Pulmonary Drug Delivery Devices Market: Emerging Trends, Business Growth Opportunities, Major Driving Factors
Albany NY, United States: A newly compiled business intelligence study at the headquarters of Transparency Market Research (TMR) has detected stiff competition in the global pulmonary drug delivery systems market. And to stay ahead of the curve, key market players are resorting to technological advancements and are regularly introducing breakthrough products.
For instance, 3M Healthcare introduced 3M™ Intelligent Control Inhaler in 2016, which is a fully integrated device that aids in delivering accurate doses to the patients. Connectable to a dedicated App, the product also comes with a functionality to educate patients regarding the usage as well as take direct feedback.
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Efficacy of New Products to Determine Market Leader
GlaxoSmithKline, another prominent name in the global pulmonary drug delivery devices market, lost patents of a few blockbuster such as Advair HFA or Seretide Evohaler in 2017, recently gained approval from U.S. regulators for its three-in-one inhaler for chronic lung diseases. Late in 2017, AstraZeneca’s biologics R&D department earned FDA approval for Fasenra (benralizumab), which is a newly developed biologic that can work on patients with severe asthma, even up to the age of 12. Ultibro® Breezhaler® (indacaterol/glycopyrronium) from Novartis AG has also gained popularity as a drug that is safer and superior than Seretide® (salmeterol/fluticasone).
As per the calculations of the TMR report, the demand in the global pulmonary drug delivery market will expand at a notable CAGR of 4.4% during the forecast period of 2017 to 2019, by the end of which the valuation of the market has been estimated to reach US$28.7 bn.
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On the basis of product type, the report segments the pulmonary drug delivery devices market into metered dose inhalers (MDI), nebulizers, and dry powder inhalers (DPI). Application-wise, the market has been bifurcated into cystic fibrosis, chronic obstructive pulmonary disease (COPD), and asthma. Based on distribution channel, the market has been categorized into ecommerce, hospital pharmacies, and retail pharmacies. Geographically, while North America is providing for the maximum demand, Europe and Asia Pacific are highlighted as other two lucrative regions.
Technological Advancements Bodes Well for the Future
Strong prevalence of respiratory diseases, self-inflicted as a result of smoking and exposure to pollution or bodily disorder, is the primary driver of the global pulmonary drug delivery systems market. More than 300 million people suffer from asthma across the world and over 65 million have moderate to severe COPD. As these cases mushroom, particularly as a result of increasing geriatric population, hospitals and specialty care centers are coming up to provide care to larger masses.
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In the recent past, a positive momentum can be witnessed in the area of research related to pulmonary drug delivery systems. Consequently, there is a list of products under clinical trial for various therapeutic applications such as asthma/COPD, cystic fibrosis, diabetes, and cancer and pain management. Consistently improving technology is another driver of the pulmonary drug delivery systems market, as they offer advantages such as ease of administration, require low amount of drug in comparison to oral dosages, and implicate fewer side effects as the drugs can directly reach the lungs while remaining fairly neutralized from the rest of the body.
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On the other hand, recent patent expiry of several blockbuster respiratory drugs, regulatory requirements pertaining to the usage of DPIs and MDIs, and poor structure of healthcare in a number of emerging economies are a few restraints challenging this market. Nevertheless, the vendors of this market stand to gain new opportunities in BRICS nations and growing emphasis on developing breakthrough technology related to DPIs.
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