Albany NY, United States: Expansion in Emerging Economies of Asia Pacific and Latin America to Offer Growth Opportunities
- Asia Pacific is a rapidly growing market for COPD devices. Technological advancements and improving health care infrastructure are expected to drive the market in the region.
- Significant growth in medical tourism in Asia Pacific is anticipated to result in higher number of pulmonary lung function tests. This is likely to drive the demand for COPD devices market in the region.
- Large number of geriatric population is suffering from respiratory ailments in most countries, such as Japan, China, and India, thus adding to the patient pool. This is increasing the number of respiratory tests being performed.
- Japan was the largest COPD devices market in Asia Pacific in 2018. The country’s dominance in terms of technological advancements in COPD devices can be attributed to better health care facilities, presence of advanced biomedical companies, and large base of geriatric population. According to the United Nations Population Division, Japan had around 9 million people aged 80 years and above in 2013.
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Key Drivers and Restraints of Global COPD Devices Market
- Increase in prevalence of respiratory diseases, growth in geriatric population demanding respiratory disease monitoring products, and technological advancements boosting the use of respiratory monitoring devices are driving the COPD devices market. However, low adoption of expensive COPD devices is expected to restrain the market growth during the forecast period.
- Prevalence rate of respiratory diseases, such as asthma, cystic fibrosis, and COPD is increasing significantly across the globe. According to the Centers for Disease Control and Prevention (CDC), North America accounted for the highest number of asthma and COPD cases in the world in 2012.
- Manufacturers of COPD devices are integrating enhanced patient monitors, innovative parameters, wireless devices, workflows, and integrated information technology solutions. This has enabled clinicians and health care experts to practice and deliver customized services to patients requiring the respiratory disease treatment.
- Various manufacturing companies provide not only technologically advanced products, but also value-added services, such as portable and user-friendly devices, and access to clinical information
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Inhalers Segment to Expand Significantly
- Based on type, the global COPD devices market can be divided into inhalers and nebulizers. Inhalers segment can be further sub-segmented into drug powder inhalers (DPIs), metered dose inhalers (MDIs), and soft mist inhalers (SMIs). The nebulizers segment is sub-divided into compressor nebulizers, ultrasonic nebulizers, and mesh nebulizers.
- Inhalers segment is expected to dominate the market during the forecast period. Increase in incidence rate of respiratory disorders and growing geriatric population are driving the segment. This trend is expected to continue during the forecast period.
- According to the WHO, the global geriatric population is likely to reach 2 billion (22% of the global population) by 2050 as compared to 617 million in 2015
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Hospitals Segment Dominated COPD Devices Market
- Based on end-user, the global COPD devices market can be classified into hospitals, ambulatory surgical centers, clinics, and others
- Growth of the hospitals segment can be attributable to increased usage of COPD devices due to rise in the number of hospitalized patients
North America to Lead Global COPD Devices Market
- In terms of region, the global COPD devices market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the market in 2018, owing to the increase in the incidence of asthma and COPD and rising number of awareness programs initiated by governments regarding availability of technologically advanced respiratory diagnostic procedures
- The U.S. dominates the market in North America due to high awareness, significant health care budget, early availability of advanced technologies, and high penetration of research activities in the country
Key Manufacturers Operating in Global Market
The global COPD devices market was highly fragmented in 2018. Key manufacturers operating in the global market are:
- GlaxoSmithKline plc.
- Novartis AG
- Merck & Co., Inc.
- Koninklijke Philips N.V.
- GF HEALTH PRODUCTS, INC.
- Sunovion Pharmaceuticals Inc.
- Smiths Medical
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