Smart Inhalers Market Expected to Reach $1,113.57 Million by 2030

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, 2021–2030," the global smart inhalers market was valued at $118 million in 2020, and is projected to reach $1,113.57 million by 2030, registering a CAGR of 25.1% from 2021 to 2030.

Smart inhalers are devices used for delivering several inhaled medications, such as anticholinergics, glucocorticoids, and beta antagonists for treating respiratory diseases. Smart inhalers contain sensors that are connected to inhaler devices, which allows maintaining the record of inhaler, increasing the adherence, and monitoring of the patient.

A smart inhaler is an inhaler that is improved by technology. These medical devices make use of technology to aid in the collection of health data. This information can assist the doctor to note more personalised treatment decisions. Some smart inhalers have sensors that can detect if a person is in a high-pollution or high-pollen area, while others can send helpful reminders and tell if one needs to check the inhaler technique. They're all designed to automatically track how frequently one uses its inhaler, so one does not have to keep track of it.

The growth of the smart inhalers market is majorly driven due to rise in prevalence of asthma and COPD. Moreover, increase in air pollution and rise in indoor air pollutant further increase the chances of having respiratory disorders. Better treatment option, ease of use, and technological advancements coupled with increase in adherence rate of patients to smart inhalers are major factors that drive the smart inhalers market.

Furthermore, according to the U.S. Centers for Disease Control and Prevention, in 2019, around 25.1 million people were suffering from asthma, including 5.1 million children. Thus, such high number of patients is expected to boost the market significantly.

Moreover, in September 2021, Adherium Limited announced that it had received U.S. Food and Drug Administration (FDA) 510(k) clearance to market its first, next generation Hailie sensor with physiological measures for monitoring asthma and (COPD) medication use. It is designed for use with AstraZeneca’s Symbicort aerosol inhaler, to enable physicians and providers to enhance patient care and clinical workflow by capturing clinical data and supporting patient management and treatment. Thus, such collaborations and product approval strategies among the key players are expected to propel the market growth significantly.

However, risk of misuse of data and and breach of data privacy, high cost of asthma & COPD treatment, and low awareness about smart inhalers are expected to impede the market growth. Conversely, high market potential in the untapped emerging economies, rise in various product launches, partnerships, collaborations among the government & key players, and development of pipeline products are expected to provide many opportunities for market growth during the forecast period.

By product type, the market is segmented into inhalers and nebulizers. The inhalers segment generated maximum revenue in 2020, accounting $112.86 million. The nebulizers segment is expected to witness highest CAGR of 27.3% during the forecast period.

By indication, the market is segmented into asthma and COPD. The asthma segment generated maximum revenue in 2020, accounting $63.55 million. The COPD segment is expected to witness highest CAGR of 25.4% during the forecast period.

On the basis of distribution channel, the market is segmented into hospital pharmacies and retail pharmacies. The retail pharmacies segment generated maximum revenue in 2020, accounting $69.21 million and is expected to witness highest CAGR of 25.4% during the forecast period.

North America exhibited the global smart inhalers market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to better healthcare infrastructure and facilities, prevalence in the number of patient suffering from asthma and COPD, adoption of technologically advanced treatments, presence of key players, and rise healthcare expenditure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to its high geriatric population base, increase in disposable incomes, surge in healthcare expenditure, and various developmental activities.

Key Findings Of The Study

• By product, inhaler segment was the highest contributor to the market in 2020.
• By indication, asthma segment was the highest contributor to the market in 2020
• On the basis of distribution channel, retail pharmacies segment was the highest contributor to the market in 2020.
• Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.