by The rescue inhaler market is estimated to be valued at US$ 15.54 Billion in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Rescue inhalers, also known as reliever inhalers, are devices used to quickly treat breathing problems associated with asthma and chronic obstructive pulmonary disease (COPD). These inhalers work by rapidly delivering medication to the lungs to relieve symptoms such as wheezing, coughing, chest tightness, and shortness of breath. Common medications found in rescue inhalers include albuterol and levalbuterol.
Market key trends:-
Increased product launches along with rising adoption are driving significant growth of the rescue inhaler market. For instance, in 2022, Teva Pharmaceuticals launched a generic version of ProAir RespiClick, which is a rescue inhaler used for quick relief of asthma symptoms. Similarly, GlaxoSmithKline received FDA approval to launch a new rescue inhaler called Trelegy Ellipta to treat COPD. Moreover, growing awareness regarding asthma and COPD together with rising pollution levels are leading to increasing demand for rescue inhalers globally. The market is also witnessing the emergence of combination rescue inhalers containing both corticosteroids and bronchodilators to help reduce reliance on rescue inhalers alone. Innovation in drug delivery mechanism and newer respiratory drug formulations are some of the key trends expected to positively influence the rescue inhaler market over the forecast period.
Porter’s Analysis:-
- Threat of new entrants: The rescue inhaler market requires large investments in R&D to develop new inhalers. Established players dominate the market with their brand names and distribution channels which create entry barriers for new players.
- Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and established brands. However, buyers bargain less on price due to criticality of inhalers in emergency situations.
- Bargaining power of suppliers: Key raw material suppliers have consolidated presence which gives them bargaining power over manufacturers. However, established manufactures can source from multiple suppliers to avoid dependence on a single vendor.
- Threat of new substitutes: Though new drug delivery technologies are emerging, inhalers remain the most effective device to deliver medications quickly in emergency situations limiting threat of substitution.
- Competitive rivalry: The market is consolidated with few global players capturing majority share. Players differentiate through continuous innovations, extending product portfolio and vertical integration.
SWOT Analysis:-
- Strengths: Non-invasive delivery, fast acting nature, ease of use, long shelf-life and availability of generic versions.
- Weaknesses: Require coordination between actuation and inhalation, risk of improper technique affecting efficacy, issues related to stability of formulations at higher temperatures or humidity.
- Opportunities: Emerging economies with growing healthcare expenditure, advancement in connected devices improving usability and remote monitoring, growing incidence of respiratory conditions driving repeat prescriptions.
- Threats: Patent expires of blockbuster products, pricing pressure from generic versions, stringent regulations delaying new product approvals.
Key Takeaways:-
The global rescue inhaler market demand is expected to witness high growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing prevalence of respiratory diseases and growing aged population vulnerable to asthma and COPD attacks.
North America dominated the market with over 35% share in 2023 due to developed healthcare infrastructure and high healthcare spending in the US and Canada. Europe was the second largest market supported by rising healthcare budgets and awareness about inhalation therapies.
Asia Pacific is poised to be the fastest growing market during the forecast period with a CAGR of around 9.5% owing to large patient base, increasing healthcare access and favorable government policies to curb rising disease burden in countries like China and India.
Key players operating in the rescue inhaler market are GlaxoSmithKline, Teva Pharmaceuticals, AstraZeneca, Boehringer Ingelheim, Merck, Novartis, Pfizer, Sunovion Pharmaceuticals, Roche, 3M, Omron Healthcare, Philips, Drive DeVilbiss Healthcare, Invacare, CareFusion, Schiller, Chart Industries, Smiths Medical, and Allied Healthcare Products, Fisher & Paykel Healthcare.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
