Published Date : 07 Jul 2022
The global nebulizer market size was valued at approximately USD 1,075.89 million in 2021 grew to US$ 1,159.38 million USD in 2022 and is expected to reach around USD 2,122.14 million by 2030, with a CAGR of 7.8% from 2022 to 2030.
COPD is the third biggest reason for fatalities globally, as per the World Health Organization 2021 factsheet, with 3.23 million deaths in 2019. Over 80% of those who died were from low- and middle-income nations. In addition, asthma is a prevalent non-communicable disease that affects both adults and children, as per the World Health Organization factsheet for 2021. In 2019, it impacted the projected 262 million people worldwide, resulting in 461,000 fatalities. As per the Globocan 2020 report released by the International Agency for Research on Cancer, the total number of new lung cancer cases in 2020 will be 2,206,771. As a result, the growing prevalence of all such disorders is driving the growth of global nebulizer market.
North America is the largest segment for nebulizer market in terms of region. The U.S. is dominating the nebulizer market in the North America region. As per the Centers for Disease Control and Prevention, asthma affected the projected 25,131,132 million Americans in 2019, with 8% of adults and 7% of children suffering from the condition. Thus, the growing number of asthma patients in the region is driving the market growth. In addition, the market players are adopting strategies for the development of nebulizer market. Respira Technologies, for instance, declared the commencement of a pharmaceutical centric commercial drug delivery gadget platform, which is a transportable nebulizer in June 2020.
Asia-Pacific region is the fastest growing region in the nebulizer market. India holds the highest market share in the Asia-Pacificnebulizer market. The factors such as technological advancements, growing government activities, growing healthcare expenses and growing trend of medical tourism are propelling the growth of Asia-Pacific nebulizer market.
High cost of nebulizer
As compared to inhaler, the cost of nebulizer is quite high. The number of respiratory disorder patients is growing at a rapid pace. Not everyone can afford this expensive type of device. Even developing countries do not have trend of buying nebulizer. As a result, high cost of nebulizer is restricting the growth of global nebulizer market.
Growing prevalence of respiratory disorders
The respiratory disorders are mostly related to lung diseases. COPD and asthma are putting a significant financial strain on healthcare systems around the world. The incidence of these disorders has increased as a result of variety of reasons such as growing number of smokers and bad quality of air. Thus, growing prevalence of respiratory disorders is supporting the growth of global nebulizer market.
Alternate treatment methods and procedures
Due to healthcare advancements, the wide range of other types of products and treatments are launched in the global market. Many of the patients have stopped using nebulizers due to this reason. As a result, alternate treatment methods and procedures is the biggest challenge for the expansion of global nebulizer market.
Buy this Research Report@ https://www.precedenceresearch.com/checkout/1544
You can place an order or ask any questions, please feel free to contact at email@example.com | +1 9197 992 333