Source : Market.US MicroBase Technology Corp compilation
Nebulizer Market Share to Reach USD 2.1 Bn, Globally by 2032 CAGR of 6.1%
According to Market.us, The global nebulizer market is estimated to be valued at USD 2.1 billion by 2032 from USD 1.2 billion in 2022 and is expected to exhibit a CAGR of 6.1% during the forecast period 2023 to 2032. Nebulizers are the preferred devices used in treating respiratory disorders in individuals by administering the medicine into a fine mist directly into the lungs. They are mostly prescribed to patients with respiratory diseases who are unable to breathe deeply with the help of inhalers.
In emerging economies, the more rapidly increasing prevalence of chronic diseases resulting in a significant frequency of individuals suffering from respiratory disorders and government initiatives to promote early diagnosis and treatment is further increasing the number of patients undergoing the treatment and, thus, increasing the demand for the products.
The COPD segment dominated the market for nebulizers and the Asthma segment is accounted to witness significant growth with the fastest CAGR during the forecast period.
The hospitals held the largest revenue share of the total market by end-user also North America dominated the market with the highest revenue share of 40% in 2022.
Asia-Pacific will grow at the fastest CAGR over the forecast period of 2023-2032 because of the high geriatric population and government initiatives promoting technological developments. Additionally, this region's favorable taxation policies and low-cost manufacturing sites are attracting foreign key players to this market. Moreover, increased patient awareness in this region has increased the demand for these devices.
Factors Affecting the Growth of the Nebulizer Market
- Increasing incidence of chronic disorders: The sedentary lifestyle of individuals and the growing aged population led to an increase in respiratory disorders such as COPD and asthma, increasing the demand.
- Increasing incidence of chronic disorders: The sedentary lifestyle of individuals and the growing aged population led to an increase in respiratory disorders such as COPD and asthma, increasing the demand.
- Rising Pollution: Rising pollution is one of the most common respiratory diseases, and hence it is subjected to boost the market growth.
- Higher Adoption of Nebulizer: The nebulizer is being increasingly adopted by individuals with respiratory disorders owing to its ease of use and can be used at home. Therefore, the market is predicted to expand significantly over the forecast period.
By the usage of nebulizer turns the liquid medicine into a fine mist. The mesh nebulizer segment is expected to witness noteworthy market growth during the forecast period owing to the minimized drug loss and compact-size technologically advanced devices. In addition, the demand for mesh nebulizers is likely to be augmented because of significant factors such as increased patient acceptance, portability, and convenience.
