Smart Inhaler Market worth over $260mn by 2025
Published Date: September 16, 2019 Authors: Sumant Ugalmugle
Smart Inhaler Market size is set to surpass USD 260 million by 2025, according to a new research report by Global Market Insights.
Presently, connected devices for COPD and asthma, particularly smart inhalers, which accurately track, and monitor medication use are widely available in the North America region. The smart inhalers accurately collect the clinical data. The general respiratory inhalers lack the efficiency to adequately treat COPD and asthma. Physicians often lack the information and tools to understand the patient's state of health. This scenario recommends the importance of smart inhalers in the respiratory disease management industry to provide new ways of delivering patient self-management. The connected inhalers provide an advantage from the miniaturization of sensors to evaluate the volume of medication inhaled.
The treatment cost related to respiratory illnesses is regarded as a major issue for patients, payers, and prescribers. Currently, prominent respiratory pharmaceutical and digital health companies are forming strategic partnerships and collaborating to develop new products and pave way for the revolution in digital healthcare industry. Various smart inhalers are introduced to promote adherence by monitoring medication use based on respiratory diseases. Also, it is observed that there is a substantial opportunity for smart inhalers to reduce treatment costs and improve outcomes. The increasing medical adherence could significantly reduce the overall costs related to respiratory disease treatment and upsurge the adoption of smart inhalers. Furthermore, the healthcare professionals, particularly in the developed economies are inclined towards the acceptance of smart inhalers for the delivery of drugs directly to the respiratory tract of patients to increase the efficacy of drug delivery and maintain track record.
However, significant security risks and privacy issues are expected to hamper the market growth. The patient data collection and potential sharing of the information are of concern. The patient medical information could be later used inappropriately, that might lower the adoption and hampers the market expansion.
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The Dry Power Inhaler (DPI)- based smart inhalers segment accounted for around USD 82 million in 2018. DPI is a respiratory inhaler that delivers the medication to the lungs in the form of a dry powder. DPI-based smart inhalers are an alternative to MDI- based smart inhalers. DPI- based smart inhalers are designed to overcome the drawbacks of current DPI inhalers by providing patient real-time feedback. The device combines dry powder fluidization mechanism with and data logger and unique real-time feedback control indicating proper inhalation technique.
Browse key industry insights spread across 190 pages with 169 market data tables & 8 figures & charts from the report, “Smart Inhaler Market Size By Product (Dry Powder Inhaler (DPI)- based smart inhalers, Metered Dose Inhaler (MDI)- based smart inhalers), By Disease Indication (Chronic Obstructive Pulmonary Disease (COPD), Asthma), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, e-commerce), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Chronic Obstructive Pulmonary Disease (COPD) segment dominated more than 57% of the market share in 2018. COPD is caused by several environmental factors or is genetically acquired that generally requires constant care management. According to the WHO, around 3 million deaths were caused due to chronic obstructive pulmonary disease in 2015. COPD is a life-threatening disease that accounts for about 5% of the yearly global deaths. Thus, the increasing prevalence of COPD will impel the segment revenue during the forecast period.
The retail pharmacies segment is estimated to register growth of more than 11.7% through 2025. The smart inhalers developed by various companies are not directly accessible to the patients. Companies are majorly focusing on getting FDA approval for over the counter sales of smart inhalers for respiratory disease management.
North America smart inhaler market size was over USD 44 million in 2018 on account of the continuous technological developments in respiratory disease management industry. Additionally, the growing per capita income is driving individuals to spend more on health care management. Owing to the presence of established manufacturers, most of the smart inhalers are initially introduced in the U.S. market followed by other countries.
Notable companies functioning in the market include AstraZeneca plc, GlaxoSmithKline, Aptar Pharma, Novartis, Boehringer Ingelheim, Teva Pharmaceuticals, H&T Presspart Manufacturing Ltd., Findair Sp. z o. o., Vectura Group, and Zeolr Technologies Pvt Ltd. Established manufacturers are focusing on collaborating with digital and software companies to serve the targeted population. In addition, such collaborations also help players to launch their products more conveniently in the market.