Pune, April 30, 2020 (GLOBE NEWSWIRE) -- The global smart inhalers market is set to gain impetus from the rising utilization of digital technology in the field of healthcare devices. It is aiding in increasing the efficiency of drug delivery devices and is, in turn, speeding up the treatment procedures. This information is published by Fortune Business Insights™ in a recent report, titled, “Smart Inhalers Market Size, Share & Industry Analysis, By Product (Dry Powder Inhaler (DPI) - Based Smart Inhalers, Metered Dose Inhaler (MDI) - Based Smart Inhalers), By Disease Indication (Asthma, Chronic Obstructive Pulmonary Disease (COPD)), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Channel) and Regional Forecast, 2020-2027.” The report further mentions that the smart inhalers market size was USD 28.62 million in 2019 and is projected to reach USD 445.40 million by 2027, exhibiting a CAGR of 41.1% during the forecast period.
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This Report Answers the Following Questions:
- What are the market trends, growth drivers, hindrances, challenges, and opportunities?
- Which key strategies will the prominent companies adopt to survive in the market?
- Which region is set to dominate the market in the coming years?
- Which segment is anticipated to lead in terms of share in the near future?
- How will the market be affected during the forecast period?
An Overview of the Impact of COVID-19 on this Market:
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Drivers & Restraints-
Rising Prevalence of Acute Respiratory Ailments to Spur Growth
The Global Burden of Disease conducted a study in 2015. It states that between 1990 to 2015, the cases of chronic obstructive pulmonary disease (COPD) upsurged by approximately 14.7%. It proves that the rising incidence of chronic respiratory diseases, such as COPD and asthma worldwide is likely to propel the smart inhalation devices market growth during the forthcoming period. In addition to that, patients are nowadays inclining gradually towards connected drug delivery devices from the manual ones because of the former’s possession of superior properties. Coupled with this, the increasing focus of the masses on preventive care would contribute to the market growth. However, manual inhalers are still considered to be substitute products. It may obstruct growth.
Segment-
MDI- Based Smart Inhalers Segment to Lead Backed by Their Clinical Benefits
In terms of product, the market is segregated into metered dose inhaler (MDI)-based and dry powder inhaler (DPI)-based inhalers. Out of these, the MDI-based smart inhalers segment is set to lead by gaining the maximum digital inhalers market share in the coming years. These smart inhalers have several clinical benefits. They aid in assisting in controlling and monitoring the amount of drug to be supplied as per the patient’s requirements. Many industry giants are also conducting research and development activities to come up with innovative technologies to be equipped in the medical devices.
Regional Analysis-
Rising Digitization in Healthcare to Favor Growth in North America
Geographically, the market is fragmented into Asia Pacific, Europe, North America, and the rest of the world. Amongst these, North America procured USD 20.04 million revenue in 2019. This growth is attributable to the major contribution of the U.S. The country is experiencing flexible regulatory scenario and favorable government policies. Additionally, its healthcare sector is going through tremendous digitalization. Also, the rising public and private funding initiatives to innovate smart inhalers would drive growth in this region.
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Asia Pacific is set to exhibit a lucrative growth owing to the rising number of vendors tapping the unexplored economies in this region. Coupled with this, the increasing expenditure on the development of healthcare infrastructure and IT in the emerging countries would affect the market in this region positively. Europe would showcase significant growth backed by the higher demand for smart inhalers from the developed countries, such as the U.K., France, and Germany.
Competitive Landscape-
Key Players Focus on Launching Technologically Advanced Products to Intensify Competition
The market houses a large number of active companies. Though the market is still at the nascent stage of development, these companies are emphasizing on research and development activities, as well as introducing new technologies to augment sales. Below are two of the key industry developments:
- January 2016: Qualcomm Life and Novartis collaborated to develop the former’s digital inhaler for patients affected by COPD. The device is called Breezhaler. It would aid both companies in strengthening their positions in the market.
- April 2016: The 3M Company introduced the 3M Intelligent Control Inhaler. It is a fully-integrated device that is intuitive and provides accurate doses to patients. It also delivers on-screen instructions via an app for feedback and usage to the healthcare provider and the patient, respectively.
List of Key Companies Operating in the Smart Inhalers Market are
- Adherium
- Propeller Health
- Cohero Health Inc.
- GlaxoSmithKline
- AstraZeneca plc
- Novartis AG
- 3M Company
- Teva Pharmaceuticals
- Vectura Group
- Others
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Recent Industry Developments Such as Mergers & Acquisitions
- Regulatory Scenario for Key Countries
- Technological Advancements Pertaining to Smart Inhalers
- Industry Background Pertaining to Smart Inhalers
- Key Industry Trends
- New Product Launch
- Global Smart Inhalers Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Dry Powder Inhaler (DPI)- based Inhalers
- Metered Dose Inhaler (MDI)- based Inhalers
- Market Analysis, Insights and Forecast – By Disease indication
- Asthma
- Chronic Obstructive Pulmonary Disease (COPD)
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Channel
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
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