Innovative COPD & Asthma Devices pose a Stimulating Market Ladscape
Author: Swapna Supekar | December 20, 2016
The development of innovative and efficient COPD and asthma devices has ensured an interesting market landscape for the key market players engaged in it.
The incidences of chronic obstructive pulmonary diseases (COPD) and asthma are on the rise. The occurrence of these progressive lung disorders is augmented by the deteriorating quality of air and the rise in air pollution levels. The ever-increasing population of millennials is vulnerable to indoor air pollutants as well and this has contributed to the rise in the number of COPD cases. The COPD and asthma devices market is scaling new heights as it is fast expanding to cater to the needs of a diseased populace.
A large number of active smokers also constitute a major portion of this market’s consumers. Several factors drive the growth of the industry for such inhalers and devices. These include various government initiatives to popularize the type of inhalers and nebulizers used for the treatment of lung diseases. The enhanced awareness about the portability of drug delivery devices has also pushed the market ahead.
The COPD and asthma devices market is set to reach a value of $41,355.2 million by 2022, according to experts at Allied Market Research. Researchers believe in the market potential triggered by the rising popularity of portable devices across various regional markets. The patent expiry of popular drugs poses a promising opportunity for industry players to market their COPD devices with generic drugs and inhalers for the asthmatic population.
Innovative products aiming for quick approval for use in inhalers
The various manufacturers engaged in the COPD and asthma devices industry are leaving no stone unturned for tapping the potential behind R&D projects. The companies are investing heavily in cutting-edge research that would yield great opportunities for treatment of COPD and asthmatic disorders. Innovative products and mechanisms are doing the rounds and earning approval from a wide number of users. Even regulatory bodies are encouraging the entry of novel products in the market.
One such instance is the recent regulatory submission filed by GlaxoSmithKline (GSK) for its new inhaled lung therapy. The submission was filed with the FDA for approval and is intended to give GSK the lead the market with a unique ‘triple therapy’. The triple therapy mechanism is aimed at treating patients with COPD by facilitating three different modes of action in an inhaler. It helps open air passages. The product, developed in collaboration with Innoviva Inc., combines fluticasone, umeclidinium, and vilanterol drugs.
The triple therapy performs better than most dual therapies and is highly efficient in treating COPD in patients. The GlaxoSmitheKline product is expected to obtain FDA approval and hit the market by 2017. With such advancements, the market is geared up for interesting dynamics in terms of product development.
Industry giants eye emerging economies’ market
The presence of the COPD and asthma devices market in various regions of the world poses a very dynamic industry landscape. A large number of medical companies leading the industry are strengthening their foothold in different economies and capturing a large consumer-base. Many of them are also collaborating their resources and introducing new products in the market. This helps them in gaining more customers and expands the scope of their operations in the country. The key focus of product manufacturers today is to penetrate the markets of emerging economies, especially in the Asia-Pacific region. This is mainly because developing nations are investing significantly in healthcare and this can be an encouragement for the production of asthma devices.
For example, drug giants Lupin and Novartis Healthcare Pvt Ltd. joined hands through a co-marketing agreement for the promotion of Novartis’s indacaterol/glycopyrronium inhaler for the treatment of COPD. The product, named as Loftair, will also be sold by Novartis under the name Sequadra. The agreement aims at strengthening the position of Lupin within the Indian market segment. Loftair is fixed combination dosage of indacaterol maleate, long-acting beta2-adrenergic agonist, and glycopyrronium bromide, and anticholinergic intended for treating COPD.
The combination of these drugs is approved for use in treating COPD in nearly 82 countries including Europe, Japan, Canada, Australia, and the U.S. With such a tie-up, both the companies aim to strengthen their foothold in the Asian markets and bring their competitive market strategies to play in the regional industry.
The global COPD and asthma devices market is geared up for an exponential growth in the immediate future. The different types of inhalers and nebulizers marketed by medical companies have significantly helped in the treatment of asthmatic diseases and lung disorders. In particular, the Soft Mist Inhalers (SMIs) that deliver a metered dosage of medication in the form a mist are expected to lead the market in the immediate future. The various companies including GlaxosmithKline PLC, Merck & Company, Novartis AG, AstraZeneca Plc., Baxter International, and Smith Medicals, Inc. are ensuring they stay top of their game and earn greater revenues by selling innovative products. Overall, the entire industry is set to scale new heights in the future.
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