamics. By leveraging the respiratory inhaler devices market report's analysis and segmentation, industry players can identify emerging trends, capitalize on growth opportunities, and develop strategic initiatives to enhance their market position and profitability.
Respiratory Inhaler Devices Global Market Report 2024 by The Business Research Company provides insights on the respiratory inhaler devices market size, respiratory inhaler devices market segments, respiratory inhaler devices market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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