Increase in tobacco consumption among men as well as women in developed countries and higher risk of exposure to indoor air pollution are expected to increase the prevalence of respiratory disease equally among both men and women, which drive the growth of the global smart inhalers market.
PORTLAND, Ore., March 23, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Inhalers Market by Product (Inhalers and Nebulizers), Indication (Asthma and COPD), and Distribution Channel (Hospital Pharmacies and Retail Pharmacies): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global Smart Inhalers industry generated $118 million in 2020, and is anticipated to generate $1.1 billion by 2030, witnessing a CAGR of 25.1% from 2021 to 2030.
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Prime determinants of growth
Increase in tobacco consumption among men as well as women in developed countries and higher risk of exposure to indoor air pollution are expected to increase the prevalence of respiratory disease equally among both men and women, which drive the growth of the global smart inhalers market. However, the risk of data leakage hinders the market growth. On the other hand, various collaborations, partnerships, and acquisitions between pharmaceutical companies and smart inhaler manufacturers present new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a positive impact on the growth of the global smart inhalers market.
- Hospital and clinical visits increased significantly, due to surge in the number of cases related to chronic respiratory diseases. This in turn, led to increasing demand for inhalers and nebulizers, thus augmenting the market growth.
The asthmasegment to maintain its leadership status throughout the forecast period
Based on indication, the asthma segment held the highest market share in 2020, accounting for more than half of the global smart inhalers market, and is estimated to maintain its leadership status throughout the forecast period, owing to increasing cases of asthma patients. Moreover, the COPD segment is projected to manifest the highest CAGR of 25.4% from 2021 to 2030, owing to increasing cases of patients suffering from chronic obstructive pulmonary disease (COPD).
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The retail pharmaciessegment to maintain its lead position during the forecast period
Based on distribution channel, the retail pharmacies segment accounted for the largest share in 2020, contributing to nearly three-fifths of the global smart inhalers market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 25.4% from 2021 to 2030, owing to ease of availability of wide range of inhalers in the retail pharmacies.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global smart inhalers market. This is owing to rise in respiratory diseases, rapid adoption of advanced technologies and presence of key players across North America. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 27.4% during the forecast period, owing to rapidly growing patient pool, increase in public-private investments, and rise in number of strategic developments among the key players.
Leading Market Players
- Adherium Limited
- Aptar Group Inc. (Cohero Health Inc.)
- AstraZeneca, Inc.
- Cognita Labs, LLC
- GlaxoSmithKline Plc
- Novartis AG
- OPKO Health Inc.
- Philip Morris International Inc. (Vectura Group Plc)
- Resmed Inc. (Propeller Health)
- Teva Pharmaceutical Industries Ltd.
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