PORTLAND, Oregon, October 5, 2016 /PRNewswire/ --
A new report, "Smart Inhalers Market by Product, Indication, and End User - Global Opportunity Analysis and Industry Forecast, 2014 -2022", states that the global smart inhalers market was $5.8 million in 2015 and is expected to reach $191 million by 2022, growing at a CAGR of 63.3% from 2016 to 2022. The inhalers segment captured majority share in 2015, whereas nebulizers segment is projected to grow at fastest CAGR of 64.1% during the forecast period. North America, which accounted for around two-fifths share in 2015, is expected to maintain its lead throughout.
Summary of the Smart Inhalers Market Report can be accessed on the website at https://www.alliedmarketresearch.com/smart-inhalers-market
Smart inhalers promote adherence to inhalers and also send timely reminders to patients to take their inhaler dose at the required time due to which it has emerged as a novel approach in asthma and COPD management. The major factors that drives the smart inhalers market include worldwide growth in population susceptible to indoor air pollutants, inclination of patients towards digitalized medical devices for monitoring daily medication doses, and rise in prevalence of asthma and COPD. In addition, improved smart inhalers adherence rate and increase in collaboration between pharmaceutical companies and smart inhaler manufacturers promotes technological advancements which would ultimately support the market growth. These smart inhalers directly transfer medication data to the mobile application as well as to the cloud server connected through the internet. Thus, assuring doctor on exact medicine intake and frequency of the same. However, data privacy and limited availability of smart inhalers across regions acts as a major limitation in the market growth.
Smart inhaler products comprise sensors that can be easily attached on the traditional inhalers and nebulizers. The inhalers segment accounted for major share of the overall market, as inhalers are preferred as first option of treatment, portability, and cost effectiveness leading to volume sales. However, nebulizers are expected to grow at the fastest rate due to technological advancements that result in their portability and ease of use.
North America accounted for the majority of the revenue in 2015 owing to the increased adoption of smart inhalers and increased awareness about asthma and COPD treatment. Asia-Pacific is projected to be the fastest growing region throughout the analysis period with major revenue contribution from China. Improvement in healthcare infrastructure and increase in healthcare expenditure in the emerging markets (such as India and China) is projected to fulfill the unmet medical needs thus, fueling the smart inhalers market growth in the Asia-Pacific region.
Key findings of the smart inhalers market study:
- In the year 2015, inhalers led the global smart inhalers market revenue, and is projected to grow at a CAGR of 63.2%.
- Smart inhalers market for asthma is expected to grow at a CAGR of 62.0%, in terms of revenue, whereas for COPD, is expected to grow at a CAGR of 64.5%.
- COPD indication segment is expected to grow at a CAGR of 64.5% due to increase in COPD incidence rate, rise in adherence rate.
- The majority of smart inhalers are used by R&D centers and this trend is expected to be continued during the forecast period.
- Europe and Asia-Pacific together accounted for around half of the market share in 2015.
- China is the major shareholder, accounting for about one-third share of the Asia-Pacific smart inhalers market, in terms of value.
- U.S. smart inhalers market is expected to grow at a CAGR of 59.5%.
- German smart inhalers market is expected to grow at a CAGR of 68.2% during analysis period.
Recent developments such as acquisition of Inspiro Medical by Opko Health, collaboration between Novartis and Qualcomm, and acquisition of Gecko Health by Teva pharmaceuticals for manufacturing smart inhalers further signify the increase in competition in the smart inhalers industry. These developments are majorly focused on manufacturing smart inhalers as well as launching new devices with inbuilt smart inhalers instead of using an add on sensor to the device; thereby positively increasing the market revenue as well as competition among the manufacturers.
Major players profiled in this report include Vectura Group plc, Adherium Limited, Teva Pharmaceutical Industries Ltd. (Gecko Health Innovations), AstraZeneca plc, Propeller Health, Cohero Health, LLC, Boehringer Ingelheim GmbH, OPKO Health, Inc. (Inspiro Medical Ltd.), GlaxoSmithKline plc, and Novartis AG.
Summary of Similar Reports can be viewed at https://www.alliedmarketresearch.com/life-sciences/medical-devices-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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