Smart Inhalers Market

Smart Inhalers Market Size (2023 to 2028)

As per our report, the size of the global smart inhalers market is forecasted to be worth USD 4.86 Billion by 2028 from USD 2.12 million in 2023, growing at a remarkable CAGR of 18.01% during the forecast period.

Smart inhalers are digitally operated and sensor-equipped inhalers that help patients by sending timely reminders to keep track of inhaler dose at the required time. These inhalers work on different inputs given by users. They are mainly prescribed for patients with asthma or chronic obstructive pulmonary disease who inhale the medicine at intervals. Smart inhalers also have the facility directly transfer the medication data to the cloud server or any mobile application for analysis by the physician. With the increase in technological advancements in the medical sector, top pharmaceutical companies are including digital technology to improve the efficacy of prescribed medicines. As a result, smart inhalers are gaining popularity worldwide, which help gather data from the sensor and alter the patient at a particular time.

Impact of COVID-19 on the global smart inhalers market:

The sudden outrage of the COVID-19 pandemic is an inimitable global public health emergency declared by the World Health Organization (WHO). To curb the widespread of the coronavirus, various governments have taken measures such as temporary shutdowns, travel bans, and lockdowns, which resulted in the disruptions of supply chain ecosystem and hampered the production activities of smart inhalers, which had shown a slight negative impact on the market growth. On the other hand, the COVID-19 pandemic favorably impacted the smart inhalers market growth. The patients infected with the coronavirus who also have respiratory problems have suffered from chronic illnesses such as asthma. Therefore, the demand for smart inhalers increased dramatically as the COVID-19 impact has been severe on people already suffering from respiratory diseases such as asthma and COPD. Likewise, the COVID-19 pandemic had a mixed impact on the global smart inhalers market. However, considering the reduced impact of the pandemic and uplifting the restrictions imposed, the global smart inhalers market is anticipated to register a healthy CAGR in the coming years.

MARKET DRIVERS:

YOY growth in the incidence of respiratory diseases and technological advancements are propelling the global smart inhalers market growth.

The growing adoption of technological advancements in manufacturing smart inhalers and in upgrading the capabilities of smart inhalers are showcasing favorable impacts on the market growth. In addition, the increasing prevalence of respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD) contributes significantly to the market revenue growth of smart inhalers. The ever-increasing incidence of such chronic diseases in recent years has increased the demand for effective respiratory care. The increasing patient count suffering from respiratory diseases such as asthma and COPD is the demand for more inhaling devices. According to the statistics published by the Asthma and Allergy Foundation of America (AAFA), an estimated 25 million people in the United States have asthma, which is also considered a leading chronic disease among children. According to the Centers for Disease Prevention and Control (CDC), COPD was one of the leading causes of death in the United States in 2020 and ranked sixth on the list. COPD affects more than 15 million Americans and consumes 150,000 American lives yearly. The increasing number of collaborations between pharmaceutical and software companies to provide advanced smart inhalers to address the growing demand for such devices is anticipated to boost the market’s growth rate. A smart inhaler is regarded as part of the digital new-age technology to improve respiratory disease management.

The growing adoption of Bluetooth-enabled smart inhaler devices is predicted to fuel the market’s growth rate. The technology of Bluetooth is also helping the smart inhalers market to grow where the data can be connected to smartphones, and a physician can monitor overall health records through that. It helps them to do appropriate treatment for the patient. Increasing incidences of asthma and other respiratory diseases among people are also elevating the demand for the smart inhalers market.

MARKET RESTRAINTS:

However, the lack of awareness of COPD and asthma signs has led to most people suffering from respiratory diseases going undiagnosed and untreated. It is perceived to be the primary obstacle to market growth. Most people with COPD symptoms are unaware of the condition. Nonetheless, using smart inhalers within the public health system is not widely supported. It is due to the limited reimbursement capacity and poor patient knowledge of new technology. Besides, limited product availability in emerging regions creates a barrier that directly affects the growth of the overall smart inhaler market as per the current scenario.

REPORT COVERAGE:

 This market research report on the global intelligent inhalers market has been segmented based on product type, disorder, end-user, and region.

Smart Inhalers Market - By Product Type:

• Nebulizers
• Inhalers
  • Metered Dose Inhalers (MDIs)
  • Dry Powder Inhalers (DPIs)

Based on product type, the smart inhalers segment focused on dry powder inhalers (DPI) is estimated to grow at 11.2% CAGR during the forecast period. The smart inhalers based on DPI include add-on sensors developed by digital firms to work with dry powder inhalers manufactured by pharmaceutical firms.

The metered-dose inhalers segment is another lucrative sub-segment and accounted for 29% of the global market share in 2022. The domination of the segment is likely to continue during the forecast period owing to the growing adoption of these devices. The metered-dose inhalers are considered the most effective way of consuming medicine for patients suffering from respiratory diseases. In addition, the MDIs are easy to use, portable, and allow for precise dosing, further leading to the growing adoption of these and promoting segmental growth.

Smart Inhalers Market - By Disorder:

• Chronic Obstructive Pulmonary Disease (COPD)
• Asthma
• Others

Based on the disorder, in 2022, the asthma segment accounted for over USD 50 million in sales and is expected to show significant growth over the forecast period. Asthma is one of the most common chronic inflammatory diseases of the airway. About 25 million Americans have asthma, according to America's Asthma and Allergy Foundation. Therefore, the increasing prevalence of asthma will increase the segment's rise.

The COPD segment accounted for the major share of the global smart inhalers market in 2022 by type of disorder. COPD is expected to grow steadily and register a CAGR of 11.2% during the forecast period. The increased COPD preference among the general population majorly propels the segment’s growth.

Smart Inhalers Market - By End-user:

• Patients
• R&D
• Others

Smart Inhalers Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Regionally, the value of the North American smart inhalers market was USD 32 Million in 2019 and is expected to register a substantial CAGR during the forecast period due to the high awareness about digital medications, the presence of large private companies, and the favorable reimbursements in the medical sector. In addition, increasing capital income is also a factor that fuels demand for the market for smart inhalers. Furthermore, the growing adoption of digital health solutions and the increasing patient count suffering from respiratory diseases are propelling regional market growth.

During the forecast period, the U.S. market is expected to hold the largest share of the North American region, followed by Canada. The U.S. has the presence of many pharmaceutical companies and manufacturers of smart inhalers, which favour the U.S. to occupy a major share and lead the region. Fast adoption of state-of-the-art innovation and the introduction of new end-user goods are likely to dominate market demand in the U.S. Canada is accounted for in the market's top dominant shares following the U.S. Growing government support through health sector investments and enhancing treatment practices outstrips the industry's demand for smart inhalers. With the growing elderly population, Mexico and the rest of North America are expected to have significant growth opportunities in the years to come. In these nations, the increasing popularity of smart inhalers is increasing the market's economic growth rate.

The Asia-Pacific smart inhalers market is anticipated to grow at a significant CAGR between 2022 to 2027 owing to the high investments by government organizations and private companies in the medical industry and emerging economies such as China and India. In addition, the aging population is growing rapidly across the APAC region, which is expected to promote the demand levels for smart inhalers and market growth.

The European smart inhalers market is predicted to witness a healthy CAGR in the coming years. The growing adoption of technological advancement has been one of the notable factors contributing to the growth of the European market. In addition, the increasing population from respiratory diseases is further propelling regional market growth.

The smart inhalers market in Latin America is projected to grow steadily during the forecast period.

The MEA smart inhalers market is anticipated to hold a moderate global market share in the coming years.

KEY MARKET PARTICIPANTS:

3M Company, Agilent Technologies Inc., Adherium Limited, and AstraZeneca PLC account for most of the global smart inhalers market. Other noteworthy players operating in the global smart inhaler market are Vectura Group plc, Teva Pharmaceutical Industries Ltd., GlaxoSmithKline plc, Boehringer Ingelheim GmbH, Adherium Limited, Cohero Health, LLC, Propeller Health, GlaxoSmithKline plc and OPKO Health, Inc.

RECENT MARKET DEVELOPMENTS:

• In December 2018, ResMed announced that it acquired Propeller Health for USD 225 million. The partnership would help establish a global organization on the market for smart devices for respiratory diseases, putting together both companies' expertise.
• In September 2017, Adherium obtained FDA approval for its latest Symbicort inhaler monitoring device SmartTouch for the Symbicort aerosol inhaler from AstraZeneca. The growing number of smart inhalers and FDA approvals would support electronic patient monitoring.
• In February 2017, Propeller Health partnered with Novartis in February 2017 to create a custom Breezhaler inhaler add-on sensor. The partnership will lead to the industry launch of smart inhalers.