Smart inhalers Market Overview
Smart Inhalers are respiratory inhalers equipped with a digital sensor that tracks the data, such as the dosage timing, and monitors the use of the inhaler while scheduling the next dosage as well. It is a new-age digital technology designed to empower patients, care contributors, researchers, and physicians related to respiratory diseases through objective and accurate medication monitoring and reminders. Alerts for the daily dosage are generated via Bluetooth.
According to Market Research Future (MRFR), the global smart inhaler market trends is expected to reach USD 4725.69 MN by 2025. In its recently published research analysis, MRFR also asserts that the market would register a whopping CAGR of over 45% throughout the forecast period (2019-2025). Smart inhalers have been successfully improving patient outcomes while reducing the significant financial costs associated with suboptimal medication adherence. This makes smart inhalers the next big thing in the respiratory care segment.
Increasing population becoming susceptible to indoor air pollutants worldwide and rise in the prevalence of asthma COPD are key factors driving the smart inhalers market. Moreover, improved adherence rate driven by increasing patient’s preference to use digitalized medical devices for monitoring daily medication doses fosters the growth of the market.
Smart inhalers Market Players
Players leading the global smart inhalers market include AstraZeneca (UK), Adherium (New Zealand), Cohero Health (US), Gecko Health Innovations, Inc (US), GlaxoSmithKline (UK), Propeller Health (US), and Inspiro Medical (Israel), among others.
among others are some key companies in the global Smart inhalers that are listed by MRFR for market research.
Smart inhalers Market Segmentation
The report is segmented into four key market dynamics to widen the scope of understanding,
- By Type : Dry Powder Inhaler, Metered-dose Inhaler and nitric oxide inhaler.
- By Application: Asthma and Chronic Obstructive Pulmonary Disease (COPD), among others.
- By End-user: Hospitals Clinics, Research Institute, and Respiratory Care Centers, among others.
- By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Also, increased collaboration deeds between pharmaceutical companies and smart inhaler manufacturers to promote technological advancements are contributing to market growth. Increased focus on advancement in treatment methods, technological advancements led by RD programs, online marketing strategies incorporated by key players in pharmaceutical and biotechnological industries are some of the major trends observed in the market.
On the other hand, high costs associated with the smart inhalers and COPD asthma treatments, limited availability of smart inhalers, and misinterpretation of information are some of the major factors obstructing the growth of the market. Key pharmaceutical companies are adopting digital technology for improved disease management for asthma and COPD and for improved effectivity of medicines. Wide range of benefits, including reducing financial costs associated with suboptimal medication adherence to enhanced efficacy of medicines, makes smart inhalers most preferred and popular in the respiratory care segment.
Smart inhalers Market Regional Analysis
North America leads the global smart inhalers market, accounting for the largest market share. Increased awareness about asthma and COPD treatment and the increased adoption of smart inhalers help the region to cut the largest revenue share, globally. Moreover, large asthma and COPD patient population in the region foster the regional market growth.
The smart inhalers market in the European region took the second-largest position holding 31.89% market share, in 2018. The presence of a number of noteworthy players such as Novartis, AstraZeneca, and Boehringer Ingelheim drive the regional market growth. Moreover, the high adoption of smart inhalers in hospitals and patients in European countries is expected to boost the growth in the regional market throughout the assessment period.
The Asia pacific smart inhalers market is emerging as a promising market, globally. Factors, such as the spreading awareness about the benefits that smart inhalers can provide in managing asthma and COPD, influence the market growth in the region. Besides, improvement in healthcare infrastructure with an increased budget for healthcare expenses would fuel the APAC smart inhalers market. The region is expected to grow rapidly throughout the forecast duration, with China being the major revenue contributor.
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