Smart Inhalers Market size to surpass USD 2 billion by 2028, according to a new research report by Global Market Insights Inc.
The market is majorly driven by innovations and technological developments. Hence, digital partnerships among pharmaceutical companies and software manufacturers play an important role in overall market growth potential. The industry continuously undertakes strategic initiatives for the development of innovative drug delivery systems and pave way for the revolution in the digital healthcare industry to combat the high disease burden thereby contributing to the market value.
The COVID-19 virus outbreak has positively influenced the smart inhalers market revenue. The sudden upsurge in the number of patients with numerous respiratory diseases during the pandemic has surged the need for effective treatment for respiratory disorders thereby, accelerating the market demand. Growing awareness regarding the availability of high-tech devices for self-disease management has further boosted the market adoption rate in developed nations.
Advanced product availability with enhanced medical adherence will fuel the market forecasts
Introduction of several smart inhalers to monitor medication use as well as promote adherence in respiratory disease management. Smart inhalers offer better results and enhanced efficacy will foster the business landscape. Additionally, rising medical adherence can significantly reduce the overall costs associated with respiratory disease treatment thus, increase in adoption of smart inhalers.
Moreover, skilled professionals are inclined toward the usage of smart inhalers for effective drug delivery to its patients to track and monitor patient health records among developed and developing countries will spur the smart inhalers market outlook. Furthermore, growing awareness regarding respiratory diseases and associated advanced treatments among the patient population will augment the business statistics.
Continuous technological advancements offering multiple benefits will drive the industry landscape
DPI-based smart inhalers segment is predicted to witness 7% CAGR during the analysis period. DPI-based smart inhalers are utilized to deliver precise dry powder drugs medication to the lungs. The smart inhalers combine dry powder fluidization mechanism with unique real-time feedback and a data logger for indication of proper inhalation technique. Moreover, several digital and pharmaceutical companies are focusing on advanced devices development and integration of add-on sensors combined with dry powder inhalation drugs will spur the market progression.
For instance, Teva pharmaceuticals have launched the ProAir Digihaler, a digital dry powder inhaler with built-in sensors. These smart inhalers device connects with the mobile application and provides patients with medication usage information among COPD and asthma patients. Thus, enhanced product availability and continuous introductions of technologically advanced products offering better efficacy and medication adherence will drive the segment expansion.
Browse key industry insights spread across 192 pages with 162 market data tables & 14 figures & charts from the report, “Smart Inhalers Market Analysis By Product (Dry Powder Inhaler (DPI)-based Smart Inhalers, Metered Dose Inhaler (MDI)-based Smart Inhalers), By Disease Indication (Asthma, Chronic Obstructive Pulmonary Disease (COPD)), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, E-Commerce), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
High disease burden of asthma patients worldwide will augment the market revenue
Smart inhalers market from asthma segment held over 42% revenue share in 2021 and is projected to witness considerable CAGR over the analysis timeline. This is primarily attributable to the growing disease prevalence rate across the globe. Additionally, asthma is considered one of the most prevalent non-communicable chronic inflammatory airway diseases. Thus, an increase in asthma patients among the general population will enhance the industry demand.
Expanding network of retail pharmacies and high product availability in the facilities will accelerate the overall market forecasts
Retail pharmacies segment exceeded USD 450 million in 2021. Expanding the network of retail pharmacies in underdeveloped and developing countries will foster the business landscape. Enhanced product availability and accessibility of smart inhalers in the settings with greater customer satisfaction will propel the smart inhalers market expansion.
Furthermore, several market players are majorly focusing on getting regulatory approval for over-the-counter sales of smart inhalers for respiratory disease management. Additionally, growing awareness regarding several chronic respiratory diseases and related treatments as well as rising trend of self-medication management among developing countries will accelerate market statistics.
Growing prevalence rate of respiratory diseases will impel the European market share
Europe smart inhalers market held more than 30% busniess share in 2021. Increasing respiratory disease burden among the population will accelerate the regional demand for smart inhalers. High adoption of novel technologies for effective disease management will fuel the regional business outlook . Also, rising awareness regarding asthma and COPD diseases and associated advanced treatment alternatives will stimulate the regional market value.
Moreover, rising healthcare expenditure, favorable regulatory environment, and reimbursement scenarios in several European countries will augment the regional market progression. Further, the availability of sophisticated healthcare infrastructure will boost treatment accessibility in the region. Moreover, numerous key industry players are proactively involved in advanced product development and the launch will bolster the regional market revenue size.
Continuous product approvals and launches by prominent market players will fortify industry growth potential
Prominent industry players involved in the smart inhalers market include Adherium, Propeller Health, Nemera, GlaxoSmithKline Plc., Novartis AG, Aptar Group Inc., AstraZeneca Plc, Findair Sp. Z.o.o., BioCorp, Zeolr Technologies Pvt Ltd., Vectura Group Plc., Teva Pharmaceutical Industries Ltd, and Boehringer Ingelheim International GmbH. These market participants are continuously undertaking various growth strategies such as collaboration, partnership, acquisition, merger and product launches to gain significant revenue share.
For instance, in September 2020, Teva Respiratory, a subsidiary of Teva Pharmaceutical Industries launched AirDuo Digihaler and the ArmonAir Digihaler into the digital inhaler devices segment. These devices are utilized in asthma disease treatment. This has strengthened the company’s product portfolio thereby stimulating revenue generation capabilities.