Technology advancements in the pharma-medical devices industry are driving the market


Posted May 7, 2019 by Bhargav2

Smart Inhalers Market is projected to reach USD 760.47 million by 2024 with a CAGR of 68.27%
 
Smart Inhaler Market was worth USD 56.37 million in 2018 and is anticipated to be growing at a CAGR of 68.27%, to reach USD 760.47 million by 2023. Smart inhalers are digitally used and sensor-equipped inhalers that help patients by sending timely reminders in order to keep a track on inhaler dose at when in use time. These inhalers work on various inputs given by users. They are mostly designed for patients suffering with asthma or chronic obstructive pulmonary disease who has to inhale the medicine at certain intervals. Smart inhalers also have the facility to directly transfer the medication information to the cloud server or any mobile application in order to be checked by the physician. With the development in technology advancements in the medical segment, top pharmaceutical companies are including the digital technology for betterment of the efficacy of prescribed medicines. Smart inhalers are gaining popularity all over the world that are helping in collecting the data from the sensor and altering the patient in the given time.

Market Drivers and Restraints:

Increase in air pollution that causes diseases like asthma and COPD, inclination of patients towards digitalized medical devices, increasing aging population, increasing awareness about medication, growing investments in Research and Development of medical devices, rising respiratory diseases, new product advancements in medical industry and the technology innovations in the pharma-medical devices industry are fueling the Global Smart Inhalers Market. Nevertheless, limitations in data privacy, high costs and lack of availability in several regions are lowering the market growth.

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Report Segmented as:

By Product:

Nebulizers
Inhalers
Metered Dose Inhalers (MDIs)
Dry Powdered Inhalers (DPIs)
By Disorder:

Chronic Obstructive Pulmonary Disease (COPD)
Asthma
Others
By End-user:

Patients
R&D
Others
Geographical Analysis:

On the basis of geography, the market has been segregated into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. North America has the most significant share in terms of revenue and product due to the high awareness about digital medications, the presence of substantial private companies and the favorable reimbursements in the medical segment. Europe has risen to be the second preferred market for smart inhaler products. Novartis, AstraZeneca, and BoehringerIngelheim are essential to market players in the European region. Adoption of these inhalers, by hospitals and patients, fuels the market growth. Besides, the European Academy of Allergy & Clinical Immunology is continuously working hard to increase awareness about asthma and COPD. Nevertheless, Asia-Pacific region is estimated to have the quickest development rate due to the high investments by the government organizations and private companies in the medical industry, growth in aging population and emerging economies like China and India.

Important Market Players:

The Major market players of the global Smart Inhaler Market by the end of 2018 are like Global Smart Inhaler Market are Vectura Group plc, Teva Pharmaceutical Industries Ltd., GlaxoSmithKline plc, BoehringerIngelheim GmbH, AstraZeneca plc, Adherium Limited, Cohero Health, LLC, Propeller Health, GlaxoSmithKline plc and OPKO Health, Inc.

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

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Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.

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Categories Industry , Marketing , Publishing
Tags smart inhaler market , smart inhaler market share
Last Updated May 7, 2019