Rescue Inhalers are Estimated to Witness High Growth Owing to Rising Prevalence of Respiratory Diseases
Rescue inhalers, also known as reliever inhalers or bronchodilator inhalers are portable medication delivery devices used to treat asthma and COPD symptoms like coughing, wheezing and shortness of breath. These pocket-sized devices provide quick relief from breathing difficulties by releasing bronchoconstriction medication directly into the lungs. The global Rescue Inhaler market is mainly driven by the rising cases of respiratory disorders and allergies around the world. According to WHO, 235 million people currently suffer from asthma alone.
The global Rescue Inhaler Market is estimated to be valued at US$ 15.5 Bn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Rising Prevalence of Respiratory Diseases
The rescue inhaler market is expected to witness lucrative growth owing to the increasing prevalence of respiratory diseases like asthma and COPD. According to recent statistics, more than 30 million Americans currently suffer from asthma and over 13 million have chronic obstructive pulmonary disease (COPD). The growing air pollution levels and changing environmental conditions have further aggravated respiratory problems globally. As rescue inhalers provide immediate symptom relief, their demand is rising in tandem with the burgeoning disease caseload.
Porter’s Analysis
Threat of new entrants: Low capital requirements and accessibility of new entnhance rivals. However, established companies have strong brands and distribution networks which create significant barrier.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and less differentiation between products. However, brand loyalty offsets bargaining power.
Bargaining power of suppliers: Few global players control raw material supply. However, suppliers have low bargaining as material requirements are low cost.
Threat of new substitutes: Threat is moderate as alternatives like nebulizers are used but inhalers are preferred due to convenience.
Competitive rivalry: Intense competition between GSK, Chiesi and others. Companies compete on pricing and innovation.
SWOT Analysis
Strengths: Strong brand portfolio, global distribution and R&D capabilities. Weaknesses: Product recalls and patent expiries increase competition.
Opportunities: High growth in emerging markets. Untapped rural markets in developing nations.
Threats: Stringent regulations on marketing practices. Shift to generic drugs on patent expiries.
Key Takeaways
The global rescue inhaler market is expected to witness high growth during 2023-2030 supported by rising cases of asthma. The market size is projected to reach US$ 15.5 Bn by 2024 growing at a CAGR of 8.8% over the forecast period.
Regional analysis: North America dominates currently due to high disease prevalence and healthcare spending. However, Asia Pacific is emerging as the fastest growing region supported by rising pollution levels, changing lifestyle and improving access to healthcare in India and China.
Key players operating in the rescue inhaler market are GSK, Chiesi and others. GSK holds the leading position with patents on salbutamol that provide exclusivity till 2026. Other major players compete through generic versions and innovation in drug delivery mechanisms.
The market is expected to grow aggressively over the next decade as companies invest in developing new formulations and targeting untapped rural regions through affordable products. Enhanced access to inclusive insurance policies will further aid market growth. However, pricing pressure from generics and regulations capping drug costs may hamper revenue streams.
