Smart Inhalers Market growth is attributed to the increase in air pollution, incidence of respiratory diseases such as asthma and COPD, and healthcare burden, due to higher cases of asthma and COPD. In addition, probable increase in adherence to smart inhalers is an additional factor for the growth. However, high cost of asthma and COPD treatment, limited availability of smart inhalers, and misuse of data are expected to restrain the market growth.
It is expected to reach $191 million by 2022, growing at a CAGR of 63.3% from 2016 to 2022, according to new research published by Allied Market Research. The inhalers segment captured majority share in 2015, whereas nebulizers segment is projected to grow at fastest CAGR of 64.1% during the forecast period. North America, which accounted for around two-fifths share in 2015, is expected to maintain its lead throughout.
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The smart inhalers market is based on three different scenarios, and therefore top investment pockets have been mentioned with respect to the moderate growth scenario.
North America accounted for the maximum revenue due to wider availability of smart inhalers coupled with wider government initiatives, growth in demand for advanced technology, and increase in use of mobile phones. Smart inhalers directly transfer data related to the medications to the mobile app as well as to the cloud server through the Internet. Therefore, higher use of mobile phones coupled with rise in cases of asthma and COPD in this region act as major growth opportunities for the smart inhalers market.
Key findings of the smart inhalers market study:
- In the year 2015, inhalers led the global smart inhalers market revenue, and is projected to grow at a CAGR of 63.2%.
- Smart inhalers market for asthma is expected to grow at a CAGR of 62.0%, in terms of revenue, whereas for COPD, is expected to grow at a CAGR of 64.5%.
- COPD indication segment is expected to grow at a CAGR of 64.5% due to increase in COPD incidence rate, rise in adherence rate.
- The majority of smart inhalers are used by R&D centers and this trend is expected to be continued during the forecast period.
- Europe and Asia-Pacific together accounted for around half of the market share in 2015.
- China is the major shareholder, accounting for about one-third share of the Asia-Pacific smart inhalers market, in terms of value.
- U.S. smart inhalers market is expected to grow at a CAGR of 59.5%.
- German smart inhalers market is expected to grow at a CAGR of 68.2% during analysis period.