Smart Inhalers Market will register over 11% CAGR till 2025
Global Smart Inhalers Market is projected to surpass USD 260 million by 2025. various established pharmaceutical and digital health companies are collaborating to develop new technologically advanced respiratory inhaler for the revolution in the healthcare industry. Considerably, several smart inhalers are being introduced in the market for respiratory disease management. However, due to lack of awareness in emerging economies and significant privacy issues and security risks might deter the revenue growth of smart inhalers industry.
The asthma segment is anticipated to hold a significant revenue share in 2018 and is projected to witness the growth of 11.8% over the forthcoming years. Asthma is considered as the most prevalent chronic disease. According to the American Academy of Allergy, Asthma & Immunology, in 2016, around 8.3% of children in the U.S. suffered from asthma. The asthma prevalence increased from 8.7% in 2001 to 9.4% in 2010 among children. The segment growth is majorly due to the rising disease prevalence among the general population.
The Metered Dose Inhaler (MDI)- based smart inhalers product segment accounted for more than 34% revenue share in 2018 and is expected to witness a similar trend over the forecast years. The established pharma manufacturers are majorly focusing on partnership with software and digital companies to serve the target population. Such collaborations and partnerships will aid manufacturers to launch innovative and novel MDI smart products more conveniently and will drive the growth of the market.
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The hospital pharmacies segment will witness significant growth of 10.9% during the forecast timeframe. The growing prevalence of the respiratory disease will augment segmental growth. Moreover, hospital pharmacies are usually easily accessible to patients seeking treatment from the hospital. This increases the demand for smart inhalers in the hospital pharmacies that later drives the segmental revenue growth.
Europe smart inhalers market accounted for more than 29% revenue share in 2018 and is assessed to witness a significant CAGR by 2025. The increasing prevalence of asthma in the European region plays a pivotal role speeding up the adoption of new technologies. The smart inhalers for asthma and COPD, which can monitor, and track medication use are increasingly available in the region. Manufacturers are aiming to soon widespread the use of smart inhalers across the region.
Some of the notable business players operating in the smart inhalers market include AstraZeneca plc, GlaxoSmithKline, Aptar Pharma, Novartis, Boehringer Ingelheim, Teva Pharmaceuticals, H&T Presspart Manufacturing Ltd., Findair Sp. z o. o., Vectura Group and Zeolr Technologies Pvt Ltd.