Category : Healthcare and Pharmaceuticals | Delivery Format : PDF | Status: Forthcoming | Report ID : ARC306
Smart inhalers are similar to conventional inhalers; however, they pose the facility of sending timely notifications to the users or patients. These notifications aim to remind the patient to complete their inhaler dose at given time. Therefore, smart inhalers have emerged as a novel product in terms of design approach for applications such as asthma and COPD management. It is expected that the market for smart inhalers will be following the trend from the conventional market. These products are the extension of conventional inhaler products due to the trend of connected medical devices and increasing use of smart phone connected health fitness devices.
Few of the major factors driving the demand for smart inhalers include growing worldwide population which is vulnerable to air pollutants and allergies. Further inclination of young population towards smart and digitalized daily monitoring medical devices spurs the adoption of smart inhalers over conventional ones. Also, growing frequency of daily medication doses along with the escalation in prevalence of COPD and asthma fuels the demand for smart inhalers.
In terms of technology, smart inhalers pose improved features and properties that enhances user experience. However, manufacturing techniques are expensive and are likely to pose a restraint to the market growth. It is expected that, enhancement in the manufacturing technologies for electronic goods can reduce the manufacturing cost which will enable availability of low cost smart inhaler products. Therefore, it is clear that technological advancements can ultimately upkeep the market growth. One of the greatest advantages of these devices is that it stores the medical data of patient in mobile application and transfers it to the cloud server connected via Internet. Therefore, it helps doctors to exam the exact medicine dosage taken by the patient, thus providing extra room for medical treatment. Factors such as limited product availability and issues with data privacy can limit the market for smart inhalers across the globe. Smart inhalers come with the facility to attach traditional nebulizers and inhalers and nebulizers.
Amongst two product types, namely nebulisers and inhalers, the inhalers segment accounts for the majority share in total smart inhalers market. This is majorly attributed to the fact that inhalers are a preferred option when it comes to better treatment, cost effectiveness and portability. However, nebulisers segment is likely to be the fastest-growing segment due to recent technological advancement and ease of use.
The North American region, in terms of geography, holds the largest market revenue shares as adoption of smart inhalers is more in this region along with the awareness towards COPD treatment and asthma. Asia-Pacific is likely to be the fastest-growing region throughout the forecast period coupled with major revenue contribution from China. It can be seen that countries like India and China are spending more on healthcare infrastructure to fulfil the medical requirements. As a result, the smart inhalers market is expected to grow drastically in Asia-Pacific. Continuous growth in per capita disposable income in countries such as India, China, Brazil and Philippines can lead to the growth in adoption of smart inhaler products.
Majority of smart inhaler products are been used by research and development centres in Europe and China, thus making these regions together account for half of the market share. Recent acquisition of Inspiro Medical by Opko Health signifies the growing competition in this market. Collaboration between Qualcomm and Novartis indicates the strategy of market players to acquire technology of smart inhalers. Few of the major market participants in this market include Adherium Limited, Vectura Group plc, Teva Pharmaceutical Industries Ltd., AstraZeneca plc, Cohero Health, LLC, Propeller Health, BoehringerIngelheim GmbH, Novartis AG, OPKO Health, Inc. and GlaxoSmithKline plc among others.
Market Segmentation
Market by Product Type
· Nebulisers
· Inhalers
Market by Geography
· North America
o US
o Canada
o Mexico
· Europe
o UK
o Germany
o France
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Philippines
o Rest of Asia-Pacific
· Latin America
o Brazil
o Chile
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
