Smart Inhalers Market Size By Product (Dry Powder Inhaler (DPI)-based Smart Inhalers, Metered Dose Inhaler (MDI)-based Smart Inhalers), By Disease Indication (Asthma, Chronic Obstructive Pulmonary Disease (COPD)), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, E-Commerce), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022 - 2028
The global smart inhalers market is slated to expand at a substantial pace through 2028 owing to high product demand among asthma patients globally. In addition, rising occurrences of respiratory illnesses are likely to further stimulate market growth over the forecast timeline.
Recently, industry players have been working towards developing advanced technologies and entering new markets by forming successful partnerships, which has been favorable for business growth. For instance, in May 2020, Propeller Health, a prominent digital health firm focused on COPD and asthma treatment, acquired 510(k) approval from the U.S. FDA to integrate patients who use the Symbicort Inhaler into its digital health platform.
Propeller's platform currently connects to most inhalers used by patients with asthma and COPD, including those made by its competitors GlaxoSmithKline, Boehringer Ingelheim, Orion, and Novartis, along with numerous generic equivalents. This clearance was a crucial step in the company’s aim to transform the way patients access preventative care, enable self-management in home settings, and ensure that providers can focus on high-risk patients.
The smart inhalers market has been bifurcated in terms of product, disease indication, distribution channel, and region. With respect to product, the market has been divided into MDI-based smart inhalers and DPI-based smart inhalers. The MDI-based smart inhalers segment is anticipated to register a positive CAGR of over 7.7% by 2028 because of the increasing adoption rate of these inhalers due to their many benefits as well as technical advancements in the product.
On the basis of disease indication, the market has been segmented into chronic obstructive pulmonary disease (COPD) and asthma. The COPD segment is slated to record a CAGR of approximately 7% through the forecast period owing to rising number of asthma patients. Increasing use of smart inhaler devices to monitor and control effective doses among asthma patients, coupled with surging preference for advanced technologies among patients, is set to fuel segmental growth.
By distribution channel, the smart inhalers market has been classified into hospital pharmacies, retail pharmacies, and e-commerce. The retail pharmacies segment registered a market share of around 32% in 2021 and is projected to witness significant expansion over 2022-2028. Growing network of healthcare facilities, improved product availability in distant locations, and high adoption of technologically advanced equipment is foreseen to bolster segmental growth through the projected timeframe.
From the regional standpoint, the Latin America smart inhalers market is primed to depict a CAGR of more than 6.8% over the review timeline on account of increasing awareness regarding chronic respiratory disorders and associated advanced therapies. Furthermore, leading industry players are expanding their presence in the emerging market, which is forecast to accelerate market expansion in LATAM in the future.
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