Technavio analysts forecast the global nebulizers market to post a CAGR of over 6 percent by 2020, according to their latest report.
The research study covers the present scenario and growth prospects of the global nebulizers market for 2016-2020. The report classifies the market based on product segmentation, which include nebulizer devices and nebulizer accessories. Nebulizer devices comprise of jet nebulizers, mesh nebulizers, and ultrasonic nebulizers, whereas nebulizer accessories comprise of mouthpieces or masks, nebulizer cups, filters, and tubing.
Technavio’s report highlights four major factors that are influencing the growth of the global nebulizers market. They are:
- Prevalence of respiratory disorders
- Use of home healthcare devices
- Reimbursements for nebulizers
- Advances in technology
Prevalence of Respiratory Disorders
Exposure to allergens, excessive smoking, temperature changes, environmental pollution, and respiratory infections are some of the leading factors causing respiratory disorders, such as chronic obstructive pulmonary disease (COPD), asthma, and cystic fibrosis. In 2011, CDC estimated that COPD was the third leading cause of death in the US. The European COPD Coalition reported that the mortality rate of COPD will increase from 270,000 in 2005 to 340,000 by 2030. According to WHO, about 235 million people worldwide had asthma in 2013, with its prevalence being high among children.
Lead analyst Brahadeesh Chandrasekaran, from Technavio’s general medical devices research team, says, “The rising number of people with respiratory disorders will likely surge the demand for smooth and efficient drug delivery devices such as nebulizers and inhalers. Nebulizers that are used to deliver medications have been effective in treating infants and adults with COPD and asthma.”
Use of Home Healthcare Devices
The population aged 60 and above is rising steadily. In 2013, the World Population Aging Report by the UN reported that the percentage of this age group will likely increase from 7 percent in 2010 to 14 percent in 2020. As aging is associated with the weakening of immune system, making an individual susceptible to diseases, the demand for home healthcare devices such as nebulizers, inhalers, and glucose monitoring devices is expected to surge. Though all age groups use nebulizers for drug delivery for the treatment of respiratory diseases, people aged 60 and above prefer them the most due to the devices feasibility in home care.
Since 2005, many people shifted from hospital care to home care-based treatment, which has helped them take an active role in managing their diseases. They can opt for devices that allow better diagnosis and treatment of diseases from the comfort of their homes. These devices are easily available and are comfortable and easy to use. “This shift led to the development of portable nebulizers. People use these devices for aerosol therapy at home, thus reducing the need for hospital stays,” adds Brahadeesh.
Reimbursements for Nebulizers
A favorable reimbursement scenario helps in the rapid sales and use of nebulizers. For instance, in the US, Medicare classifies nebulizers as a durable piece of medical equipment under the capped rental category. It pays the lease of a nebulizer for 13 consecutive months, after which the device can be rented or purchased. Consumers renting or purchasing the devices need to pay 20 percent of the approved Medicare amount. Over the years, Medicare has also increased its reimbursements for nebulizer-based drugs. These reimbursement schemes for nebulizers and associated drugs will lead more people with respiratory disorders to opt for nebulizers in the coming years.
Advances in Technology
Technological advances in the healthcare industry led to the development of innovative devices with improved mechanics that can be customized as per patient requirement. Vendors are investing extensively in the R&D of innovative nebulizers that are compact, portable, and user-friendly, and provide accurate results. MicroAIR U22 and CompAIRNE-C28P developed by Omron Healthcare are some of these innovative nebulizers. Technological innovations have also led to the development of ultrasonic nebulizers, which have better technology compared to the available jet nebulizers.
Lead image photo credit: Nic McPhee.
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Filed Under: Drug Discovery