Smart Inhalers Market Overview
The global smart inhalers market is anticipated to acquire a market value of USD 4725.69 million while expanding at a CAGR of 45.06% by 2025, evaluates Market Research Future (MRFR). The inhalers are called smart inhalers owing to the presence of sensors clipped on them which monitor the right dose.
The increasing incidence of chronic respiratory diseases and asthma are expected to play a significant role in driving the global smart inhalers market during the assessment tenure. The rising geriatric population across the globe is likely to fuel the demand for the product, thereby benefitting the industry in the forthcoming period. The growing burden on healthcare management and the increasing adoption of digital pharmaceutical companies by key players are anticipated to boost the demand for the product, which can enhance the market revenue in the analysis timeframe.
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In addition, the growing awareness about the smart inhalers market over conventional inhalers is expected to grow the market during the forecast period. On the contrary, the high costs involved in the treatment of COPD and asthma can inhibit the market growth. The limited availability of smart inhalers and the misinterpretation of information are predicted to challenge the market growth. In addition to it, the presence of substitutes for smart inhalers can hamper the market growth. The dearth of awareness among the population of developing economies regarding the usage of digital inhalers is predicted to further inhibit the industrial expansion during the analysis timeframe.
The outbreak of COVID-19 has brought a positive impact on the market owing to the increasing number of COVID patients. However, the lockdown imposed across the globe resulted in the temporary shutdown of various manufacturing units, which hampered the production and supply chain of the product. Renowned players such as AstraZeneca have made a notable contribution in countering the pandemic situation by presenting effective vaccines.
The segmental analysis of the global smart inhalers market is done by type, application, and end-user. In the type segment of the global smart inhalers market, the metered-dose inhaler (MDI) based segment is anticipated to dominate the global market during the forecast period. The segment is likely to offer various market opportunities due to the rising R&D activities by key players. In the application segment of the global smart inhalers market, the asthma segment is predicted to acquire the maximum market share during the review period. The increasing cases of asthma among the rising population are expected to be a salient cause giving rise to the segment. The COPD segment is projected to witness lucrative growth across the analysis timeframe. The increasing incidence of COPD across various economies of the world is likely to contribute to the expansion of the segment. The growing adoption of smart inhalers for the regular monitoring of the disease is expected to make a significant contribution in the developing segment. In the end-user segment of the global smart inhalers market, the hospitals and clinic segment is projected to lead the market during the forecast tenure. The segment is anticipated to acquire substantial market revenue due to the preference of patients to visit hospitals and clinics for quality care. However, the segment is likely to suffer due to the outbreak of COVID-19.
As per the regional analysis conducted by MRFR, the Americas is anticipated to dominate the global smart inhalers market due to increasing cases of asthma and COPD cases. The U.S. is expected to display lucrative growth opportunities in the healthcare sector due to the presence of favorable government policies and growing private and public funding pertaining to smart inhalers. In addition, the increasing FDA approvals are anticipated to augment the regional market size. In recent news, Santa Ana, California-based startup Cognita Labs won FDA approval for its first device, a smart cap for inhalers used by patients with asthma and COPD. APAC is anticipated to offer lucrative market opportunities in the coming period. The increasing adoption of the latest technologies in healthcare services is predicted to augment the regional market size.
Launch of New Products in Developing Countries to Offer Lucrative Opportunities to the Market
Developing nations such as; India and China are likely to make a significant contribution. In November 2020, Adhere, the first-of-its-kind connected Smart Device, was launched in India for the treatment of Respiratory Diseases. Europe is projected to acquire the second-largest market share during the forecast period due to the growing contribution of established players of the region. The increasing procurement for market authorization is expected to grow the market size in the forecast period. AstraZeneca, a renowned U.K. pharmaceutical company, announced that it had received marketing authorization from the Drug Controller General of India for Bernralizumab solution. The initiative is expected to augment its consumer base and grow the reach of the industry. On the other hand, MEA is anticipated to display sluggish growth as compared to the other regions. The slow growth of the region can be attributed to the underdeveloped economies. Middle East countries such as; the UAE, Kuwait, and others can play a significant role in growing the regional market.
Some of the renowned players of the global smart inhalers market are AstraZeneca (England), Adherium Limited (New Zealand), Cohero Health (USA), Gecko Health Innovations Inc (USA), GlaxoSmithKline (U.K.), Inspiro Medical Ltd., and Propeller Health (USA).
Rising Collaborations among Key Players to Grow the Market
The growing initiatives to expand the market reach has resulted in increased market competition. The rising acquisitions, mergers, and partnerships have led to a rise in market expansion. In the recent update, AptarGroup, Inc., a global leader in consumer dispensing, drug delivery solutions, and services, has announced that it had acquired all operating assets and proprietary portfolio of Cohero Health, a digital therapeutics company that has transformed respiratory diseases management for asthma and chronic obstructive pulmonary disorder. Furthermore, BenevolentAI announced that AstraZeneca had selected a novel chronic kidney diseases (CKD) target to advance to its drug development portfolio, making it the first AI-generated target from the collaboration to enter the Company’s portfolio. In addition, the increasing number of new players in the industry has also resulted in increased competition in the industry.
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