PUNE, India, February 20, 2017 /PRNewswire/ --
According to a new market research report "Pulmonary/ Respiratory Drug Delivery Market by Formulation (Type (Solution, Suspension, Dry powder), Device Type (Metered dose, Dry Powder, Nebulizer)), Canister (Plain, Coated), End User (Hospitals, Homecare), Applications (COPD) - Forecasts to 2021" published by MarketsandMarkets, The market is projected to reach USD 52.37 Billion by 2021 from USD 36.10 Billion in 2016, at a CAGR of 6.5% during the forecast period.
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Growth in this Pulmonary Drug Delivery Market is mainly driven by increasing preference of pulmonary route as an alternate route of drug delivery, rising focus on the development of smart/digital inhalers and increasing incidence of respiratory diseases such as COPD, asthma, and cystic fibrosis. Emerging markets such as India, China, & Japan and growth in online marketing channels are expected to offer lucrative growth opportunities for market players in the coming years. On the other hand, factors such as regulatory issues and pricing pressures are the major factors restraining market growth.
The Pulmonary Drug Delivery Market is segmented based on formulations, canister type, applications, end users, and regions. On the basis of end user, the market is segmented into hospitals & clinics and homecare settings. The hospitals & clinics segment dominated the market in 2016, this is attributed to the increasing incidence of diseases such as pneumonia and acute exacerbation of COPD (AECOPD) is driving the number of hospitalizations each year.
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Based on canister type, the market is segmented into plain and coated canister. The coated canister segment is expected to be the fastest growing market in canister type segments in the market during the forecast period. This is attributed to advantages such as robust profile for filling, avoiding crimping, and withstanding the pressure associated with the type of propellant (HFAs or CFCs).
Currently, North America dominates the Pulmonary Drug Delivery Market, and Asia represents the second-largest regional market. North America is further classified as U.S. and Canada.
The U.S. is expected to account for the largest share of the North American Pulmonary Drug Delivery Market in 2016. The large share of this market can be attributed to factors such as growing prevalence of lung and respiratory diseases, technological developments, and the presence of various players focusing on the development of digital inhalers in the country.
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Moreover, the Asian market is expected to register the highest CAGR during the forecast period due to the rapidly growing geriatric population, growing adoption of an unhealthy lifestyle, growing urbanization, exposure to smoke & chemicals, and the subsequent increase in the prevalence of COPD in the region. Asia is further classified into Japan,India, and China, Japan is expected to account for the largest share of the Asian Pulmonary Drug Delivery Market in 2016. This largest share is attributed to favorable healthcare reimbursement scenarios and insurance coverage. Insurance coverage is mandated by the government and regulated under the Universal Health Insurance System
Prominent players in the Pulmonary Drug Delivery Market include Teva Pharmaceutical Industries Ltd. (Israel), GlaxoSmithKline (U.K.), Boehringer Ingelheim GmbH (Germany), 3M (U.S.), AstraZeneca plc (U.K.), Merck & Co., Inc. (U.S.), Novartis AG (Switzerland), Omron Corporation (Japan), and Sunovion Pharmaceuticals Inc. (U.S.).
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