Smart Inhalers Market Projected to Expand at Whopping CAGR of 58.4% During Forecast Period 2019 – 2026
September 19, 2019 by Jason Lee
The global smart inhalers market size was valued at $34 million in 2018 and is estimated to reach $1,406 million by 2026, growing at a CAGR of 58.4% from 2019 to 2026. Smart inhalers are clip-on sensors, also known as connected inhalers, which are attached to the traditional inhalers. They are used to track the medication, dosage, and time taken for each dose linked wirelessly to the cloud. These inhalers are part of “Internet of Things,” thus providing correct use of the medication, improved adherence to the inhaler, and better health outcomes. Doctors and patients can easily benefit from the use of smart inhalers as they monitor the dosage and provide reminders at the time of dose, which can be recorded for understanding the patient’s daily routine.
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The global smart inhalers market is analyzed under three different scenarios, namely, moderate growth, rapid growth, and diminishing growth. Market growth is attributed to the rapid increase in the incidence of respiratory diseases, rise in air pollution, and growth in healthcare burden, owing to higher cases of asthma and COPD. In addition, expected increase in adherence to smart inhalers is another major factor that drives the growth of the smart inhalers market. However, limited availability of smart inhalers, high cost of asthma and COPD treatment, and resistance toward adoption of smart inhalers are expected to hinder the market growth.
The market is segmented on the basis of product, indication, end user, and geography. By product, it is segmented into inhalers and nebulizers. Inhalers dominates the market, which is further divided into dry powder inhalers (DPIs) and metered dose inhalers (MDIs). Based on indication, smart inhalers are bifurcated into asthma and COPD.
Based on distribution channel, it is divided into hospitals, retail pharmacies, and online pharmacies. In terms of geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the leading revenue-generating region, whereas Asia-Pacific is projected to grow at the high CAGR, owing to rise in demand for smart inhalers and increase in COPD and asthma cases.
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