SMART INHALERS MARKET ANALYSIS

Smart Inhalers MarketSize and Trends

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 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.

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.