The Smart Inhalers market is expected to grow CAGR of 23.5%, to reach USD 1.35 Billion by 2030.
As per the analysis conducted by Market Research Future (MRFR), the Smart Inhalers market is anticipated to acquire the market value of USD 1.35 Billion while thriving at a CAGR of 23.5% by 2030.
The growing awareness about the advantage of smart inhalers over conventional inhalers, the on-going technological advancements in smart inhalers, and the increasing prevalence of respiratory disorders are some of the major drivers fueling the market growth during the forecast period. However, the high price of smart inhalers, data security concerns related to security devices, and regulating government policies may hinder the smart inhaler devices market.
The outbreak of COVID-19 is expected to grow the demand for smart inhalers owing to the rising demand for an effective device to keep a check on the oxygen level among the COVID infected population. COVID-19 is likely to have a positive impact on the smart inhaler technology market.
Rising Prevalence of Respiratory Disorders to Propel the Market
The growing prevalence of respiratory disorders such as; asthma and COPD are anticipated to be one of the most significant factors that can grow the market during the forecast period. Furthermore, the rising adoption of smart inhalers for the direct delivery of drugs to the respiratory tract is anticipated to be another salient cause that can augment the smart inhalers market size in the review timeframe.
Growing Partnerships among Manufacturers and Software Companies to offer Significant Opportunities
The established manufacturers of smart inhalers are focusing on collaborating with digital and software companies to meet the rising demands. The partnership is likely to offer various opportunities for expansion to the partners, thereby benefiting the market in the coming period.
High Prices of Smart Inhalers to Inhibit the Market Growth
The expenses associated with smart inhalers are expected to hamper the market growth during the forecast period. Also, the lack of awareness regarding the symptoms of asthma and COP is another salient factor that can hinder the market growth during the assessment timeframe.
Concerns Regarding Privacy to Pose a Significant Challenge
The concerns regarding the data are likely to pose a major challenge that can hamper the market growth during the forecast period.
Cumulative Growth Analysis
The market is anticipated to grow significantly during the forecast period owing to the growing incidence of asthma and COPD. However, the expenses associated with smart inhalers are likely to hinder the market growth.
The smart inhalers market has been segmented into type, application, and end-user.
Based on the type, thesmart inhalers market is segmented into the metered-dose inhaler and dry powder inhaler.
Based on the type, the smart inhalers market is segmented into COPD, market asthma, and others.
Based on the type, the smart inhalers market is segmented into respiratory care centers, hospitals & clinics, and others. Among all, the hospitals and clinics segment is predicted to lead the market during the review timeframe.
Americas Expected to Dominate the Market Due to Rising Asthma and COPD Cases
The Americas is projected to lead the smart inhalers market during the projection period owing to the expanding patient pool among adult and kids being diagnosed with the disease like asthma and COPD in the region. The incorporation of the latest and the growing affordability of smart inhalers are predicted to grow the market in the region during the assessment period. Among all, the US is anticipated to make the most salient contribution in developing the regional market in the evaluation timeframe.
Europe to Witness Significant Rise Due to the Presence of Key Players
Europe is projected to acquire the second-largest market share during the forecast period owing to the significant contribution of established players of the region. The rising adoption of smart inhalers by hospitals and patients is projected to be a significant cause that can boost the regional market during the review period. Among all, the UK is expected to make the most significant contribution in developing the regional market during the assessment period.
APAC to be the Fastest-Growing Market Due to Rising Development in Emerging Countries
APAC is predicted to be the fastest-growing market during the analysis timeline. The rapid development of the healthcare infrastructure and the on-going technical development is projected to strengthen the regional market during the review timeframe. Besides, economic expansion and industrialization are projected to be some salient cause that can augment the regional market during the forecast period. In addition, India and China are predicted to make a significant contribution to developing the regional market due to the increasing investments in the regions.
MEA to Witness Sluggish Growth during the Forecast Period
The MEA region is projected to witness sluggish growth during the forecast period owing to the presence of low economies and the lack of awareness. However, the presence of untapped market opportunities are likely to give a significant opportunity to the region. Also, the Middle East countries such as; the UAE, Kuwait, and others can boost the regional market due to their economic instability.
The smart inhalers market is a competitive market owing to the presence of new and as well as established players. The growing adoption of digital technology by renowned players is expected to intensify market expansion in the coming period. Besides, the increasing partnership among players is projected to accelerate the competition in the market further.
The report is a thorough analysis of the smart inhalers market. It throws light on the key segments, regions, and the established key players. The report also contains the impact of COVID-19 on the smart inhalers market.
Smart Inhalers Market, By Type
Smart Inhalers Market, By Application
Smart Inhalers Market, By End-User
|Market Size||USD 1.35 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||type, application, and end-user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||AstraZeneca (UK),Adherium (New Zealand),Cohero Health (US),Gecko Health Innovations, Inc (US),GlaxoSmithKline (UK),Inspiro Medical (Israel),Propeller Health (US)|
|Key Market Opportunities||Growing Partnerships among Manufacturers and Software Companies to offer Significant Opportunities|
|Key Market Drivers||Rising Prevalence of Respiratory Disorders to Propel the Market|
The smart inhalers market is predicted to touch USD 1.35 Billion by 2030.
Key competitors in the smart inhalers market include Propeller Health (US), Inspiro Medical (Israel), Gecko Health Innovations, Inc (US), GlaxoSmithKline (UK), Cohero Health (US), AstraZeneca (UK), and Adherium (New Zealand).
The Americas is projected to have the largest share in the smart inhalers market during the forecast period.
The smart inhalers market is predicted to grow at a 23.5% CAGR between 2022-2030.
Key players have adopted specific strategies to create a foothold in the smart inhalers market such as acquisitions, R&D activities, product launches, and more.