PUBLISHER: Market Research Future | PRODUCT CODE: 1607752
PUBLISHER: Market Research Future | PRODUCT CODE: 1607752
Global Medical Propellants Market Research Report Information by Type (HFA 134A, HFA 227EA, HFA152A), By Application (Press Metered Dose Inhalers, Breath Actuated Metered Dose Inhalers), By End User (Medical Device Companies, Contract Manufacturing Organization (CMO), and Research Laboratories) And by Region (North America, Europe, Asia-Pacific, And Rest Of The World) Forecast Till 2032
In 2023, the Medical Propellants Market was estimated to be worth USD 0.27 billion. The industry is anticipated to experience a compound annual growth rate (CAGR) of 10.16% from USD 0.30 billion in 2024 to USD 0.72 billion by 2032 during the forecast period (2024-2032). The global metered-dose inhaler market is experiencing growth due to the increasing prevalence of respiratory conditions, including chronic obstructive pulmonary disease and asthma, as well as technological innovation in inhalation devices.
There is a significant likelihood that the medical propellants market will be significantly affected by the rising prevalence of respiratory disorders, including chronic obstructive pulmonary disease (COPD) and asthma. This effect is primarily the result of an increase in the demand for inhalation-based remedies and devices that utilize propellants. The demand for inhalers, which are essential devices for delivering medication to the lungs, is on the rise as respiratory maladies become more prevalent. These inhalers employ propellants to ensure that the medication is delivered effectively.
Market segment insights
The Medical Propellants Market has been segmented into HFA 134A, HFA 227EA, and HFA-152A based on type.
The Market has been segmented into manual metered dose inhalers and breath metered dose inhalers based on application.
According to the end user, the market has been divided into three categories: medical device companies, contract manufacturing organizations (CMOs), and research laboratories.
Regional Perspectives
In 2023, the market share that North America possessed was the most significant. Nevertheless, Europe is anticipated to experience the most significant compound annual growth rate (CAGR) during the 2024-2032 forecast period.
Robust growth is the hallmark of the Medical Propellants market in North America, which is driven by a supportive regulatory environment, technological advancements, and increased healthcare requirements. Additionally, the market is driven by the development of state-of-the-art Medical Propellants, which is made possible by a substantial investment in research and development and a sophisticated healthcare infrastructure.
Europe, which is further divided into Germany, France, the United Kingdom, Italy, Spain, and the Rest of Europe, follows the Americas region. The Medical Propellants market in Europe is characterized by the ongoing development of propellant formulations. The pharmaceutical sector in Europe is mature, which guarantees a strong distribution channel, collaborations, and adherence to stringent European regulations. This ensures that the products meet high safety and efficacy standards, which instills confidence in consumers. The demand for sophisticated, high-quality inhalers is further exacerbated by the aging population, which is driving the rise in the prevalence of respiratory diseases.
Over the forecast period, the Asia-Pacific region is anticipated to experience robust development, which is driven by a variety of key factors. It is also projected to be the fastest-growing region. The demand for sophisticated inhalers that utilize medical propellants is being driven by the rapid expansion of healthcare infrastructure and the increasing investments in healthcare infrastructure in countries such as China, India, and Japan.
Koura (US), SRF (India), DAIKIN (Japan), Linde PLC (UK), Xiamen Juda Chemical & Equipment Co., Ltd. (China), Jiangsu July Chemical Co., Ltd. (China), Beijing Yuji Technology Development Co., Ltd. (China), Zhejiang Jushen New Material Technology Co., Ltd. (China), Zhejiang fotech international co., ltd. (China), and Changshu 3F Fluorochemical Industry Co., Ltd. (China) are among the key companies in the Medical Propellants Market.
A propellant is a substance used to propel a medication from an aerosol canister or inhaler. These propellants are typically gases that help deliver medication in a fine mist or spray to ensure it can be effectively inhaled or applied.