NEW YORK, Dec. 2, 2021 /PRNewswire/ -- This updated analysis on the smart inhalers market by Persistence Market Research predicts the industry to surge ahead at a CAGR of 23.5% and attain a net worth of US$ 1 Bn by the end of the decade.
Respiratory disorders such as asthma and COPD have become more frequent over the past decade, and this trend is expected to be followed through this decade as well. With more instances of respiratory issues being recorded, demand for treatment and therapies for these disorders has also subsequently risen.
Adoption of smart inhalers is expected to rise as more healthcare professionals recommend them and their efficiency in drug delivery and drug tracking is realized. Increased medical adherence, reduced costs of treatment, improved and better results, and ability to track and maintain a record of clinical data are some of the factors that are expected to propel the adoption of smart inhalers.
Key manufacturers of smart inhalers are investing in reaching out to untapped markets and are focusing on increasing product awareness. They are also adopting organic as well as inorganic strategies to boost sales across regions.
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- In July 2019, Teva Pharmaceutical, a renowned pharmaceutical firm, announced that it has achieved FDA approval for its AirDuo Digihaler. The product is a sensor-enabled inhaler that sends usage data to a smartphone, and this information can also be shared with a medical provider.
- In May 2021, RYAH Medtech Inc. signed an agreement with exclusive product distribution and software development rights to its French partner, Delled SAS, for the RYAH smart inhaler.
Key Takeaways from Market Study
- The smart inhalers industry is predicted to expand at an impressive CAGR of 23.5% through 2031.
- The market in China is expected to rise at the fastest pace through 2031.
- Adoption of smart inhalers in North America is high and the market in this region accounts for a dominant share in the global landscape.
- Lack of awareness in underdeveloped economies is a major restraining factor for market growth.
- By 2031, the global smart inhalers market is predicted to be worth over US$ 1 Bn.
- Increased medical adherence, rising proliferation of technology in the medical industry, and growing awareness about the benefits of smart inhalers are some of the factors that favor market growth potential.
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"To utilize the full revenue potential of the market, smart inhaler manufacturers would have to increase awareness and adoption of the product in developing regions," says a Persistence Market Research analyst.
Competitive Landscape
The global market for smart inhalers has been identified as a fairly fragmented space due to the presence of a high number of market participants.
Some of the key market players included in the report are GlaxoSmithKline Plc., Teva Pharmaceutical Industries Ltd., Novartis AG, AstraZeneca plc, Boehringer Ingelheim International GmbH, Aptar Pharma (AptarGroup, Inc.), Propeller Health, OPKO Health Inc., H&T Presspart Manufacturing Ltd., Sensirion AG, and Cohero Health Inc.
The above are identified as key suppliers of smart inhalers. These market participants are engaged in market expansion activities and are focusing on mergers and collaborations to develop a better product portfolio and drive their sales funnel.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global smart inhalers market that contains industry analysis of 2016-2020 and opportunity assessment for 2021-2031.
The report provides an in-depth analysis of the market through different segments, namely, product type, disease indication, distribution channel, and region. The report also provides supply and demand trends along with an overview of the parent market.
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