Smart Inhalers Market: Current Analysis and Forecast (2021-2027)

Report Description

Global Smart Inhaler Market was valued at US$ 390.14 million in 2020 and is anticipated to reach US$ 1751.70 million by 2028 displaying an elevated CAGR of 20.5% over the forecast period (2021-2028). The smart inhaler devices contain a biosensor that can be connected to an application on smartphones or tablets that helps in recording data about the date and time of use of the inhaler. The sensors are either embedded inside the inhaler itself or are attached externally to the primary inhaler. These devices also allow the patient to set up an automatic reminder for the next dose. Smart inhalers enable patients with chronic obstructive pulmonary disease (COPD) and asthma to manage their disease efficiently. They support patient’s healthcare journey and provide patient’s health data to clinicians and caregivers enabling them to personalize their treatment and meet all the patient’s needs to avoid any complications. In addition to this, it also enables patients to take control of their care alongside the physicians and caregivers.

The rising worldwide demand for digital healthcare solutions is because of the changing traditional medical protocols and increasing penetration of IoT in the healthcare and medical devices sector. Furthermore, the growing geriatric population coupled with the surge in respiratory disease incidences is driving the growth of smart inhalers across the world. For instance, according to WHO, more than 3 million people die every year because of COPD accounting for 6% of all deaths all over the world. In addition to this, 235 million people suffer from asthma which is one of the most common diseases among children.

The worldwide demand for smart inhalers is increasing on account of rising air pollution at an alarming rate and the pulmonary disorders caused due to it. For instance, Air pollution kills an estimated 7 million people worldwide every year from exposure to fine particles in polluted air that lead to diseases such as stroke, heart disease, lung cancer, chronic obstructive pulmonary diseases, and respiratory infections, including pneumonia.

Another factor contributing to the growth of the smart inhalers market is the advancement in medical technology and the need to control the surging treatment cost associated with respiratory disorders. From drugs to surgeries, to other medical procedures, nothing costs less than a few lakhs. Smart inhalers are considered a promising innovation that monitors medication adherence based on the type of respiratory disease. Thus, improving the patient’s outcome and reducing the treatment costs. For instance, according to a clinical study, 80% of asthma patients who were using smart inhalers adhere to preventive medication, with a 61% reduction in steroids that are taken orally. Hence, reducing the overall treatment costs associated with respiratory disorders.

However, some of the restraints in the market include a lack of awareness and the overall high cost of inhalers. In addition to this, the concerns related to misusing data and data privacy are impeding the growth of this market all over the world.

  Prevalence of Asthma and COPD

Boehringer Ingelheim, Cohero Health, Inc., Novartis, AstraZeneca, Omron Corporation, 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&As along with partnerships have been undertaken by these players to facilitate customers with innovative products.

Insights Presented in the Report

“Amongst Products, Inhalers hold the major share”

Based on the product, the market is divided into inhalers and nebulizers. The inhaler segment is further segmented into dry powder inhaler (DPI) and metered-dose inhaler (MDI). The inhalers segment holds a major share in the market owing to their ability to monitor important information like medicines schedule and dosage reminders. Inhalers dominated the global smart inhalers market, with XX% share, and is projected to dominate the market by 2028. Furthermore, The market of metered-dose inhalers is expected to grow significantly at a CAGR of XX% during the forecast period 2021-2028, due to the high adoption of these devices.

“Amongst Indication, Asthma segment is anticipated to grow at the highest CAGR of XX% during the analyzed period”

Based on indication, the global smart inhaler market is segmented into Chronic Obstructive Pulmonary Disease (COPD) and asthma. The asthma segment is expected to witness major growth during the forecast period (2021-2028) due to the increasing patient pool suffering from asthma all over the world as they require regular monitoring of their dosage intake. For instance, according to the Asthma and Allergy Foundation of America, nearly 25 million Americans have asthma. This equals about 1 in 13 Americans, including 8% of adults and 7% of children. However, the COPD segment is also expected to grow rapidly at a CAGR of XX% during the projected timeframe.

“Amongst Distribution Channel, Hospital Pharmacies segment holds the major share”

Based on distribution channels, the global smart inhaler market is fragmented into hospital pharmacies, retail pharmacies, and online channels. In 2020, hospital pharmacies were the most preferred channel of distribution accounting for more than XX% share owing to 24/7 accessibility of medication and conveniently available healthcare options for busy families and caregivers. For instance, according to the study published in the Journal of Medical Internet Research, 82.65% of people were aware that medications can be purchased online, however, only 4.17% purchased medications online at least once. However, this number is likely to increase in the future as numerous patients were open to prospective online purchases. Thus, online channels are also anticipated to grow exponentially with a CAGR of XX% in upcoming years owing to the high adoption of online channels for purchasing medical equipment.

“Amongst End-User, Hospitals & clinics segment is anticipated to grow at the highest a CAGR of XX% during the evaluated period”

Based on end-user, the global smart inhaler market is divided into hospitals & clinics, respiratory care centers, and others. In 2020, Hospitals & Clinics were the largest end-users of smart inhalers and are expected to remain dominant during the analyzed period (2021-2028) due to the rising demand for smart inhalers among patients suffering from respiratory disorders. However, respiratory care centers are also expected to witness a CAGR growth of XX% during the 2021-2028 period.

“North America signifies one of the largest markets of smart inhalers market”

For a better understanding of the market dynamics of the smart inhalers market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of APAC), and Rest of World. North America dominated the market and generated revenue of USD XX million in 2020 owing to the government support for advanced research and development in the field of digital inhalers and increasing awareness regarding the benefits offered by them. Furthermore, The surging demand for smart inhalers is due to the growing geriatric population and rise in lung disease incidences across the region. For instance, according to American Lung Association, asthma affects 24.8 million Americans, including 5.5 million children, and accounts for millions of emergency department visits and tens of billions in healthcare costs every year. However, Asia-pacific regions are identified as emerging markets offering significant growth opportunities for key players owing to the increase in demand for better disease management systems.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

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

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the smart inhaler market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the smart inhaler market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are product, indication, distribution channel, and end-user. Further country-level analyses were conducted to evaluate the overall demand for smart inhalers in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of smart inhalers. Further, we conducted factor analysis using dependent and independent variables such as increased respiratory disease incidences and the growing geriatric population. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the smart inhalers industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the smart inhalers market, and market shares of the segments. 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, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down/bottom-up approach was applied to arrive at the market forecast to 2028 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of smart inhalers across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the smart inhalers market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing 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, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the smart inhalers market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of products, indication, distribution channel, and end-users of the smart inhalers market.

Main Objective of the Smart Inhalers Market Study

The current & future market trends of smart inhalers were 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 were determined the overall attractiveness of the market at a regional level, 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 smart inhalers in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of products, indication, distribution channels, and end-users
• Define and analysis of the regulatory framework for the smart inhalers industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the smart inhalers market for the major region
• Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan and India), and the Rest of the World
• Company profiles of the smart inhalers market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry