(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The "Digital Dose Inhaler Market Size, Share & Trends Analysis Report By Product (MDI, DPI), By Indication (Asthma, COPD), By Type (Branded Medication, Generic Medication), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global digital dose inhaler market is projected to experience substantial growth, with a projected market size of $53.32 billion by 2030, exhibiting an impressive Compound Annual Growth Rate (CAGR) of 19.4% from 2023 to 2030. This growth is driven by several key factors, including the increasing elderly population and the rising prevalence of chronic respiratory diseases.
Impact of Economic Developments and Technological Advancements:
The economic progress observed in emerging economies like China, India, Brazil, Philippines, among others, has led to an increase in per capita income. This economic development is anticipated to boost the demand for advanced respiratory devices. These technologically enabled respiratory devices are particularly favored by pediatric and geriatric populations due to their ability to enhance patient medication compliance, dose tracking, and real-time connectivity with healthcare practitioners. These factors are poised to drive significant market growth over the next nine years.
Geographical Expansion and Niche Targeting:
To cater to the needs of the target population, manufacturers are expanding their production units and targeting regions with a rising prevalence of chronic lung diseases and asthma, such as Asia Pacific and MEA regions. These expansion strategies are expected to drive the adoption of digital dose inhalers and contribute to long-term growth and profitability.
Favorable Government Initiatives and Adoption of Digital Health Platforms:
The market's rapid uptake is also attributed to favorable government initiatives, including the introduction of Fixed Dose Combination (FDC) endorsed by the U.S. FDA, increased adoption of generic drugs, and the growing demand for digital health platforms.
Impact of Aging Population and Prevalence of Respiratory Conditions:
The worldwide increase in the geriatric population coupled with the growing prevalence of chronic respiratory conditions such as chronic sleep apnea, asthma, and COPD, has led to a strain on healthcare systems. This in turn has driven the demand for innovative respiratory devices, further stimulating growth in the digital dose inhaler market during the forecast period.
Dry powder inhalers (DPIs) segment is anticipated to be the fastest-growing category, with a CAGR of 16.9% . This growth is attributed to the awareness of adverse effects of chlorofluorocarbons used as propellants in Metered Dose Inhalers (MDIs), as well as the increasing awareness of benefits offered by DPIs over MDIs.
North America is expected to hold a significant market share due to the presence of numermedical device players, especially in the US.
The Asia Pacific (APAC) region is predicted to grow at a lucrative pace with a CAGR of 17.2% , driven by increased healthcare expenditure and the establishment of U.S. FDA manufacturing sites in countries like China and India.
Factors such as awareness of innovative respiratory device technologies, government initiatives, subsidies for electronic component manufacturing, and tax benefits are expected to further boost market growth in the APAC region.
Key Company Mentions:
Glenmark Pharmaceuticals Ltd.
Sensirion AG Switzerland
Opko Health, Inc.
Teva Pharmaceuticals Industries Ltd
Mundipharma Deutschland GmbH & Co. KG
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Global Digital Dose Inhaler Market Global Digital Dose Inhaler Market Tags Digital Dose Inhaler Dry Powder Inhaler Inhaler Inhalers Inhalers and Nebulisers Metered Dose Inhaler Respiratory Devices id="media-image-1" loading="lazy" src="https://menafn.com/>