Smart Inhalers Market: Current Analysis and Forecast 2019-2025

Report Description

Global Smart Inhalers Market was valued at US$ 1,655.2 million in 2019 and is anticipated to reach US$ 4,563.1 million by 2026 displaying an elevated CAGR of 15.7% over the forecast period (2020-2026). Smart inhalers are the devices that are used for delivering a variety of medication through inhalation. The drugs used in the inhalers include anti-cholinergic, glucocorticoids, insulin, and beta-agonists for the treatment and prevention of respiratory diseases such as asthma and chronic obstructive pulmonary diseases. The global smart inhalers market trends have gained momentum in the healthcare industry due to cost-effectiveness and increased adherence to the treatment by patients owing to the presence of sensors attached to the inhalers, which stores data measuring the amount of dosage, increasing the efficiency of the drug. Market growth is attributed to the rapid increase in the incidence of respiratory diseases, the rise in air pollution, and growth in healthcare burden, owing to higher cases of asthma and COPD. Amongst the prevalence of COPD and asthma, COPD is expected to be the third leading cause of death globally by 2030. Better treatment options, ease of use, and technological advancements coupled with the increase in adherence rate of patients to smart inhalers are other major factors that drive this market. However, the 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.

Global Prevalence of Asthma and COPD

“Amongst product type, Inhalers dominated the global smart inhalers market, with 88.6% share and is projected to dominate the market by 2026.”

Based on product type, the report bifurcates the global smart inhalers market into Inhaler (Metered Dose Inhalers, Dry Powder Inhalers) and nebulizers. The market of metered-dose inhalers is expected to grow tremendously at a CAGR of 15.1% during the forecast period 2020-2026, due to the high adoption of these devices.

Smart Inhaler Market Size by Product, Global 2018-2026 (US$ Million)

“Chronic Obstructive Pulmonary Disorder (COPD) indication segment is expected to dominate the use of smart inhalers in 2018, however Asthma indication would grow at highest CAGR growth”

Based on indication, the global smart inhaler market is segmented into Chronic Obstructive Pulmonary Disorder (COPD) and asthma. The COPD occupied the largest share and is expected to maintain its dominance throughout the forecast period 2020-2026 owing to COPD is expected to be the third leading cause of death globally by 2030. The segment generated revenue of US$ 835.5 million in 2018.

“Hospital Pharmacies was the most preferred distribution channel for smart inhalers; however, Online Pharmacies  are expected to witness high adoption during the analyzed period”

On the basis of distribution channel, the report segments the global smart inhaler market into Hospital Pharmacies, Retail Pharmacies and Retail Pharmacies. In 2018, Hospital Pharmacies were the most preferred channel of distribution accounting for more than 70% share.

“Amongst end-user, Hospitals & Clinics is anticipated to dominate the Global Smart Inhaler market by 2026.”

Based on end-users the global smart inhaler market is segmented into Hospitals & Clinics, Respiratory Care Centre and others. In 2018, Hospitals & Clinics were the largest end-users of smart inhalers and is expected to remain dominance during the analysed period. However, Respiratory Care Centre are expected to witness CAGR growth of 17.7% during 2020-2026 period.

“North America represents as the largest market for smart inhaler globally, followed by Europe and Asia-Pacific”

For a deep-dive analysis of the industry, the study also includes Global regional-level analysis includes major markets of the Smart Inhaler market in North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of Asia-Pacific) and Rest of the world. In 2018, North America generated revenue of US$ 651.0 million and is expected to reach US$ 1,904.8 million by 2026. The dominance is owing to the high prevalence of respiratory disorders and rising old age population along with high awareness among the people.

Competitive Landscape-Top 10 Market Players

Boehringer Ingelheim, Cohero Health, Inc., Omron Corporation, Novartis, AstraZeneca, Teva Pharmaceuticals Industries Ltd., Vectura Group, GlaxoSmithKline, Adherium Limited, 3M are some of the prominent players operating in the Global Smart Inhaler market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

Reasons to buy:

• Current and future market size from 2018 to 2026 in terms of value (US$)
• Combined analysis of deep-dive secondary research and input from primary research through Key Opinion Leaders of the industry
• Country-level details of the overall adoption of Smart Inhaler market and several case studies of the patients who have adopted smart inhalers
• A quick review of overall industry performance at a glance
• In-depth analysis of key industry players
• A detailed analysis of drivers, restraints, key trends and opportunities prevailing in the industry
• Examination of industry attractiveness with the help of Porter’s Five Forces analysis and start-ups
• The study comprehensively covers the market across different segments and sub-segments of the technology
• Region/country Covered: North America (US, Canada and Rest of North America), Europe (UK, Germany, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, India, Japan, Australia and Rest of Asia-Pacific), and Rest of World

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Research Methodology

Analyzing historical market, estimation of the current market and forecasting the future market for global smart inhalers were the three major steps undertaken to create and analyze the overall adoption rate of Smart Inhaler in different regions/countries. Exhaustive secondary research was done to collect the historical market of the technology and overall estimation of the current market. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted with industry experts across the value chain of the Smart Inhaler. Post assumption and validation of market numbers through primary interviews, a top-down approach was employed to forecast the complete market size of the Smart Inhaler market at a global scale. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the technology. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Global Smart Inhaler Market through company internal sources such as annual report & financial statements, performance presentations, press releases, inventory records, etc. and external sources including trade journals, news & articles, government publications, economic data, competitor publications, sector reports, regulatory bodies publications, safety standard organizations, third-party database and other credible publications. For economic data collection, sources such as the World Bank, CDC, European Commission (EC), United Nations and WHO, OECD among others were used.

Step 2: Market Segmentation:

After obtaining the historical market size of the overall market, a detailed secondary analysis was done to gather historical market insights and share for different segments for the Global Smart Inhaler market. Major segments included in the report are the product, indication, sales channel and end-user.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments detailed factor analysis was conducted to estimate the current market size of the global Smart Inhaler. Factor analysis was conducted using dependent and independent variables such as accelerating aging population, rising prevalence of age-related respiratory disorders, rising air pollution and increasing incidence of asthma and COPD. Historical trends of the global Smart Inhaler and their year-on-year impact on the market size and share in the recent past were analyzed. The demand and supply-side scenario were also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at current market size, key players in major applications and markets, market shares of these players and industry’s supply chain. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including market drivers, restraints, opportunities and trends. After analyzing these factors, relevant forecasting techniques i.e. Bottom-up/Top-down was applied to arrive at the market forecast pertaining to 2026 for different segments and sub-segments in different regions/countries. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value and rate of adoption of Smart Inhaler in Globally
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in major applications and markets as well as the market share of each player. Also, the growth strategies adopted by these players to compete in the ever-growing global Smart Inhaler market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, etc.). Primary research findings were summarized, and statistical analysis was performed to prove the stated hypothesis. Input from primary research was consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants

Market Engineering

Data triangulation technique was employed to complete the overall market engineering process and to arrive precise statistical numbers of each segment and sub-segment pertaining to the Global Smart Inhaler market. Data was split into several segments post studying various parameters and trends in the areas of application such as product type such as nebulizers, smart inhalers, distribution channel, indication and regions such as North America, Asia-Pacific and Europe among others

Main objective of the Smart Inhaler Market Study

The current & future market trends of the Global Smart Inhaler market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the global smart inhalers in terms of value (US$) and volume
• Analyze the current and forecast market size of different segments and sub-segments of the global smart inhaler market
• To analyze the revenue and business models of the market players in the industry
• To understand the initiatives undertaken by players to increase the overall analysis of Smart Inhaler in major regions
• Define and describe the segments and sub-segments considered in the evaluation of the global smart inhaler market and anticipate potential risk associated with the market
• Define and analysis of the government regulations for diagnostics
• Analyze the current and forecast market size of the global smart inhaler market for major regions/countries including North America (US, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, UK, Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific) and Rest of World
• Define and analyze the competitive landscape of the global smart inhaler market and the growth strategies adopted by the market players to sustain in the fast-growing market