Smart Inhalers Market to exceed US$ 1.75 Billion by 2028 Globally |CAGR: 20.5%| UnivDatos Market Insights

Smart Inhalers Market to exceed US$ 1.75 Billion by 2028 Globally |CAGR: 20.5%| UnivDatos Market Insights

PR Newswire

NOIDA, India, July 2, 2021

NOIDA, India, July 2, 2021 /PRNewswire/ -- A comprehensive overview of the smart inhalers market is recently added by UnivDatos Market Insights to its humongous database. The smart inhalers market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the smart inhalers market. The smart inhalers market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the smart inhalers market at the global and regional levels. Smart Inhalers market is expected to grow at a CAGR of 20.5% from 2021-2028 to exceed US$ 1.75 billion by 2028.

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Market Overview

The global smart inhalers market is experiencing significant growth on account of increasing patient pool and higher mortality rate due to respiratory diseases all over the world. For instance, According to World Health Organization, Asthma affects an estimated 300 million individuals worldwide. Annually, WHO has estimated that 15 million disability-adjusted life-years are lost and 250,000 asthma deaths are reported worldwide. Owing to these alarming facts, worldwide demand for smart inhalers is rising as they focus on preventing a wide range of illnesses related to the lungs and respiratory tract along with addressing other unmet patient needs via connected inhaler solutions.   

Furthermore, the COVID-19 pandemic has drastically changed the way healthcare is delivered due to the worldwide adoption of social distancing and quarantining norms which eventually discourage regular visits to hospitals and clinics. However, there are people whose physiological vital needs still require routine monitoring for improved healthy living. Therefore, for more healthy living and early detection of deadly respiratory diseases people are adopting digital inhalers augmenting the growth of the smart inhalers market.

Additionally, the growth of the smart inhalers market is also attributable to the growing penetration of smartphone and internet users coupled with the numerous healthcare applications available across different platforms. For instance, there are currently 3.5 billion smartphone users worldwide (Statista, 2019). Considering the total number of people using phones globally is at 4.8 billion, that means that nearly 73 percent of them are users of smartphones. In addition to this, according to Healthcare Information and Management Systems Society, Approximately 64% of adults in the United States regularly use an application to measure their health metrics.   

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Global smart inhaler market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Product, the market is primarily segmented into

Amongst products, inhalers and nebulizers are the key products. The inhalers are further segmented into Metered Dose Inhalers (MDI) and Dry Powder Inhalers (DPI). The inhaler segment of the global smart inhaler market was valued at USD XX billion in 2020 and is likely to reach USD XX billion by 2028 growing at a CAGR of XX% from 2021-2028. The high growth rate of this segment is attributable to the regular use of inhalers that enables patients, caregivers, and doctors to keep track of the patient's dosage and usage of inhalers.

By Indication, the market is primarily fragmented into

By indication, the asthma segment dominated the global smart inhalers market and will row at xx% CAGR to reach US$ xx billion by the year 2028. However, the COPD segment is also likely to see notable growth owing to the rapidly increasing COPD incidences all over the world. For instance, According to the American Lung Association, In 2018, 16.4 million people, or 6.6% of adults, reported a diagnosis of any type of COPD (chronic bronchitis, emphysema, or COPD).

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By Distribution Channel, the market is primarily segmented into

Amongst distribution channels, the hospital pharmacies segment accounted for the largest market share in 2020 is likely to maintain its dominance during the projected timeframe owing to the easy availability of smart inhalers at hospital pharmacies. However, the online channels are also expected to grow at XX% CAGR to reach US $ XX billion by 2028.

By End-User, the market is primarily fragmented into

On the basis of end-user, the global smart inhalers market is segmented into hospitals & clinics, respiratory care centers, and others. In 2020, the hospital & clinics category accounted for the largest market share of USD XX million attributable to the steadily growing demand and the awareness related to the benefits of smart inhalers. However, However, the respiratory care center is further expected to witness a CAGR growth of XX% during the analyzed time period (2021-2028).

Smart Inhaler Market Geographical Segmentation Includes:

Geographically, the North American region dominated the global smart inhalers market with almost US$ xx billion revenue in 2020 owing to the increasing disposable income of the consumers and the number of key players in the region such as Johnson & Johnson, Cohera Medical Inc., Covidien Plc, and others. In addition to this, the rising geriatric population count and the surging prevalence of chronic respiratory diseases, such as asthma and COPD, are few factors, among others, expected to further augment the global smart inhalers market. Furthermore, Asia- Pacific is also predicted to grow at an exponential rate with a CAGR of X% over the forecast period.

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The major players targeting the market includes

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the smart inhaler market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

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