The global Smart Inhalers Market is estimated to be valued at US$ 374.0 Mn in 2023 and is expected to exhibit a CAGR of 58.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart inhalers integrate medication delivery with digital connectivity, sensors, and software to monitor and improve patient medication adherence and health outcomes. They record when and how many doses have been taken by a patient and send the information to a mobile app, offering patients and doctors feedback to ensure medications are taken correctly.
Market key trends:
One of the major trends in the smart inhalers market is the integration of connectivity features. Smart inhalers are integrated with sensors, mobile apps, Bluetooth technology and other software that allows automated collection and transmission of usage data to physicians and caregivers. This enables remote monitoring of the patients’ condition as well as ensures medication adherence. The connectivity features of smart inhalers provide real-time insights and help improve health outcomes of patients suffering from chronic respiratory diseases like asthma.
SWOT Analysis
Strength: Smart inhalers enable remote monitoring of medication use and air flow, which helps physicians modify treatment plans effectively. They provide automated reminders to patients to take their prescribed doses on time.
Weakness: High costs associated with smart inhalers make them inaccessible for many patients. Data connectivity and device compatibility issues can arise with some smart inhalers.
Opportunity: Growing prevalence of respiratory diseases like asthma and COPD raises the need for improved medication adherence. Increased awareness about benefits of digital health offers opportunities for smart inhaler adoption.
Threats: Limited insurance coverage and reimbursements for digital health solutions act as barriers. Reluctance among some patients and physicians to adopt new digital formats poses challenges.
Key Takeaways
The global smart inhalers market is expected to witness high growth, exhibiting CAGR of 58.% over the forecast period, due to increasing prevalence of respiratory diseases. North America is expected to dominate the market owing to rising healthcare spending and availability of advanced healthcare facilities in the region. Europe accounts for the second largest share in the global market due to presence of major players and growing geriatric population suffering from COPD and asthma.
The global Smart Inhalers Market Share size for 2023 is US$ 374.0 Mn. Market growth can be attributed to increasing prevalence of respiratory diseases across both developed and developing regions. For example, asthma affects over 350 million people globally and leads to approximately 4,50,000 deaths each year. Smart inhalers help improve medication adherence through digital tracking and reminders, thereby reducing symptoms and healthcare costs associated with uncontrolled asthma over time.
Key players operating in the smart inhalers market are Adherium Limited, AstraZeneca, Boehringer Ingelheim, Cohero Health, GSK, Novartis, and ResMed, among others. Major players are focusing on new product launches, collaborations and geographic expansions to strengthen their market position. For instance, in 2022 Adherium partnered with Novartis to integrate Adherium’s digital solutions with m Respimat inhaler to enhance patient experience.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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