Smart Inhalers Market to Exhibit 41.1% CAGR by 2027; Higher Cases of Chronic Respiratory Diseases to Spur Growth

The global smart inhalers market size is projected to reach USD 445.40 million by 2027. It is set to gain traction from the increasing prevalence of chronic respiratory diseases, such as chronic obstructive pulmonary disease (COPD) and asthma worldwide. Fortune Business Insights™ provided this information in a recent study, titled, “Smart Inhalers Market Size, Share & Industry Analysis, 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, Online Channel) and Regional Forecast, 2020-2027.” The study further states that the market stood at USD 28.62 million in 2019. However, it would exhibit a CAGR of 41.1% during the forecast period between 2020 to 2027.

Lupin Introduces ADHERO for Metered-dose Inhalers

In November 2019, Lupin, a multinational pharmaceutical company based in Mumbai announced the launch of its latest connected smart device. It is especially meant for metered-dose inhalers (MDI) and is called ADHERO. Considered to be a first-of-its-kind device, it is mainly developed to support patients living with chronic respiratory diseases in tracking their usage of MDI and facilitating therapy. The company introduced this device by partnering up with a prominent provider of drug delivery devices named Aptar Pharma.

The device can be easily connected via Bluetooth with the user’s smartphone. It is reusable and can be attached on top of the MDI. In addition to that, it consists of built-in sensors that aid in tracking the user’s consumption and usage patterns of medication on regular bases. They will be able to access this information by logging into the ‘MyAdhero’ application. The launch of this device would be beneficial in improving the quality of life of patients, as well as in enhancing the clinical outcomes.

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Capability of Smart Inhalers to Reduce Hospitalization will Aid Growth

Smart inhalers can easily be connected with the user’s smartphone by utilizing the Bluetooth feature. They not only enable dose monitoring, but also possess dosing remainder mechanisms. Apart from that, they deliver various education tools for patients. It, in turn, lowers the number of errors in dosing process, thereby causing an overall reduction in treatment costs and hospitalization. Propeller Health’s study found that patients using sensor connected inhalers exhibited a reduction of around 60.0% in hospital visits in 2016. Coupled with this, the rising number of research and development activities by key companies would eventually provide more facilities for the rising patient pool. It would contribute to the digital inhalers market growth in the near future. However, lack of awareness regarding smart inhalers in the emerging countries may hamper growth.

Top Companies Focus on Unveiling New Technologies to Gain Competitive Edge

Several industry giants, such as Cohero Health Inc., Propeller Health (A ResMed Company), and Adherium are anticipated to dominate the smart inhalers market. This growth is attributable to their increasing focus on the consolidation of sales channels, emphasis on research and development activities, and ownership of state-of-the-art technologies.

Fortune Business Insights™ profiles a list of all the organizations present in the global market. They are as follows:

• Adherium
• Propeller Health
• Cohero Health Inc.
• GlaxoSmithKline
• AstraZeneca plc
• Novartis AG
• 3M Company
• Teva Pharmaceuticals
• Vectura Group
• Others

A Significant Industry Development-

• October 2019: BIOCORP, a manufacturer, developer, and designer of medical devices headquartered in France, unveiled its smart sensor called Inspair. It is capable of converting inhalers into connected devices for aiding patients affected by COPD and asthma. The company’s main aim is to create novel solutions for enhancing treatment options for those suffering from chronic diseases. The new device would aid the company in strengthening its position in the chronic lung diseases segment.

Further Report Findings-

• North America held USD 20.04 million in 2019 in terms of revenue owing to the flexible regulatory scenario and favorable government policies.
• Asia Pacific is set to grow considerably backed by the rising number of vendors working persistently to penetrate the untapped emerging countries.
• Based on product, the metered dose inhaler (MDI)-based smart inhalers segment is anticipated to dominate in terms of smart inhalation devices market share during the forthcoming period. This is because they possess several clinical benefits.

The global market is segmented in the following way: