Aerosol Therapy Market: Current Analysis and Forecast (2021-2027)

Report Description

Aerosol Therapy Market is expected to exceed the market valuation of more than US$ XX billion in 2027 and is expected to grow at a significant CAGR of XX% during the forecast period (2021-2027). Aerosol therapy is the technique used to administer medication directly into the lungs and its airways. It is usually a suspension of liquids of solids administered using a medical device such as an inhaler. The Medical device converts the medication into fine aerosol particles that can be inhaled or directly propelled into the airway and lungs. The most used inhalation medications are bronchodilators and corticosteroids. The main respiratory disorders that are currently cured using aerosol therapy include: Asthma, COPD, Bronchiectasis, cystic fibrosis, pulmonary arterial hypertension, and infectious pulmonary diseases. The novel macromolecular medications are taking aerosol therapy a step further and the therapy is being tested for non-respiratory diseases like diabetes, analgesia, and thyroid as well.

Key factors influencing the aerosol therapy market growth include increasing urbanization and deforestation which is increasing respiratory diseases around the world. For example, 3.8 million people in Canada had asthma and 2.0 million had chronic obstructive pulmonary disease (COPD) in 2018. Respiratory diseases also lead to lost productivity and healthcare costs. The increasing burden of these diseases need a fast intervention by increasing better treatment. The increasing aerosol therapy market will be able to make this possible. Apart from respiratory disorders, aerosol therapy is expanding to include gene therapy, vaccinations  etc. Growing technological advancements is also influencing the growth in the aerosol therapy market.

Cost of Nebulizers in the United States (US$), 2017

Merck, Boehringer Ingelheim, GlaxoSmithKline, AstraZeneca, Novartis, Teva Pharmaceuticals, Opko Health, Omron Healthcare, Medtronic, GE Healthcare are some of the prominent players operating in the Aerosol Therapy market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Product, Nebulizers segment holds the major share”

Based on product, the aerosol therapy market can be segmented into dry powder inhalers, metered dose inhalers and nebulizers. These segments can then further be sub segmented into single dose inhalers and multi dose inhalers of dry powder inhalers; conventional pressurized inhalers and soft mist inhalers of metered dose inhalers; and jet nebulizers, ultrasonic wave nebulizers, and vibrating mesh nebulizers of nebulizers. The nebulizers segment had the highest CAGR in the forecasted period on account of its ability of use in all age groups. In the past few years various types of nebulizers have been introduced.

“Amongst Application, Asthma segment holds the major share”

Based on application, the aerosol therapy market is segmented into asthma, chronic obstructive pulmonary disease, cystic fibrosis, and non-respiratory diseases, which include diabetes, analgesia and parkinson’s disease. Asthma and COPD are the most treated disorders with aerosol therapy. The asthma segment had the highest CAGR value in the application segment. Asthma is highly prevalent around the world and effect 262 million people in 2019. Asthma is a long-term condition where the air passages in the lungs are partially blocked due to inflammation and muscle tightening. Symptoms of asthma include wheeze, cough, shortness of breadth and tightness in chest.

“Amongst End-User, Transmission & Distribution segment holds the major share”

Based on end-user, the aerosol therapy market is segmented into hospitals, clinics, ambulatory surgical centers, and individuals. The most common end-users are hospitals and individuals. Every year there are approximately 800,000 hospitalizations for Chronic obstructive pulmonary disease (COPD) in the United States which is the third leading cause of death in the country. Additionally, 500,000 hospitalizations for asthma occur yearly and effects about 24 million Americans. Treatments for both COPD and asthma have similar protocols which have been well established over the years.

“North America represents one of the largest markets of Aerosol Therapy market”

For a better understanding of the market dynamics of the Aerosol Therapy market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. North America dominated the market and grabbed around XX% market share owing to technological advancements.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Aerosol Therapy market were the three major steps undertaken to create and analyze the adoption of Aerosol Therapy in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Aerosol Therapy market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Aerosol Therapy through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Aerosol Therapy market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of Aerosol Therapy in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Aerosol Therapy. Further, we conducted factor analysis using dependent and independent variables such as increasing urbanization and thus, respiratory diseases. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Aerosol Therapy sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Aerosol Therapy market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Aerosol Therapy across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Aerosol Therapy market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Aerosol Therapy market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their sub-type of the Aerosol Therapy market.

The main objective of the Aerosol Therapy Market Study

The current & future market trends of Aerosol Therapy were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Aerosol Therapy in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type and their subtypes
• Define and analysis of the regulatory framework for the Aerosol Therapy industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Aerosol Therapy market for the major region
• Major regions studied in the report include North America (the U.S, Canada and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Others), and the Rest of the World
• Company profiles of the Aerosol Therapy market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry