The Global Smart Inhalers Market size is expected to reach $414.4 million by 2027, rising at a market growth of 24.9% CAGR during the forecast period.
Smart inhalers are inhalation devices that deliver a range of medications. Inhalers contain anticholinergic, glucocorticoids, insulin, and beta-agonists, which are used to treat and prevent respiratory disorders such as asthma and chronic obstructive pulmonary disease (COPD). When sensors are placed as a clip to inhalers to monitor the proper dose per intake and the technique used for inhaling the drug, these inhalers are referred to as smart inhalers. The sensor's data is shared with the patient and healthcare practitioners in order to track inhaler usage. The monitored data is then exchanged with their mobile apps via an internet platform using Bluetooth technology, and electronic health records (EHR) or electronic medical records (EMR) are preserved as a result.
Some smart inhalers have sensors that can identify whether a person is in a polluted or pollen-filled environment, give useful reminders, and indicate if an individual's inhaler technique needs to be reviewed. Individuals do not need to maintain their own records because all inhalers are intended to automatically track how often they are used.
Indoor air pollution in households in underdeveloped and developing countries is becoming a more widespread problem with an increase in the population of these countries. Respiratory problems such as COPD and asthma are more common in people who live in substandard housing and neighborhoods. Inhalation of particles occurs when kerosene lights and portable stoves are used for heating and cooking. Furthermore, rising tobacco consumption among both men and women in high-income nations, as well as increased risk of indoor air pollution, are projected to raise the prevalence of respiratory disease in both men and women. Smoking, biomass fuel for heating and cooking, and poor ventilation are all sources of indoor pollution in low-income countries. As a result, an increase in indoor pollution is expected to lead to an increase in asthma and COPD cases, driving the market.
The outbreak of the COVID-19 pandemic has impacted various sectors of the business domain. The imposition of various restrictions like lockdown, ban on cross border travelling, social distancing norm, temporary ban on manufacturing units and ban on imports & exports, have disrupted the supply chain of various goods or products across the world. In addition, the burden on healthcare sector has increased due to the pandemic. The COVID-19 pandemic is expected to have a favorable impact on the market for smart inhalers. A large number of clinics and hospitals around the world have been reconfigured to boost hospital capacity for COVID-19 patients. Due to the substantial increase in COVID-19 cases, non-essential procedures may face a backlog.
Asthma is the name of a chronic pulmonary disease by which both children and adults can be affected. Due to inflammation and tightening of the muscles around the tiny airways, the air channels in the lungs shrink. Asthma patients suffer from symptoms such as coughing, wheezing, shortness of breath, and chest tightness. These sensations are transitional, however, importantly, these symptoms worsen at night and during physical workouts. Asthma symptoms can be exacerbated by other common external and internal factors. Viral infections (colds), dust, smoke, fumes, changes in the weather, grass and tree pollen, animal fur and feathers, harsh soaps, and perfume are all potential triggers the intensity of the effects of the triggers that may vary from person to person.
Smart inhalers are not only simply inhalers but any electronic devices capable of sharing data and tracking records. With the use of Bluetooth, digital inhalers may be connected to smartphones, allowing for dosing reminders and dose monitoring. Additionally, these devices have patient education tools that help to reduce dosing errors, resulting in lower hospitalization and treatment costs. The number of doctor visits of patients who utilized these types of inhalers fell dramatically. Increasing research and development about smart inhalers are likely to make them more effective and efficient, thus increasing their demand in the market.
A smart inhaler is priced at around $99 on average. This varies based on the brand and the capabilities it offers. Naturally, the more sophisticated the capabilities, the more expensive they are. The same may be said for the cost of smart inhalers, which have sensors built into the device. Only specific medications and inhalers are authorized for use with some smart inhalers. As a result, double-checking the manufacturer's website or asking the pharmacist for further information about the inhaler, asthma treatments, and mobile device compatibility becomes essential. Purchasing medications can be costly, and purchasing equipment or devices to help manage the disease implies further expenses.
Based on Product, the market is segmented into Metered Dose Inhalers (MDI's), and Dry Powdered Inhalers (DPIs). The dry powder inhaler (DPI) segment witnessed a significant revenue share in the smart inhalers market in 2020. A dry powder inhaler (DPI), which is a handheld device, can be used to administer certain drugs in the form of a dry powder. As users inhale through it, a DPI delivers medication to their lungs. There are no propellants or other substances in it; only the medication, which is propelling the growth of the segment.
Based on Disease Indication, the market is segmented into Asthma, and Chronic Obstructive Pulmonary Disease (COPD). The asthma segment garnered the largest revenue share in the smart inhalers market in 2020. This is because of the sheer growing incidence of persons suffering from asthma. During the next few years, the segmental expansion will be fueled by a growing patient pool. In the United States, for example, 1 in 13 people have asthma, according to the Centers for Disease Control and Prevention (CDC). It is estimated that over 25 million Americans suffer from asthma. As a result, the rising prevalence of asthma, combined with rising public knowledge about the disease's risk, will drive the adoption of the smart inhalers market over the forecast period. The increase in demand for smart inhalers is likely to continue to do so during the forecast period.
Based on Distribution Channel, the market is segmented into Hospitals Pharmacies, Retail Pharmacies, and Online Pharmacies. The retail pharmacies segment observed a significant revenue share in the smart inhalers market in 2020. The increasing number of retail pharmacies around the world is responsible for the high increase. Furthermore, numerous smart inhaler manufacturers are stepping up their attempts to form partnerships with retail pharmacies in order to begin selling these devices over-the-counter, which will help the market grow even faster. Another key factor driving growth is the increasing number of FDA approvals for over-the-counter sales of digital inhalers. Adherium, for example, received FDA approval for over-the-counter sales of their digital inhaler sensor for AstraZeneca's asthma inhalation device in April 2018.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 84.6 Million |
| Market size forecast in 2027 | USD 414.4 Million |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 24.9% from 2021 to 2027 |
| Number of Pages | 205 |
| Number of Tables | 334 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Product Type, Disease Indication, Distribution Channel, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The North American segment acquired the largest revenue share of the smart inhalers market in 2020. This is due to improved healthcare infrastructure and services, a higher prevalence of asthma and COPD patients, the adoption of technologically sophisticated therapies, and increased healthcare expenditure in the region. People in North America tend to be more affluent than the population of the rest of the world and thus, the increasing adoption of smart inhalers in the region has not come to anyone surprise.
Free Valuable Insights: Global Smart Inhalers Market size to reach USD 414.4 Million by 2027
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Novartis AG is the forerunners in the Smart Inhalers Market. Companies such as AstraZeneca, Inc., GlaxoSmithKline Plc, Teva Pharmaceutical Industries Ltd. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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 Product
By Disease Indication
By Distribution Channel
By Geography
The global smart inhalers market size is expected to reach $414.4 million by 2027.
Increase in The Incidence of Chronic Respiratory Diseases are driving the market in coming years, however, smart Inhalers are Expensive limited the growth of the market.
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.
The expected CAGR of the smart inhalers market is 24.9% from 2021 to 2027.
The Metered Dose Inhalers (MDI's) segment acquired maximum revenue share in the Global Smart Inhalers Market by Product in 2020, thereby, achieving a market value of $259.3 million by 2027.
The North America market dominated the Global Smart Inhalers Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $152.3 million by 2027.
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