Smart Inhalers Market Outlook, 2030
The global smart inhalers market was valued at $118 million in 2020, and is estimated to reach $1,113.57 million by 2030, growing at a CAGR of 25.1% from 2021 to 2030. The growth of the smart inhalers market is majorly driven due to rise in prevalence of COPD and asthma. The major factor attributed to increase in prevalence of COPD and asthma is rise in air pollution through naturally occurring phenomena and pollution caused by anthropogenic sources. Two key air pollutants severely trigger asthma, namely, ozone, which is found in smog and particulate matter found in smoke, haze, and dust. The susceptibility of suffering from asthma symptoms increases at an alarming rate, as the presence of both ozone and particulate matter rises in the air. Thus, upsurge in air pollution is expected to directly lead to increase in cases of asthma and COPD, which in turn propels the growth of the market.
Smart inhalers are devices utilized for delivering a variety of drugs by inhalation. Anti-cholinergic, glucocorticoids, insulin, and beta-agonists are among the drugs used in inhalers for the treatment and prevention of respiratory diseases, such as asthma and chronic obstructive pulmonary disease (COPD). These inhalers are termed smart inhalers, owing to the sensors attached as a clip on to inhalers monitoring the right dose per intake and the technique used for inhaling the medication. The data acquired by the sensor is shared with the patient and healthcare professionals to track their inhaler usage. The data monitored is then shared using the Bluetooth technology to their mobile apps through an online platform and subsequently electronic health records (EHR) or electronic medical records (EMR) are maintained.
Some smart inhalers feature sensors that can detect whether an individual is in a polluted or pollen-filled environment, send helpful reminders, and tell if one needs to check its inhaler technique. An individual does not require to keep their own records because they're all designed to automatically measure how often one uses its inhaler.
In addition, surge in the population living in under developed and developing countries is susceptible to indoor air pollutants. Population living in poor housing and neighborhood conditions is vulnerable to respiratory disorders, such as COPD and asthma. The use of kerosene lights and portable stoves for heating and cooking result in inhalation of particulates. In addition, increase in tobacco consumption among men as well as women in high-income countries and higher risk of exposure to indoor air pollution are expected to increase the prevalence of respiratory disease equally among both, men and women. Indoor pollution includes smoking, biomass fuel for heating & cooking, and poor ventilation in low-income countries. Thus, rise in indoor pollution is anticipated to, surge in asthma and COPD cases and thus, drive the market.
However, as smart inhalers are wirelessly connected and keep a record of the patient’s data, the risk of data leakage and misuse of data increases significantly. As smart inhaler is a new device, its acceptance among patients as well as physicians is considerably low, which is expected to restrain the growth of the market.
Moreover, smart inhalers are expected to increase the adherence rate of patients to traditional inhalers. Unintended non-adherence arises when patients misunderstand instructions and forget or have physical problems, such as poor coordination or eyesight, thus, leading to limited ability to take their medicines. Furthermore, various collaborations, partnerships, and acquisitions between pharmaceutical companies and smart inhaler manufacturers have increased the competition in the smart inhalers industry and the growth in healthcare expenditure in such economies offer lucrative opportunities for the market; hence, is a great opportunity for the key players to invest.
In addition, the COVID-19 outbreak is anticipated to have a positive impact on the smart inhalers market. A huge number of clinics and hospitals across the globe were restructured to increase the hospital capacity for patients diagnosed with COVID-19. Non-essential procedures took a potential backlog due to rapid rise in COVID-19 cases. The lockdown led to the disruption of manufacturing and transportation of healthcare essentials. Hospital and clinical visits increased significantly due to surge in cases of chronic respiratory diseases, and thus, led to the increase in demand for inhalers and nebulizers, which propelled the market growth.
Smart Inhalers Market Segmentation
The smart inhalers market is segmented into product, indication, distribution channel, and region. On the basis of product, the market is segmented into inhalers and nebulizers. The inhalers are further bifurcated dry powdered inhalers (DPIs) and metered dose inhalers (MDI's) . On the basis of indication, the market is segmented into asthma and COPD. On the basis of distribution channel, the market is bifurcated in to hospital pharmacies and retail pharmacies.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Russia, Italy, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Turkey, Saudi Arabia, UAE and rest of LAMEA).
By Product
Inhalers holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Segment Review
On the basis of product, the inhalers segment dominated the market in 2020, and is expected to remain dominant during the forecast period owing to their rapid effect, increase in adherence due to their smart developing technology and its portability.
On the basis of indication, the asthma segment dominated the market in 2020, and is expected to remain dominant during the forecast period owing to rise in prevalence of people suffering from asthma. By distribution channel, the retail pharmacies segment dominated the market in 2020, and is expected to remain dominant during the forecast period, owing to easy availability of wide range of products.
By Indication
COPD segment is projected as one of the most lucrative segment.
By Region
North America exhibited the global smart inhalers market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to better healthcare infrastructure and facilities, prevalence in the number of patient suffering from asthma and COPD, adoption of technologically advanced treatments, presence of key players, and rise healthcare expenditure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to its high geriatric population base, increase in disposable incomes, surge in healthcare expenditure, and various developmental activities. Moreover, India and China are expected to grow at high CAGR in the Asia-Pacific smart inhalers market.
Key Market Player
The key players operating in the global smart inhalers market are Adherium Limited, Aptar Group Inc. (Cohero Health Inc.), AstraZeneca, Inc., Cognita Labs, Llc., GlaxoSmithKline Plc, Novartis AG, OPKO Health Inc., Philip Morris International Inc. (Vectura Group Plc), ResMed Inc. (Propeller Health) and Teva Pharmaceutical Industries Ltd.
By Region
Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 27.4% during the forecast period.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the smart inhalers market, current trends, and future estimations to elucidate the imminent investment pockets.
- It presents a quantitative analysis of the market from 2021 to 2030 to enable stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis of the market based on procedures and services assists to understand the trends in the industry.
- Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.
Smart Inhalers Market Report Highlights
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Analyst Review
Utilization of smart inhalers is expected to increase significantly in the near future. The major factor attributed to the increase of smart inhalers is rise in prevalence of COPD and asthma due to rise in pollution, increase in population susceptible to indoor air pollutants.
Better treatment option, ease of use of smart inhalers, and technological advancements coupled with increased adherence rate of patients to smart inhalers are other major drivers of the global smart inhaler market.
Surge in occurrence of respiratory diseases such as asthma, asthma attacks, and COPD make it imperative to use these smart devices. Furthermore, rise in collaboration between pharmaceutical companies and smart inhaler manufacturers is projected to supplement the market growth.
These rise in technological advancement for sensors, online apps aim to manufacture smart inhalers as well as devices with inbuilt smart inhalers, which is expected to positively increase the market revenue in the near future and competition among the manufacturers. However, resistance toward adoption of smart inhalers and data and data privacy misuse are expected to impede the market growth.
North America is expected to witness highest growth, in terms of revenue during the forecast period, owing to rise in respiratory disorders, increase in investments in this region, presence of key players, and advancements in technology. However, Asia-Pacific, is expected to grow significantly due to its high population base, increase in disposable incomes, and technological advancements by key players in the region.
The total market value of smart inhalers market is $118 million in 2020.
The forecast period for smart inhalers market is 2021 to 2030
The market value of smart inhalers market in 2021 is $147.92 million.
The base year is 2020 in smart inhalers market
Top companies such as Adherium Limited, Aptar Group Inc. (Cohero Health Inc.), AstraZeneca, Inc., Cognita Labs, Llc., GlaxoSmithKline Plc, Novartis AG, OPKO Health Inc., Philip Morris International Inc. (Vectura Group Plc), ResMed Inc. (Propeller Health) and Teva Pharmaceutical Industries Ltd., held a high market position in 2020.
Inhalers segment dominated the global market in 2020, and expected to continue this trend throughout the forecast period due to increase in respiratory diseases among the children as well as adults and is thus expected to drive the segment
Increase in prevalence of asthma, chronic obstructive pulmonary disease (COPD), increase in air pollution is anticipated to drive the market in the forecast period.
North America is projected to account for a major share of the global smart inhalers market during the forecast period. U.S. dominated the North America smart inhalers market owing to increased respiratory disorders, technological advancement and consumer awareness for smart devices across the country.
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