SMART INHALERS MARKET ANALYSIS

The global smart inhalers market was valued at US$ 236.1 Mn in 2022 and is forecast to reach a value of US$ 9,357.4 Mn by 2030 at a CAGR of 58.40% between 2023 and 2030. The global smart inhalers market is experiencing strong growth due to the rise in prevalence of respiratory disorders and growing geriatric (aging) population around the world. Moreover, increasing demand/adoption of smart inhalers or respiratory inhalers and outbreak of COVID-19 is expected to boost the market growth. However, factors such as misuse of data and breach of data privacy and lack of awareness and high cost of smart inhalers are expected to hamper the market growth.

Global Smart Inhalers Market: Regional Insights

Based on geography, the global smart inhalers market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period due to the rise in prevalence of respiratory disorders, such as chronic obstructive pulmonary disease (COPD) and asthma, increase in air pollution, rise in indoor air pollutants, and increase in adoption of smart inhalers in the region. For instance, in the United States, COPD affects around 15 million adults, and many more do not know they have it. More than half of those diagnosed are women. COPD is a major cause of disability, and it is the 4th leading cause of death in the United States, according to the Centers for Disease Control and Prevention (CDC).

Europe and Asia Pacific are also expected to witness robust growth in the global smart inhalers market due to the rise in air pollution, rise in indoor air pollutants, rise in prevalence of respiratory disorders, and rise in adoption of smart inhalers in these regions. For instance, according to the National Institutes of Health, COPD is the second most common cause of NCD-related deaths in India. Over the years, it has been observed that India has a disproportionate burden of respiratory diseases, such as COPD and Asthma. COPD affects around 63 million people in India, which is almost 32% of the world's COPD burden.

Figure 1. Global Smart Inhalers Market Share (%), by Region, 2023

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Global Smart Inhalers Market Drivers:

Rise in prevalence of respiratory disorders to drive market growth

One of the key factors expected to augment the growth of the global smart inhalers market over the forecast period is the rise in prevalence of respiratory disorders worldwide. Such a high burden of respiratory diseases, such as Asthma and COPD, leads to an increase in demand for or adoption of smart inhalers worldwide. According to the World Health Organization (WHO), March 2023 report, COPD is the third leading cause of death worldwide, causing 3.23 million deaths in 2019.

Around 90% of COPD deaths in those under 70 years of age occur in low- and middle-income countries (LMIC). Moreover, COPD is the 7th leading cause of poor health worldwide (measured by disability-adjusted life years).

Growing geriatric population to underpin market growth

Another factor which is driving growth of the global smart inhalers market is the growing geriatric (aging) population around the world. For instance, the prevalence of COPD is two to three times higher in people over the age of 60 years than in younger age groups. Moreover, elderly asthmatics are at a higher risk for morbidity and mortality from their asthma than younger patients. According to the Asthma and Allergy Foundation of America, asthma is common in adults ages 65 and older, around 7.8% of older adults in the United States have asthma. That is about the same as the number of people in the general population who have asthma.

Global Smart Inhalers Market Opportunities:

Increasing demand for smart inhalers or growing adoption of smart inhalers is expected to provide significant growth opportunities for players in the global smart inhalers market. For instance, with the rise in burden of respiratory disorders and increase in awareness among people about benefits of smart inhalers is also increasing rapidly. In April 2022, GSK launched Trelegy Ellipta, a single-inhaler triple therapy (SITT) in India for COPD patients in a once-daily regime. Trelegy provides accurate dosing through its consistent dose delivery mechanism and is associated with less inhaler teaching time compared to other commonly used inhalers.

The outbreak of COVID-19 across the globe is expected to offer lucrative growth opportunities for players in the global smart inhalers market. For instance, the pandemic had a positive impact on the market as patients with COPD and asthma are at increased/high risk of hospitalization from COVID-19. Thus, with increasing cases of COVID-19 and rise in burden of respiratory disorders, the demand for or adoption of smart inhalers is also increasing. In February 2022, Aptar Pharma launched Hero Tracker Sense, a novel digital respiratory health solution that transforms a standard metered dose inhaler into a smart connected healthcare device.

Global Smart Inhalers Market Trends:

Rise in awareness among people is a recent trend

The use of smart inhalers allows patients and their doctors to track their condition and monitor the efficacy of treatment in patients over time, without having to keep diaries or other written records. Smart inhalers alert patients to missed or repeat doses and remind patients to take their doses on time conveniently and automatically, depending on the time of the last dose. These reminders can arrive wherever the patient is. Thus, with the increase in awareness among people about benefits of smart inhalers, the adoption of smart inhalers is also increasing.

Introduction of novel products is another trend

Players in the market are focusing on developing and launching novel or technologically advanced inhalers in the market to provide quality of care, as the prevalence/burden of respiratory disorders is increasing significantly across the globe. In December 2021, NuvoAir announced the launch of an add-on sensor for asthma and chronic obstructive pulmonary disease (COPD) inhalers as a part of its chronic care ecosystem. This trend is expected to continue over the forecast period, driving the growth of the global smart inhalers market.

Global Smart Inhalers Market Restraints:

Data misuse of and data breach to market growth

One of the key factors expected to hamper the growth of the global smart inhalers market is the misuse of data and breach of data privacy. As smart inhalers are wirelessly connected and track patient’s data, the risk of data breach and misuse of the data is high. As per the research by Bespak, drug delivery device specialist, more than 50% of the patients were reluctant to use smart inhalers due to their concerns related to data breach. Thus, companies collecting the user data must consider and pay attention to the security of personal information.

Lack of awareness among people to hamper market growth

Another factor which is hampering the growth of the smart inhalers market is the lack of awareness among people about the benefits of smart inhalers. In several parts of the world, the understanding of the symptoms of COPD and asthma is less due to which the need for such devices will also be less. Less awareness also lead to or decrease in demand or sales of these devices. Moreover, people are reluctant to use smart inhalers due to their concerns related to data breach and the high cost of smart inhalers. This in turn is restraining the growth of the market.

Figure 2. Global Smart Inhalers Market Share (%), by Product, 2023

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Global Smart Inhalers Market Segmentation:

The global smart inhalers market report is segmented into Product, Distribution Channel, and Region.

Based on Product, the market is segmented into Inhalers (Metered Dosage Inhalers (MDIs) and Dry Powder Inhalers (DPIs) and Nebulizers. Of which, Inhalers Segment is expected to dominate the smart inhalers market over the forecast period and this is attributed to the increasing prevalence of respiratory disorders, such as CODP and Asthma.

Based on Distribution Channel, the market is segmented into Hospitals and Pharmacies. Out of which, Hospitals Segment is expected to dominate the market over the forecast period and this is attributed to the growing geriatric population. Geriatric population is often hospitalized for a wide variety of chronic respiratory illnesses.

Pharmacies Segment is also expected to witness significant growth in the near future and this is owing to increasing adoption and increasing awareness among people.

Global Smart Inhalers Market: Key Developments

In January 2023, Aseptika won an Innovate UK Smart Award to develop a Smart Inhaler Tracker for patients with lung health conditions. The Smart Award will help the company develop its third-generation smart inhaler tracker, which will have 5G mobile connectivity built-in.

In February 2022 Astrazeneca and Honeywell partnered to develop next-generation respiratory inhalers using the propellant HFO-1234ze, which has up to 99.9% less global warming potential than propellants currently used in respiratory medicines.

In February 2022, Aptar Pharma announced the launch of Hero Tracker Sense, a digital respiratory health solution that transforms a standard metered dose inhaler (pMDI) into a smart connected healthcare device. Hero Tracker Sense is designed to help improve the lives of patients around the world suffering from chronic respiratory diseases to track their MDI usage and facilitate improved adherence to their prescribed therapy.

Global Smart Inhalers Market: Key Companies Insights

The global smart inhalers market is highly competitive. This is attributed to the rise in demand for smart inhalers around the world, as a result, players in the market are focusing on developing and launching novel products in the market.

Some of the key players in the global smart inhalers market are Adherium Limited, AstraZeneca, Boehringer Ingelheim, Cohero Health, GSK, Novartis, and ResMed, among others.

*Definition: A smart inhaler is a medical device that integrates connectivity with a mobile app, via Bluetooth, for instance. These devices are built with sensor technology that helps record data about the time and date of use, and the location of the patient at each use.