PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308699
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308699
According to Stratistics MRC, the Global Smart Inhalers Market is accounted for $1.42 billion in 2023 and is expected to reach $2.60 billion by 2030 growing at a CAGR of 9% during the forecast period. Smart inhalers are gadgets made to pair with a mobile app via Bluetooth in order to manage chronic respiratory conditions effectively and enhance patients lifestyles. Additionally, based on a user's past history of dosage administration, these smart devices are able to send reminders and alerts to them. Asthma, cystic fibrosis, and chronic obstructive pulmonary disorders, among other respiratory illnesses, are becoming more common, which has caused an exponential rise in the demand for smart inhalers.
According to the WHO 2021 report, asthma is a major noncommunicable disease (NCD), affecting both children and adults, and has affected an estimated 262 million people in 2019 and caused 461000 deaths in the same year.
Asthma and COPD are becoming more common due to an increase in air pollution and smoking habits, which is driving market demand for smart inhalers. The ODPHP Office of Disease Prevention and Health Promotion estimates that there will be over 339 million asthma patients worldwide in 2020, of whom 25 million are Americans with a COPD diagnosis of 14.8 million. Asthma is the most prevalent disease among children and the elderly. This non-communicable disease is spreading due to an increase in smoking habits and rising levels of global air pollution.
The risk of data leakage and misuse has increased significantly as a result of smart inhalers' wireless connectivity and ability to record the patient's data. Additionally, the smart inhaler has a very low level of patient and physician acceptance, which is anticipated to impede market expansion.
During the forecast period, it is anticipated that rising digital technology adoption in medical devices and the effectiveness of drug delivery devices in therapeutic measures will accelerate market growth. In addition to this, it is predicted that an increase in the prevalence of respiratory conditions like asthma and COPD will present a significant opportunity for the increased adoption of digital inhalers. For instance, a study by the Centers for Disease Control and Prevention (CDC) estimated that in 2016, there were 26.5 million asthma sufferers in the United States. The aforementioned factors will significantly fuel the market expansion of these smart inhalers.
Despite the growing benefits of smart inhalers, the availability of manual inhalers as a substitute product may limit market expansion to some extent. Another significant factor impeding the market expansion of smart inhalers is the lack of awareness regarding the use of digital inhalers among the populace of developing economies.
The global COVID-19 outbreak is anticipated to present lucrative growth opportunities for market participants in the smart inhaler space. Due to the high risk of hospitalization from COVID-19 for patients with COPD and asthma, the pandemic had a positive effect on the market. Thus, the demand for or adoption of smart inhalers is rising at this time due to rising COVID-19 cases and the burden of respiratory disorders.
In the forecasted time frame, it is predicted that the hospital pharmacies segment will account for the largest market share. The patient population receiving treatments in hospital settings has easy access to hospital pharmacies. Additionally, a number of manufacturers of smart drug delivery systems have distribution agreements with these hospital pharmacies. Therefore, during the projection period, the aforementioned factors strongly suggest a positive growth trajectory for the market for hospital pharmacies that sell smart inhalers.
Due to expanding COPD patient populations worldwide, the market growth is anticipated to witness lucrative growth in the coming years. For instance, the World Health Organization estimates that the third leading cause of death worldwide in 2019 was COPD, which claimed the lives of over 3.23 million people. Furthermore, a number of risk factors, including prolonged tobacco use, indoor air pollution, harmful gases and particles, and occupational dust, influence the prevalence of COPD and necessitate ongoing care management. As a result, segmental demand will be driven over the anticipated period by the rising prevalence rate of COPD and the rising need for effective treatment.
The North America region market is estimated to witness the highest share of the global Smart Shelves market during the forecast period, which is attributed to increasing activities by key market players in countries in this region. The smart shelves market in North America involves the adoption and deployment of intelligent shelving systems that incorporate advanced technologies to enhance the shopping experience, improve inventory management, and provide real-time data analytics in retail environments. Retailers in North America are increasingly embracing automation and digitalization to streamline their operations and enhance customer engagement. Smart shelves offer real-time inventory tracking, enabling retailers to optimize stock levels, reduce out-of-stock situations, and improve overall inventory management efficiency.
Due to its large elderly population, rising disposable incomes, rising healthcare costs, and numerous developmental initiatives, the Asia-Pacific region is expected to experience rapid growth. Regional growth will be aided by emerging economies' rising healthcare IT development expenditures. In addition, the markets for smart inhalers in Asia-Pacific are predicted to grow rapidly in India and China.
Some of the key players profiled in the Smart Inhalers Market include H&T Presspart Manufacturing Ltd., 3M Health Care Limited, Adherium Limited, AireHealth, Inc., Amiko Digital Health Limited, AstraZeneca, Inc., Boehringer Ingelheim GmbH, Cognita Labs, LLC, Cohero Health LLC, FindAir Sp. z o.o, GlaxoSmithKline plc, Novartis AG, OPKO Health Inc, Personal Air Quality Systems Private Limited, Philip Morris International Inc. (Vectura Group Plc), Pneuma Respiratory, Inc., Propeller Health and Teva Pharmaceuticals Industries Ltd.
In June 2023, H&T Presspart plans more investment in L'Arboc. The global supply of Ventolin metered-dose inhaler actuators are manufactured in in L'Arboc (Baix Penedes), Tarragona. With a combined annual production of more than 1,000 million units of injection-moulded plastic drug delivery components and devices, H&T Presspart has invested more than 20 million euros in its factory in L'Arboc in the last two years to expand its production capacity up to 3,000 square meters of cleanroom production facilities, with which to carry out new projects as they anticipate strong growth in the coming years.
In February 2023, Teva Pharmaceuticals USA, Inc., a U.S. affiliate of Teva Pharmaceutical Industries Ltd. announced that new data on its Digihaler System will be presented at the American Academy of Allergy, Asthma and Immunology (AAAAI) 2023 Annual Meeting, being held February 24-27 in San Antonio, Texas. The data includes findings from the CONNECT2 clinical trial program as well as information on patients and healthcare professionals' real-world use of the smart inhaler system. The Digihaler System is the first and only smart inhaler system with built-in sensors that provide objective inhaler event data to help patients and their doctors support asthma management and develop personalized treatment plans.
In December 2022, Australian medical cannabis company ECS Botanics has announced it will be supplying a vaporiser device for use with medicinal dried flower. The company says it has signed an agreement to import and supply a Smart Inhaler and associated software from an as yet un-named company that will provide metered-dose administration.