Smart Inhalers Market To Put Its Innovative Foot Forward Going Forward
Posted by Merin John on July 2nd, 2021
The healthcare vertical is being driven at the consumers’ pace like never before. In other words, the requirements and goals on their part are driving innovation in every arm of the healthcare vertical. On-demand interactions between clinicians and patients all over the world are being asked for. As such, the healthcare vertical is bound to witness higher strides in the next 10 years. The Smart Inhalers Market is all set to incorporate the ongoing as well as future trend.
The smart inhalers market is majorly driven by innovation, where the emphasis is on digital partnerships to offer smart inhaler products due to the increasing prevalence of respiratory disorders.
Partnerships, collaborations, and agreements between pharma and digital companies play a key role in the market’s supply chain. Increasing adoption of digitally-improved products across various end users is driving growth and innovation in the digital healthcare industry.
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Smart inhaler technology is rapidly becoming one of the most important areas of collaboration between pharma and digital health companies. A smart inhaler is now considered a part of the new-age digital technology, which is designed to improve disease management in respiratory diseases.
The leading manufacturers of smart inhalers are focusing on collaborating with digital and software companies in order to serve the targeted population. Moreover, such collaborations also help manufacturers launch their products more conveniently as well as enhance their distribution channels.
For instance, Propeller Health, a leading digital health solution provider for respiratory medicine, collaborated with Novartis AG to develop a custom add-on sensor for the Breezhaler inhaler, a smart inhaler used for COPD treatment. AstraZeneca plc formed a digital health partnership with the digital health company Adherium to manufacture smart inhalers.
In September 2017, Adherium announced the FDA approval for SmartTouch, a Symbicort inhaler for AstraZeneca’s Symbicort aerosol inhaler. All these factors are projected to drive the growth of the global smart inhalers market during the forecast period.
The growth of the smart inhalers market is attributed to the increasing prevalence of asthma and COPD across the globe. According to the latest research by the company, the global smart inhalers market is expected to account for revenue over US$ 130 Mn in terms of value by the end of 2026. The smart inhalers market is expected to witness rapid growth with a CAGR pegged at 12.2% through 2026. The smart inhalers market is moderately consolidated due to the presence of leading international players.
Regional Performance of the Smart Inhalers Market
The revenue from North America smart inhalers market is expected to expand at a significant CAGR and is estimated to remain a dominant regional market for smart inhalers. This is majorly due to the rising per capita income in North America which is driving individuals to spend more on health care.
This factor is expected to positively impact the growth in treatment options for respiratory disorders. Europe is also anticipated to be one of the leading regional markets for smart inhalers. India and China, along with other developing countries, have been preferable destinations for expenditure and investments.
The prime driving factors in the region are rapid industrialization, infrastructural developments, and economic growth. The growth in these regions is paving way for substantial growth opportunities for smart inhaler manufacturers.
Revenue Inhibitors in the Smart Inhalers Market
However, issues concerning the patient’s data security are expected to hamper the growth of the global smart inhalers market. Smart inhalers are responsible for collecting and sharing data regarding healthcare professional usage.
They have the potential to save time as well as improve safety and health, but the benefits come with significant security risks and privacy issues. The data collection and potential sharing of the information are significant concerns. The medical information of the patient could be used inappropriately, which may further lower the adoption of smart inhalers and hampers the growth of the global smart inhalers market.
Segmental Insights on the Smart Inhalers Market
The global smart inhalers market is estimated based on product type, disease indication, and distribution channel. Based on product type, the smart inhalers market has been segmented into DPI-based smart inhalers and MDI-based smart inhalers.
The DPI-based smart inhalers segment is expected to hold maximum market share in the global smart inhalers market. Based on disease indication, the smart inhalers market has been segmented into asthma and COPD. In terms of revenue, COPD disease indication dominated the global smart inhalers market in 2017.
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About the AuthorMerin John
Joined: December 11th, 2020
Articles Posted: 262
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