Dry Powder Inhaler Device Market Anticipated to Grow at a CAGR of 5.2% During the Forecast Period 2021-2026
Rising Awareness for Incidence of Respiratory Diseases Such as Asthma, COPD, Chronic Bronchitis, Etc. Are Amongst the Major Factor Projected to Impel Growth of Dry Powder Inhaler Device Market
Hyderabad, India – July 22, 2021 /MarketersMedia/ —
Dry Powder Inhaler Device Market size was valued at $837 million in 2020, and is anticipated to grow at a CAGR of 5.2% during the forecast period 2021-2026. The dry powder inhaler device industry growth rate is attributed to the rising demand regarding various dry powder inhalers owing to rise in incidence of respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), emphysema, chronic bronchitis which is poised in bringing new opportunities. A dry powder inhaler (DPI) is a type of inhaler commonly used to deliver medications such as inhaled corticosteroids into the lungs. This inhaler is breath-activated. The medication is released only when you take a deep, fast breath in through the inhaler. Basically, a dry powdered inhaler (DPI) is an asthma treatment option for older kids and teens as using this inhaler allows medicine to get deep into the lungs. Unlike other inhalers which deliver a puff of medicine, these inhalers hold the medicine as a dry powder. Since the medicine sits inside as a powder, the user has to breathe in fast and deep to get the medicine into the lungs. Actually, the major benefit of dry powder inhaler (DPI) is that it is used for the treatment of an increasingly diverse range of diseases. However, as drug delivery from a DPI involves a complex interaction between the device and the patient, the engineering development of this medical technology is proving to be a great challenge. Apart from this, with an increasing interest in high dose drug delivery, vaccination and systemic delivery via the lungs, innovative formulation technologies alone might not be sufficient. Hence, improved inhaler design is desired to make DPIs for future applications cost-effective and safe.
Dry Powder Inhaler Device Market Segment Analysis – By Product Type
In 2020, on the basis of material type, single-dose dry powder inhalers segment accounted for the largest segmental revenue of the Dry Powder Inhaler Devices Market . The single-dose dry powder inhalers held the largest market on account of the fact that this product type has a greater acceptability and wider market penetration than the other types. Also, the segment is to hold its dominance through the forecast period 2021-2026 as these dry powder inhalers are affordable and developing nations with moderate or low healthcare expenditures sectors can easily opt for such inhalers.
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Dry Powder Inhaler Device Market Segment Analysis – By Distribution Channel
On the basis of distribution channel, hospital pharmacies segment accounted for the largest segmental revenue of the Dry Powder Inhaler Market in 2020. The large share can be attributed to the consistent increase in number of hospital pharmacies in countries such as Brazil, India, and China coupled with rising number of prescriptions for dry powder inhalers by hospitals is attributed to positively affect market growth during the forecast period 2021-2026 owing to the presence of strong distribution channels and increased adoption preferences shown by doctors.
Dry Powder Inhaler Device Market Segment Analysis – By Geography
North America is the major region dominating the dry powder inhaler devices market with a market share of 35.69% in the year 2020. This can be attributed to the fact that the presence of well-established infrastructure, key market players as well the constantly investing into research and development activities. Furthermore, rising prevalence of asthma and other respiratory diseases coupled with increasing geriatric population as well as its adoption favor the U.S. dry powder inhaler devices market growth, which further fuels the regional market.
Dry Powder Inhaler Device Market Drivers
Rapid Increase In Demand For DPI
The dry powder inhaler market is poised to receive upswing owing to the rapid increase in demand for several DPI’s owing to an increasing prevalence of symptoms for emphysema, bronchitis, etc. amongst teenagers and adults that has resulted in all major pharmaceutical companies focusing on the R&D of innovative formulation technologies. Hence, there is a rising use of dry powder inhaler and is to propel the market growth over the forecast period 2021-2026.
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Dry Powder Inhaler Device Market Challenges
Lack Of Awareness
One of the major factors lowering the dry powder inhaler in many countries around the world is owing to lack of awareness regarding the treatment availability decreases the demand for dry powder inhalers amongst the population that are obstructing market growth during the forecast period 2021-2026. Moreover, with the high demand in the of dry powder inhaler, the presence of effective substitutes are acting as challenges across the globe.
Dry Powder Inhaler Device Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Dry Powder Inhaler market. In 2020, Dry Powder Inhaler Devices market share is fragmented by the top ten players present in the market. The Dry Powder Inhaler Devices market top 10 companies are Astra Zeneca, Boehringer Ingelheim, Cheisi, Cipla, GlaxoSmithKline, Hovione, Mankind, 3M, OPKO, Teva and others.
Acquisitions/Product Launches
In July 2020, Chemicals and biotechnology solutions firm Lonza recently launched a Center of Excellence for Dry Powder Inhaler (DPI) drug product development at its existing site in Bend, OR, where the company will use its expertise in particle engineering to help customers create and evaluate formulations.
In April 2019, Hovione Technology acquired the rights for the development and commercialization of an innovative multi-use blister-based, and ultra-affordable dry powder inhaler device (Papillon DPI) invented and patented by Dr. Klaus-Dieter Beller.
Key Takeaways
The factors such as increase in demand regarding various dry powder inhalers owing to rising awareness for incidence of respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), chronic bronchitis, etc. are amongst the major factor projected to impel growth of Dry Powder Inhaler Device market.
Additionally, factors such as improved inhaler design and innovative formulation technologies are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
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