Smart Inhalers Market Size, Growth and Trends Analysis By Type (Dry Powder Inhaler and Metered Dose Inhaler), Application (Asthma, Chronic Obstructive Pulmonary Disease and others), Key Players and Region (Americas, Europe, Asia-Pacific and Middle East and Africa), Forecast to 2025
Smart Inhalers Market size and share is anticipated to reach USD 4.72 billion at a CAGR of 45% throughout the forecast period (2019-2025). 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. Smart Inhalers Market is expected to witness significant growth due to rising prevalence of asthma & COPD worldwide. Increasing population becoming susceptible to indoor air pollutants worldwide and 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 Smart Inhalers Market.
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, R&D programs, online marketing strategies incorporated by key players in pharmaceutical and biotechnological industries are some of the major trends observed in the market.
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. 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.
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.
leading players 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.
Highly competitive by nature, the smart inhalers market appears to be fragmented due to the presence of market titans in the market. To maintain their market positions. Key companies are venturing into new regions and countries with rapid expansion plans. Top players are substantially investing in R&D and clinical trials to accelerate product development and innovations and to cut down production costs.
Global Smart Inhalers Market Segmentation:
Smart Inhalers Market is segmented by Type Application End User Region
By Type, the Smart Inhalers Market is segmented into Dry Powder Inhaler Metered-dose Inhaler
By Application, the Smart Inhalers Market is segmented into Asthma Chronic Obstructive Pulmonary Disease (COPD) others
By End-user, the Smart Inhalers Market is segmented into Hospitals & Clinics Research Institute Respiratory Care Centers others
By Regions Global Smart Inhalers Market is segmented into Asia Pacific North America Europe Rest-of-the-World
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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