How Will Booming Geriatric Population Augment Nebulizer Demand?

 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.  

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Why Does Nebulizer Market Majorly Cater to Geriatric Population?

Within less than a year of being detected in December 2019, the novel coronavirus (COVID-19) had infected more than 38 million and killed over a million people till mid-October 2020, and both these counts are rising with every passing day. This has crippled the global healthcare sector, with inventories of everything, from testing kits and syringes to beds and ventilators, depleting fast. Thus, governments are making an all-out effort to procure all the necessary stuff to make patients comfortable and treat them.

As per P&S Intelligence, due to the havoc being wreaked by the COVID-19 pandemic, the nebulizer market will witness steady growth, from $765.1 million in 2019 to $1,698.1 million by 2030, at a 7.4% CAGR between 2020 and 2030. Nebulizers are used to aerosolize medication, so that it can be delivered straight into the lungs, via the nose. There are three main types of nebulizers available: mesh, pneumatic, and ultrasonic, among which people are most likely to be treated with a pneumatic variant.

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The major reasons for the increasing incidence of chronic respiratory diseases are smoking, air pollution, and genetic factors. Highlighting the big issue that air pollution has become, the WHO says, “Air pollution kills an estimated seven million people worldwide every year.” With the increasing consumption of fossil fuels at power plants, houses, industries, and automobiles, a rising amount of GHGs is being released into the atmosphere, choking up people’s lungs, taking their lives.

In the years to come, the fastest growth in the nebulizer market is set to be witnessed in the Asia-Pacific (APAC) region. Regional cities are some of the most polluted on earth, with an air quality index (AQI) of more than 200 becoming an almost-everyday occurrence in Delhi. Furthermore, as per the WHO, more than 70% of COPD deaths take place in low- and middle-income countries, a lot of which are in APAC. To make matters worse, India, China, and Japan are home to a large population of smokers, which also increases the prevalence of respiratory diseases.

Therefore, with the increasing cases of COVID-19 and other lung diseases, the demand for nebulizers will pick up.

Read more: https://www.psmarketresearch.com/market-analysis/nebulizer-market-report

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