Smart Inhalers Market Size will Observe Substantial Growth by 2024
Smart Inhalers Market: Overview
Smart inhalers, also known as connected inhalers and sensors are predominantly used as clip-on sensors, which are fastened on top of a regular nebulizer for the treatment of chronic obstructive pulmonary disorder (COPD) and asthma. Smart inhaler technology is birthing as one of the most notable areas that pharmaceutical companies are engaged in order to push digital health. Smart inhalers help patients keep track of dosage of relievers or preventers that are administered at various intervals during the day. These smart devices can raise reminders and alerts for users based on previous pattern of dosage administration or based on inputs fed by users.
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Smart Inhalers Market: Key Trends
The growth of the smart inhalers market is attributed to increasing air pollution, increasing incidence of respiratory diseases such as COPD and asthma, and burden on healthcare services due to higher cases of COPD and asthma. In addition, increasing adoption of smart inhalers for proper management of COPD and asthma are further boosting the market’s growth.
Top pharmaceutical companies are adopting digital technology in their way for improved disease management such as that for asthma and COPD and for improving the efficacy of prescribed medicines. Extensive benefits that range from reducing hospital admissions to improving the efficacy of medicines, makes smart inhalers the talk of the town in the respiratory care segment.
However, high costs involved in the treatment of COPD and asthma due to their chronic nature, limited availability of smart inhalers, and misinterpretation of information are expected to challenge the market’s growth.
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Smart Inhalers Market: Market Potential
The efficacy and ability for the smart management of respiratory diseases has called in for smart inhalers to enter the U.K healthcare system, as per a recent industry news. The impending entry of smart inhalers in the National Health Service (NHS) might herald the onset of the smart healthcare age. However, proper planning and rigorous testing is needed before smart inhalers ensure smart-enabled healthcare delivers best outcomes for individuals with asthma, adds the NHS.
Smart Inhalers Market: Regional Outlook
On the regional perspective, Europe has emerged as the second largest market for smart inhalers. This is because smart inhalers are increasingly being adopted in hospitals and physicians’ offices, thereby boosting the market growth. The European Academy of Allergy & Clinical Immunology is continuously striving to increase awareness about COPD and asthma and the use of technology for smart management of these conditions.
North America stood as the largest revenue generator for the market in the recent past, whereas Asia Pacific is expected to rise at a double-digit growth rate over the next few years. Asia Pacific has vast untapped opportunities in the smart inhalers market as it has a growing population base combined with rising disposable incomes and increasing awareness about the use of digital devices for proper disease management.
Smart Inhalers Market: Competitive Landscape
Some important players in the smart inhalers market include Teva Pharmaceuticals Industries Ltd., Vectura Group plc, AstraZeneca plc, Propeller Health, Adherium Limited, GlaxoSmithKline plc, Boehringer Ingelheim GmbH, Cohero Health LLC, OPKO Health Inc., and Novartis AG.
Of these, Adherium is a key player in the market with majority of product approvals to its credit. Because smart inhalers is a lucrative market, collaborations and acquisitions between pharmaceutical companies, smart inhaler manufacturers, and medical device companies is on the rise for larger market share. Key players in the smart inhalers market are also focused on product approval and clinical trials to stay competitive in this market.
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