The nebulizer market is expected to grow with an CAGR of 6.45% during the forecast period. There are certain factors that are driving the market growth, including rising incidences of chronic respiratory diseases, increasing demand for home healthcare devices, and rising geriatric population base.
Nebulizers are respiratory drug delivery devices that transform liquid medications into aerosols (liquid particles in a gas). The drug is converted into a mist that can be directly delivered to the patient's lungs. The rising incidences of chronic respiratory diseases and rapid technological advances are among the key factors driving the usage of nebulizers.
The adoption is also increasing, due to the demand for new technologies with higher quality, smaller size, lighter weight, and ease of accessibility, by the patients. Thus, the increasing demand for home healthcare devices is driving the growth of the market studied.
Key Market Trends
Mesh Nebulizer Segment is Expected to Hold the Largest Market Share
The mesh nebulizer segment of the global nebulizer market is expected to witness a high CAGR of 7.60% over the forecast period.
Mesh nebulizers have become the first choice for new nebulized pharmaceutical drug developments. Thus it was estimated that mesh nebulizers will be increasingly adopted in the coming future. This is due to the portability, convenience, and speed of treatment, owing to their low residual volumes and accurate lung delivery. Thus, technological advancements in mesh nebulizers, with the development of an innovative solution, are likely to further drive the growth of the market in the future.
There has also been a rising adoption of portable nebulizers by patients, which is contributing toward the market growth. Portable nebulizers are expected to witness robust growth, owing to the ease and convenience of use, technological advancement in devices, and launch of several new products in recent years.
North America Dominates the Market and is Expected to do so over the Forecast Period
The North American nebulizer market is growing, due to the continuous innovations in technology. As the population in the region follows a fast-moving lifestyle, patients are looking for more portable nebulizer devices that can be transferred easily in time of need for patients suffering from asthma and other airway diseases.
In addition, healthcare cost containment issues, post economic crisis in the United States, have required the government to introduce new strategies to reduce patient stays in hospitals. This provided impetus to homecare services, which in turn, created a favorable environment for the growth of the nebulizer market.
The nebulizer market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, various strategies, such as mergers and acquisitions, product approvals, and agreements, are being adopted by these key market players to increase the outreach of their products and strengthen their product portfolios. Some of the market players are Agilent Technologies, Becton, Dickinson and Company, and GF Health Products Inc.
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