The global asthma inhaler device market is a very lucrative, attractive, and profitable market, both for existing players as well as new entrants. At the same time, intense rivalry among existing competitors has been observed. Our analysis revealed that market players have adopted different strategies to increase their business and position in the global asthma inhaler device market. In recent years, strategic movements made by major players were product launches, acquisitions, and strategic agreements, which have been used as market penetration strategies and to reduce competition. The major players in the global asthma inhaler device market are GlaxoSmithKline plc, Koninklijke Philips N.V., AstraZeneca, Cipla Inc., Boehringer Ingelheim International GmbH, Beximco Pharmaceuticals Ltd, Merck & Co., Inc., Teva Pharmaceutical Industries Ltd, CHIESI Farmaceutici SpA, and Medisol Lifescience Pvt. Ltd.
Companies are now entering into acquisitions, collaborations, product launches, product approvals, and expansions to neutralize growing competition from customers, competitors, and to tackle the changing market dynamics.
There are numerous players operating in this market all over the globe. Most of these players exist in the American and European regions. There are a lot of large and small market players available in the market which provide a wide range of products.
GlaxoSmithKline plc, AstraZeneca, Cipla Inc., and Teva Pharmaceuticals Industries Ltd are the major players in the global asthma inhaler device market, contributing a major share of the total global market.
Bargaining Power of Suppliers
The bargaining power of suppliers in this market is medium to high. Though there is a huge number of suppliers in the market, the suppliers providing quality and cost-effective products are limited. The switching cost of products varies from suppliers to suppliers. In developing regions such as Asia-Pacific, the suppliers are providing their products at low prices. High bargaining power of suppliers forces the manufacturers to reduce the prices and ultimately reduces the profit potential.
Bargaining Power of Buyers
The bargaining power of buyers is low to medium in the global asthma inhaler device market. The major buyers for the market are hospitals and clinics. There are large number of buyers in the market. The buyers of asthma inhaler devices across the globe are highly inclined towards brand identity to ensure the best quality treatment to the customers. Moreover, the buyers can exert low to moderate pressure on the asthma inhaler devices manufacturing companies as some of the companies sell their products at a very high cost due to the use of advanced technology. A limited number of companies are providing good quality of the products due to which the bargaining power of the buyers is low to medium.
Threat of New Entrants
The threat of new entrants is medium in the asthma inhaler device market. Any medical device or pharmaceutical manufacturing company trying to enter the market is required to abide by mandatory regulatory standards. The asthma inhaler device market is also characterized by a moderate degree of brand loyalty, where establishing a brand name is difficult for newcomers. Thus, the above factors affect the entry of new players moderately.
Threat of Substitutes
The threat of substitutes in the global asthma inhaler device market is moderate to high. The buyer’s inclination to substitute is moderate to high due to the high number of alternative products available in the market. There are various substitutes for asthma inhaler devices such as nebulizers and drugs, among others. Thus, these factors affect the threat of substitutes.
Intensity of Rivalry
The degree of competition in the asthma inhaler device market is high. The modest degree of product differentiation among existing players increases the intensity of rivalry in the market. Asthma inhaler device manufacturing companies are trying to develop less expensive products to make the treatment more affordable in developing regions. In addition, brand loyalty moderately affects the market as buyers are inclined towards established MNC companies. To overcome the competition, players are engaged in developing their processes to lower their manufacturing costs. Moreover, the players are also developing more technologically advanced devices for differentiating their products.
