At 18.5% CAGR, Smart Inhalers Market is Expected to Reach 185.64 Million, globally by 2028, says Brandessence Market Research

LONDON, Jan. 13, 2022 /PRNewswire/ -- According to Brandessence Market Research, the Smart Inhalers Market size reached USD 56.58 Million in 2021. The Smart Inhalers Market is likely to grow at robust CAGR of 18.5%, and reach size of USD 185.64 Million by 2028 end. Advanced technological requirements in healthcare products and lack of awareness about the treatment of pulmonary diseases and rising number of patients affected by bronchospasm are the major factors driving the market growth.  

Inhalers are widely used in the treatment of asthma, and chronic obstructive pulmonary disorder (COPD). According to the WHO, asthma affected 262 million people in 2019. Moreover, it is a condition that affects children in a larger proportion, and killed 461,000 deaths. This is primarily the reason why many countries including the US, UK, among many others have passed legislations to provide support to various needy families, with financial aid. This is likely to remain the leading driver of growth in the smart inhalers market. Furthermore, smart inhalers are also essential for treating of COPD or Chronic Obstructive Pulmonary Disease. As per the WHO, the disease resulted in over 3 million deaths in 2019, and over 80% deaths were reported in countries with low-and middle income. The smart inhalers with Bluetooth technology remind patients with chronic conditions like COPD to take their medication on time, making it an essential tool to fight global fatalities. The lowered cost of smart inhalers, and growing expansion of private insurance funded healthcare around the world remain key drivers of growth in the smart inhalers market.

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Smart Inhalers Market Top Companies:

• Teva Pharmaceutical Industries Ltd.
• Vectura Group plc.
• Boehringer Ingelheim GmbH
• AstraZeneca plc
• Propeller Health
• OPKO Health, Inc.
• Adherium Limited
• Novartis AG
• GlaxoSmithKline plc
• others

Smart Inhalers Market: An Overview

The smart inhalers market report categorized product into two different categories including inhalers, and nebulizers. Moreover, inhalers also come in two distinct types, mainly the dry powder inhalers, and metered dose inhalers. While metered dose inhalers provide a set dosage of medicine to users, the dry powder inhalers are ideal for in-taking medicines like corticosteroids, and supply them directly to activation breathing through lungs. The growing demand for asthma medication remains the strongest driver for the dry powder inhaler segment. However, the COPD is expected to show considerable growth during the forecast period, thanks to growing adoption of smart inhalers to treat the condition.

Earlier, their relatively higher costs, and lack of financial reimbursement from insurers remain key concern in the smart inhalers market. However, recent legislations and views of agencies like Centre for Disease Control and Prevention (CDC) remain promising drivers of growth. For example, according to the CDC, compliance with medication can reduce exacerbations by about 25% to 30% annually. Moreover, chronic disease like COPD cost additional $4 billion per year in countries like the US. The smart inhalers have shown promise to reduce delinquencies, and promise a more effective supply in reduction of chronic disease. The promise of saving considerable costs remains a major promise for introduction of smart inhalers among patients with chronic conditions.

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Global Smart Inhaler Market Segmentation:-

By Product Type:

• Inhalers
• Nebulizers

By Application Type:

• Patients
• Research and Development

By Indication Type:

• Asthma
• COPD

Smart Inhalers Market: Key Insights

The adherence of medication for conditions like COPD remains a major concern among elderly, and asthma among children. The elderly represent the largest end-use group globally, as global population continues to age, and remains most vulnerable to conditions like COPD, and Asthma. According to a 2021 study conducted by the COPD foundation, over 58% individuals in a small group of about 300 individuals were already using mobile apps to keep track of their medication. On the other hand, they were unaware of the smart inhaler technology. Furthermore, 66% expressed a need for a tool to track medications, while 71% expressed a need to access information at will with complete ease.

The smart inhalers market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the global smart inhalers market. Around 25 million Americans have asthma of which 7.7% of adults and 8.2% of children have asthma. Behind every 13 people, 1 person has asthma and the number is increasing rapidly. High awareness about chronic diseases and the benefits of smart inhalers is one of the major factors driving the market growth in this region. Europe is the second-largest region of asthma affected people around 30 million adults and children.

On Special Requirement Smart Inhalers Market Report is also available for below region:

North America

• U.S, Canada

Europe

• Germany, France,U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

• South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC,

Latin America

• Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

• Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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