Smart Inhalers Market is Expected to Witness Rapid Growth With a CAGR Pegged at 58.4% Through 2026 – Allied Market Research
According to a new report published by Allied Market Research, titled, “Smart Inhalers Market by Product, Indication, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019 – 2026,” the Global smart inhalers market size was valued to be at $34 million in 2018 and is expected to increase during the forecast period to be at $1,406 million by 2026, registering a CAGR of 58.4% from 2019 to 2026. The inhalers segment accounted for more than half of the total market share in 2018.
The major factor attributing to the increase of smart inhalers is rise in prevalence of COPD and asthma, among which COPD is expected to be the third leading cause of death globally by 2030. Better treatment option, ease of use, and technological advancements coupled with increase in adherence rate of patients to smart inhalers are other major factors that drive this market. However, lack of reimbursement for smart inhalers and limited availability of smart inhalers in developing regions are expected to restrain the global smart inhalers market growth.
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Smart inhalers are the small inhaler devices used for delivering several inhaled medications such as anticholinergics, glucocorticoids, and beta antagonists. According to CDC data of 2016, approximately 26.5 million people are living with asthma in the U.S., and nearly 1.7 million people were found out to be having asthma as the primary diagnosis during their visit to emergency departments. Smart inhalers contain sensors that are connected to inhaler devices, this allows maintaining the record of inhaler, increasing the adherence and monitoring of the patient.
The major factor attributing to the increase of smart inhalers is rise in prevalence of COPD and asthma, among which COPD is expected to be the third leading cause of death globally by 2030. Better treatment option, ease of use, and technological advancements coupled with increase in adherence rate of patients to smart inhalers are other major factors that drive this market. However, lack of reimbursement for smart inhalers and limited availability of smart inhalers in developing regions are expected to restrain the global smart inhalers market growth.
Currently, Adherium is the major player in this market with majority of the approved products being provided by Adherium. However, smart inhalers being a lucrative market, acquisitions and collaborations are increasing between the pharmaceutical companies and smart inhaler manufacturers.
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Based on distribution channel, the market is segmented into hospitals, retail pharmacies, and online pharmacies. Retail pharmacies segment is the highest contributor for the distribution channel segment. However, online pharmacies segment is the highest growing segment and is expected to propagate at a higher growth rate throughout the forecast period, owing to the preference over other pharmacies, as it provides hassle free doorstep delivery of the smart inhalers directly by the manufacturing companies.
Leading market players:-
Leading market players analyzed in the research include Adherium, Astrazeneca plc., Glaxo Smith Kline, Cohero Health Inc., Novartis International AG, ResMed Inc., Opko Health Inc., Boehringer Ingelheim Group, and Vectura Group plc.
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