Inhaled Nitric Oxide Market to Reach $1.18 Bn, Globally, by 2027 at 8.1% CAGR: Allied Market Research
Growing demand from the healthcare sector and rise in chronic diseases drive the growth of the global inhaled nitric oxide market
PORTLAND, Ore., March 23, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Inhaled Nitric Oxide Market by Application (Neonatal Respiratory Treatment, Chronic Obstructive Pulmonary Disease (COPD), Acute Respiratory Distress Syndrome (ARDS), and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027" According to the report, the global inhaled nitric oxide industry generated $634.4 million in 2019, is projected to reach $1.18 billion in 2027, witnessing a CAGR of 8.1% from 2020 to 2027.
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Drivers, restraints, and opportunities
Growing demand from the healthcare sector and rise in chronic diseases drive the growth of the global inhaled nitric oxide market. However, high cost of treatment and stringent application norms hinder the market growth. On the other hand, ongoing R&D activities that are leading to new application areas in the healthcare industry create new opportunities in the coming years.
Covid-19 Scenario
- Owing to the antiviral property and improved oxygenation found in the inhaled nitric oxide, nitric oxide is being tested as an experimental treatment for COVID-19. In addition, several undergoing randomized clinical trials have been conducted to investigate the role of inhaled nitric oxide in COVID-19.
- It has also been helpful in protecting healthcare workers on the front line of the pandemic from getting sick.
The neonatal respiratory treatment segment to maintain its dominance in terms of revenue during the forecast period
Based on application, the neonatal respiratory treatment segment contributed to the highest share in terms of revenue in 2019, accounting for more than four-fifths of the global inhaled nitric oxide market, and is projected to maintain its dominance in terms of revenue during the forecast period. In addition, this segment is projected to portray the highest CAGR of 8.4% from 2020 to 2027. This is attributed to the increase in the prevalence of diseases in the newborn such as persistent pulmonary hypertension, and neonatal hypoxic respiratory failure (HRF).
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North America to maintain its leadership status by 2027
Based on region, North America held the largest market share in 2019, contributing to more than four-fifths of the global inhaled nitric oxide market, and will maintain its leadership status by 2027. Furthermore, the region grow at the highest CAGR of 8.3% during the forecast period. This is attributed to a large consumer base and increasing investment in R&D by the market players in the region.
Leading market players
- Air Liquide S.A
- Bellerophon Therapeutics, Inc.
- BOC Healthcare
- Beyond Air, Inc
- Halma Plc
- Linde Plc
- Mallinckrodt plc
- Novoteris, LLC
- VERO Biotech LLC
- Nu-Med Plus.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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