Asthma Spacers Market Set to Garner Staggering Revenues by 2026
Asthma is a chronic respiratory condition that affects millions of people around the world. Aerosol drug delivery is the first line administration route in asthma management, and metered dose inhalers (MDIs) are the most common type of inhalers used in asthmatic conditions. However, poor inhalation techniques have led to poor control of asthma. Valve holding chambers/spacers are designed to counter the problem. A spacer, usually attached with an MDI, is an external device that provides better drug delivery by increasing inhalation and actuation. The global Asthma Spacers Market was valued at US$ 1,330.56 Mn in 2017. It is expected to expand at a CAGR of 3.7% from 2018 to 2026.
Spacers with metered dose inhalers are used to treat several respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), and cystic fibrosis. Technological advancements in spacer devices is likely to propel the market in the near future.
The global asthma spacers market can be segmented based on product type, distribution channel, and geography. In terms of product type, the market can be divided into aerochamber, optichamber, volumatic, inspirease, and others. The aerochamber segment is likely to account for a leading share of the global market during the forecast period, owing to the wide adoption of these devices for the management of asthma. Technological developments in aerochambers are estimated to boost the segment during the forecast period. Based on distribution channel, the asthma spacers market can be classified into retail pharmacy, hospital pharmacy, and e-commerce. The retail pharmacy segment is expected to hold a significant share of the global asthma spacers market, due to a rise in over-the-counter sales of asthma spacers with metered dose inhalers.
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In terms of geography, the global asthma spacers market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe accounted for a major share of the global market in 2017. High prevalence of asthma, favorable reimbursement policies, and increase in government initiatives that mandate the use of asthma spacers with metered dose inhalers are driving demand for asthma spacers in these regions. The asthma spacers market in Asia Pacific is likely to expand at a significant CAGR during the forecast period. A large asthmatic population with poorly controlled symptoms and rise in health care expenditure are projected to fuel the market in the region in the coming years. Moreover, low cost of manufacturing in China and India has resulted in a rise in the number of production facilities in the countries, attracting key players to the region from across the world.
Key players operating in the global asthma spacers market include Trudell Medical Internationa, Pari Gmbh, GlaxoSmihKline plc, Medical Development International, Cipla, Lupin, Clement Clarke, AstraZeneca, Merck & Co., and Fisons. These companies have established themselves in the market and enjoy brand loyalty among customers. They have a diverse product offering and an extensive distribution system across the world. Also, entry of small players is high, especially in emerging regions of the market such as Asia. However, high quality standards set by market leaders are anticipated to restrain the penetration of new entrants in the market.
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