The Smart Inhalers Market is expected to grow on an irrevocable note in the upcoming period. The medical landscape is witnessing an influx of at-home diagnostic kits. This trend of on-demand products is likely to take the healthcare vertical by storm in the upcoming period. It has been observed that home kits aid in educating patients and bringing them to the medical visits better prepared, thereby curtailing the time taken for diagnosis. The status quo would help in keeping the healthcare vertical’s cash registers ringing going forward as well.
This updated analysis on the smart inhalers market by Persistence Market Research predicts the industry to surge ahead at a CAGR of 23.5% and attain a net worth of US$ 1 Bn by the end of the decade.
Respiratory disorders such as asthma and COPD have become more frequent over the past decade, and this trend is expected to be followed through this decade as well. With more instances of respiratory issues being recorded, demand for treatment and therapies for these disorders has also subsequently risen.
Adoption of smart inhalers is expected to rise as more healthcare professionals recommend them and their efficiency in drug delivery and drug tracking is realized. Increased medical adherence, reduced costs of treatment, improved and better results, and ability to track and maintain a record of clinical data are some of the factors that are expected to propel the adoption of smart inhalers.
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Key manufacturers of smart inhalers are investing in reaching out to untapped markets and are focusing on increasing product awareness. They are also adopting organic as well as inorganic strategies to boost sales across regions.
- In July 2019, Teva Pharmaceutical, a renowned pharmaceutical firm, announced that it has achieved FDA approval for its AirDuo Digihaler. The product is a sensor-enabled inhaler that sends usage data to a smartphone, and this information can also be shared with a medical provider.
- In May 2021, RYAH Medtech Inc. signed an agreement with exclusive product distribution and software development rights to its French partner, Delled SAS, for the RYAH smart inhaler.
Company Profiles:
- OPKO Health, Inc.
- AstraZeneca plc
- GlaxoSmithKline
- Propeller Health
- Aptar Pharma
- Novartis AG
- Boehringer Ingelheim
- Teva Pharmaceuticals
- H&T Presspart Manufacturing Ltd.
- Sensirion AG
- Cohero Health, Inc.
- Others.
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Key Takeaways from Market Study
- The smart inhalers industry is predicted to expand at an impressive CAGR of 23.5% through 2031.
- The market in China is expected to rise at the fastest pace through 2031.
- Adoption of smart inhalers in North America is high and the market in this region accounts for a dominant share in the global landscape.
- Lack of awareness in underdeveloped economies is a major restraining factor for market growth.
- By 2031, the global smart inhalers market is predicted to be worth over US$ 1 Bn.
- Increased medical adherence, rising proliferation of technology in the medical industry, and growing awareness about the benefits of smart inhalers are some of the factors that favor market growth potential.
“To utilize the full revenue potential of the market, smart inhaler manufacturers would have to increase awareness and adoption of the product in developing regions,” says a Persistence Market Research analyst.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global smart inhalers market that contains industry analysis of 2016–2020 and opportunity assessment for 2021–2031.
The report provides an in-depth analysis of the market through different segments, namely, product type, disease indication, distribution channel, and region. The report also provides supply and demand trends along with an overview of the parent market.
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The global smart inhalers market is expected to reach US$ 8,033.21 Mn in 2027 from US$ 1,094.26 Mn in 2018.
However, risks associated with cyber threats and limited knowledge regarding the use of smart inhalers may limit the growth of the market to a certain extent.Report Sample includes:- Table of Contents- List of Tables & Figures- Charts- Research MethodologyGet FREE Sample of Smart Inhalers Market Report Smart inhalers are used for the treatment of respiratory disorders such as asthma and COPD.
With each inhalation with the help of an inhaler, the device delivers a decided amount of medication to the lungs.
This applies equally to both metered dose inhalers (MDIs) as well as dry powder inhalers (DPIs), leading to poor disease control along with increased healthcare costs.Studies reveal due to a patients error in drug intake occur approximately 70 percent to 90 percent of the time, which results in only 7 percent to 40 percent of the drug being delivered to the lungs.
An error related to the coordination between inhalation and the release of drugs through the drug is a commonly observed error among the patients.
Improper inhalation technique causes decreased efficacy through reduced deposition of drug in the lungs, eventually leading to an increase in the rate of disease severity and therefore causing an increase in healthcare costs.
