The global aerosol delivery devices market size was USD 32.09 Bn in 2019 and expected to reach USD 51.40 Bn by 2027; this converts into a compounded annual growth rate (CAGR) of 6.1% for the forecast period.
An aerosol delivery device is a method of drug administration in which the drug is directly delivered to the lungs, thereby offering a systemic effect. The device is frequently used in the treatment of respiratory diseases such as asthma, COPD, and non-respiratory diseases such as diabetes, analgesia, and Parkinson’s disease.
The global pharmaceutical market witnessed a decline during 2020 as compared to the previous year. The fall of the U.S. dollar as against the Euro softened the blow of the pandemic for numerous pharmaceutical companies headquartered in the European region. However, the emerging markets were adversely impacted. The drop in oil prices managed to reduce costs of various raw materials such as polyethylene, polypropylene, etc., hence lowering production expenses. Overall, the pharma sector witnessed a slight growth in the European market whereas the North American and emerging markets registered a slight decrease in revenues.
One of the major factors contributing to the growth of the market is the rising air pollution levels. The resulting increase in incidences of COPD, asthma and other respiratory diseases coupled with the surge awareness regarding these devices are positively impacting the market.
The soaring costs and lack of access to aerosol delivery devices especially in underdeveloped nations due to either dearth or lack of knowledge may severely restrict market expansion.
Countries such as China, India, Japan, and others, provide lucrative opportunities for the expansion of the market. The growing demand for better healthcare and the increase in disposable income especially in Asia – Pacific may open doors for the global aerosol delivery device market.
1) Recipharm and Medspray BV announced the completion of their joint venture establishment Resyca BV in January 2021. Resyca BV will focus on the development of the softmist spray nozzle technology for pharmaceutical applications.
2) In February 2020, the European Medicines Agency accepted GlaxoSmithKline PLC and Innoviva Inc.’s regulatory submission seeking additional indication for the use of once-daily, single-inhaler triple therapy Trelegy Ellipta, for the treatment of asthma in adults.
Classified based on product type, the metered dose inhaler segment accounted for nearly 55% of the market share in 2019. However, since nebulizers provide better relief even in severe cases, the segment is estimated to witness, during the forecast timeline, a CAGR of close to 8%.
The asthma segment dominated the market in 2019. This can be attributed to the increase in air pollution, rise in active smoking population, surge in awareness toward respiratory diseases, growth in geriatric population and an increase in asthma incidences globally. Nevertheless, the cystic fibrosis segment is predicted to register a CAGR of approximately 9% during the forecast period.
The retail pharmacy segment dominated the market in 2019. One of the oldest and conventional method of procuring drugs and devices, this segment accounted for about 60% of the market share. However, the rapid expansion of the e-commerce sector is fuelling the growth of the segment at a compound annual growth rate of nearly 11% between the forecast years.
North America led the global aerosol delivery device market in 2019. Presence of well-established players, increase in smoking population, availability of devices and awareness among patients is further boosting the regional market growth. Increasing air pollution levels and rise in prevalence of chronic diseases will have a positive influence on the Asia-Pacific market.
Some of the key players operating in the global aerosol delivery devices market include, but not limited to: The 3M Company, Aerogen Inc, Glaxosmithkline Plc (GSK), Johnson & Johnson (Actelion Pharmaceuticals Ltd), Koninklijke Philips N.V., Merck & Co., Metall Zug Group (Clement Clarke International Ltd), Recipharm AB (Bespak), Teva Pharmaceutical Industries Limited, Vectura Group PLC, Gerresheimer AG, Heitkamp & Thumann KG (H&T Presspart, Iconovo AB, Merxin Ltd, Nemera.