3 major trends influencing global smart inhalers market size
Rising prevalence of respiratory diseases such as asthma and COPD have steered innovations in connected devices, augmenting smart inhalers market share globally. General respiratory inhalers are restricted from the lack of adequate information and techniques to understand the patient’s health. The introduction of smart inhalers enables accurate collection of clinical data and delivers new ways of self-management among the patients.
The presence of minimized sensors in connected inhalers assists in monitoring the volume of medication inhaled. An amalgamation of technologies such as sensors with personal healthcare equipment will outline smart inhalers industry outlook in the coming years.
Smart inhalers have been introduced in order to provide safety adherence by observing the use of medication based on respiratory diseases. Additionally, smart inhalers have led to a substantial reduction in the cost of treatment and enhanced the outcomes.
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Healthcare professionals, especially in the emerging countries, are showcasing widespread adoption of smart inhalers to facilitate direct delivery of drugs to the respiratory tract of patients with an aim to improve efficiency of drug delivery and maintain a medical record. Mentioned below are few factors defining smart inhalers market outlook over 2019-2025:
- Technological innovations in personal medical equipment
Dry powder inhalers directly supply the drug to the patient’s lungs in the form of dry powder. DPI based smart inhalers are widely used as a substitute to MDI based smart inhalers and are designed to meet the drawbacks of existing DPI inhalers, mainly by assisting the patients with real-time feedback.
In 2018, the value of dry powder inhaler (DPI) based smart inhalers industry was valued at approximately USD 82 million, and is likely to showcase significant growth over the forecasted timeframe.
The device integrates dry powder fluidization techniques, records the data and provides real-time feedback, making them a viable option in the treatment of respiratory disorders.
Sensirion- a Switzerland based sensors manufacturing company developed SDP3x, a differential pressure sensor that can easily be integrated with MDI. Such efforts will further enhance the application of latest technology with healthcare and enable smart inhaler devices.
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- Growing cases of chronic obstructive pulmonary disease
The cost of treatment of respiratory diseases is a major concern among the patients, prescribers and payers. Lately, leading respiratory pharmaceutical suppliers and digital health companies are collaborating in order to facilitate simplified, accurate and advanced products.
Surging prevalence of chronic obstructive pulmonary disease (COPD) is magnifying global smart inhalers market forecast. COPD is caused by severe environmental conditions or can be genetically acquired and require constant care. In 2018, smart inhalers market size from COPD accounted for 57% of the total revenue share.
As per WHO, over 3 million deaths due to COPD were recorded in 2015. It is a life-threatening disease constituting over 5% of annual global deaths. With rising cases of COPD, smart inhalers industry size will witness significant growth.
- Increased healthcare expenditure in North America
In terms of geographical expansion, North America is expected to evolve as one of the most significant remuneration grounds for smart inhalers industry in the coming years. This is owing to the constant technological developments in respiratory disease management and a robust healthcare industry.
Key players are aimed at continuously carrying out innovations in the field of medicines to increase the efficiency of drug delivery. North America smart inhalers market share had surpassed USD 44 million in 2018 and is expected to grow substantially in the coming years.
Increasing per capita income among the people across the region enables them to spend more on advanced healthcare facilities. Owing to the presence of several leading drug manufacturers, new smart inhalers are mostly introduced in the U.S. followed by other countries.
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