Global Asthma and COPD Devices Market Size

Asthma and COPD Devices Market Analysis

The asthma and COPD devices market is projected to register a CAGR of 5.2% during the forecast period (2022-2027).

The impact of acute COVID-19 on people with asthma appears complex, being moderated by multiple interacting disease-specific, demographic, and environmental factors. As per the survey conducted in October 2020 on "Impact of COVID-19 on people with asthma: a mixed-methods analysis from a United Kingdom-wide survey", the COVID-19 group reported increased inhaler use and worse asthma management compared with those not reporting COVID-19. Besides, as per the article published in November 2021 on "Influence of the first wave of COVID-19 on asthma inhaler prescriptions", at the beginning of the COVID-19 pandemic, there were major concerns regarding the huge demand for asthma inhalers. Using the primary-care medical records for 614,700 asthma patients between January and June 2020, it was found that there was a substantial increase in inhalers solely in March 2020.

Furthermore, another article published in July 2020 on "Inhalers Safe During COVID-19 Pandemic" stated that patients with asthma and chronic obstructive pulmonary disease are typically prescribed inhaled and oral corticosteroids with inhalers to prevent attacks. The demand for inhalers had soared 400% during the pandemic, which led to shortages in the United Kingdom. The Department of Health and Social Care stated that steroid inhaler manufacturers were experiencing significant demand as people in the United Kingdom tried to stock up considering the COVID-19 pandemic, causing distressing shortages. Hence, such incidents bolstered the demand for asthma and COPD devices during the pandemic phase.

The primary factors that are driving the market growth include an increase in the burden of asthma and COPD, technological advancements, and the growing geriatric population. The substantial increase in prevalence and incidence of asthma has led to an increase in the patient population, which has, in turn, increased the demand for these devices. According to the World Health Organization (WHO) 2021 factsheet, asthma is a major non-communicable disease (NCD), affecting both children and adults. Globally, it affected an estimated 262 million people in 2019 and caused 461,000 deaths. Also, as per the European Respiratory Society's (ERS) research study titled "An estimate of the European prevalence of COPD in 2050", published in 2020, ERS estimated that there were 36,580,965 Europeans with COPD, and the number is projected to reach 49,453,852 people by the year 2050.

Likewise, the increasing geriatric population around the world is expected to boost the market's growth. As per the National Institute of Health, in 2021, the United States population aged 65 years and above is projected to nearly double over the next three decades, from 48 million in 2015 to 88 million by 2050. The global population aged 80 years and above is expected to more than triple between 2015 and 2050, from 126.5 million to 446.6 million, respectively. This population group in some Asian and Latin American countries is predicted to quadruple by 2050. Therefore, owing to the fact that asthma is a broadly prevalent disease found in people over age 65 and that asthma in older adults can cause serious health issues if not treated accurately, the rising geriatric population is expected to propel the market's growth during the forecast period.

Thus, due to the aforementioned factors, the market is anticipated to witness substantial growth over the coming years. However, inadequate reimbursement policies and stringent regulatory approvals for products are expected to hamper market growth.