The report mentions that the smart inhalers market size was USD 28.62 million in 2019 and is projected to reach USD 445.40 million by 2027, exhibiting a CAGR of 41.1% during the forecast period.
The global market is set to gain impetus from the rising utilization of digital technology in the field of healthcare devices. It is aiding in increasing the efficiency of drug delivery devices and is, in turn, speeding up the treatment procedures. This information is published by Fortune Business Insights(TM) in a recent report, titled, "Smart Inhalers Market Size, Share & Industry Analysis, By Product (Dry Powder Inhaler (DPI) - Based Smart Inhalers, Metered Dose Inhaler (MDI) - Based Smart Inhalers), By Disease Indication (Asthma, Chronic Obstructive Pulmonary Disease (COPD)), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Channel) and Regional Forecast, 2020-2027."
This Report Answers the Following Questions:
-- What are the market trends, growth drivers, hindrances, challenges, and opportunities?
-- Which key strategies will the prominent companies adopt to survive in the market?
-- Which region is set to dominate the market in the coming years?
-- Which segment is anticipated to lead in terms of share in the near future?
-- How will the market be affected during the forecast period?
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Drivers & Restraints-
Rising Prevalence of Acute Respiratory Ailments to Spur Growth
The Global Burden of Disease conducted a study in 2015. It states that between 1990 to 2015, the cases of chronic obstructive pulmonary disease (COPD) upsurged by approximately 14.7%. It proves that the rising incidence of chronic respiratory diseases, such as COPD and asthma worldwide is likely to propel the smart inhalation devices market growth during the forthcoming period.
In addition to that, patients are nowadays inclining gradually towards connected drug delivery devices from the manual ones because of the former's possession of superior properties. Coupled with this, the increasing focus of the masses on preventive care would contribute to the market growth. However, manual inhalers are still considered to be substitute products. It may obstruct growth.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Key Players Focus on Launching Technologically Advanced Products to Intensify Competition
The market houses a large number of active companies. Though the market is still at the nascent stage of development, these companies are emphasizing on research and development activities, as well as introducing new technologies to augment sales. Below are two of the key industry developments:
-- January 2016: Qualcomm Life and Novartis collaborated to develop the former's digital inhaler for patients affected by COPD. The device is called Breezhaler. It would aid both companies in strengthening their positions in the market.
-- April 2016: The 3M Company introduced the 3M Intelligent Control Inhaler. It is a fully-integrated device that is intuitive and provides accurate doses to patients. It also delivers on-screen instructions via an app for feedback and usage to the healthcare provider and the patient, respectively.
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Rising Digitization in Healthcare to Favor Growth in North America
Geographically, the market is fragmented into Asia Pacific, Europe, North America, and the rest of the world. Amongst these, North America procured USD 20.04 million revenue in 2019. This growth is attributable to the major contribution of the U.S. The country is experiencing flexible regulatory scenario and favorable government policies. Additionally, its healthcare sector is going through tremendous digitalization.
Asia Pacific is set to exhibit a lucrative growth owing to the rising number of vendors tapping the unexplored economies in this region. Coupled with this, the increasing expenditure on the development of healthcare infrastructure and IT in the emerging countries would affect the market in this region positively.
Fortune Business Insights(TM) lists out the names of all the companies operating in the global Smart Inhalers Market. They are as follows:
-- Propeller Health
-- Cohero Health Inc.
-- AstraZeneca plc
-- Novartis AG
-- 3M Company
-- Teva Pharmaceuticals
-- Vectura Group
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Smart Inhalers Market Segmentations:
? Dry Powder Inhaler (DPI)- based Inhalers
? Metered Dose Inhaler (MDI)- based Inhalers
By Disease indication
? Chronic Obstructive Pulmonary Disease (COPD)
By Distribution Channel
? Hospital Pharmacies
? Retail Pharmacies
? Online Channel
? North America (U.S. and Canada)
? Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe)
? Asia-Pacific (Japan, China, India, Australia, and Rest of Asia- Pacific)
? Rest of the world (Row)
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