The World Health Organization (WHO) estimates that approximately 262 million new asthma cases were recorded in 2019, and it accounted for 461,000 deaths in 2019. The organization also states that chronic obstructive pulmonary disease (COPD) caused approximately 3.23 million deaths in 2019, and it is the third leading cause of fatalities in the world. People suffering from COPD and asthma use nebulizers to get relief in uneasy situations. Thus, the rising incidence of such respiratory diseases will create an enormous requirement for nebulizers globally.
Nebulizer Market Size and Demand Forecast Report
Additionally, the growing geriatric population and soaring healthcare spending will propel the nebulizer market at a 7.4% CAGR during 2020–2030. According to P&S Intelligence, the market revenue stood at $765.1 million in 2019, and it will reach $1,698.1 million by 2030. The United Nations Department of Economic and Social Affairs (UNDESA) predicts that the number of people aged 65 years or over will increase from 727 million in 2020 to over 1.5 billion by 2050.
Currently, nebulizer producers, such as Aerogen Ltd., Agilent Technologies Inc., Allied Healthcare Products Inc., Beurer GmbH, Briggs Healthcare, Becton, Dickinson and Company, General Electric Company, GF Health Products Inc., Koninklijke Philips N.V., Medline Industries Inc., OMRON Corporation, PARI GmbH, and Rossmax Swiss GmbH, are engaging in product launches and organizing public awareness programs to improve their brand image and expand their portfolio. For instance, in June 2020, Respira Technologies Inc. introduced the RespiRx drug delivery platform, an ultra-portable handheld vibrating mesh nebulizer, for systemic and local treatment.
Geographically, the North American region led the nebulizer market in the preceding years, owing to the extensive healthcare spending, high burden of respiratory disorders, and numerous product launches. For example, the Canadian Institute for Health Information states that the healthcare expenditure in Canada increases by around 4% per year. Further, Statistics Canada reveals that chronic lower respiratory diseases caused 12,823 deaths in the country in 2019. Likewise, the Centers for Disease Control and Prevention (CDC) estimates that chronic lower respiratory diseases, including asthma, were responsible for 156,979 fatalities in the U.S. in 2019.
Therefore, the increasing incidence of respiratory disorders and soaring aging population will accelerate the adoption of nebulizers in the forthcoming years.
