by The global Smart Inhalers Market is estimated to be valued at US$ 374.0 Mn in 2023 and is expected to exhibit a CAGR of 58% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart inhalers are medical devices that can sense when medication has been released and track patients’ usage. They contain digital sensors that can transmit data via Bluetooth to smartphones and other devices. This allows patients and doctors to monitor medication adherence and manage conditions more effectively. Conventional inhalers simply deliver medication but provide no information about usage. Smart inhalers help address this issue by digitally tracking when and how often medication is released. They also have additional features like reminders that it’s time to take the next dose. This is beneficial for chronic respiratory diseases like asthma and COPD that require long-term daily medication management. The data collected can help providers optimize treatment plans and ensure patients properly follow prescription instructions.
Market key Trends:
One of the major trends in the smart inhalers market is the integration of artificial intelligence capabilities. Researchers are working on enhanced smart inhalers that can analyze usage patterns and leverage AI to predict when symptoms may worsen or flare-ups may occur. This would allow for proactive dose adjustments instead of reactive treatment. Another key trend is the development of personalized medicine through digital health data. As usage data on specific medications and individual responses accumulates, it can help providers tailor treatment programs customized to each patient’s needs, preferences, and outcomes. Additionally, healthcare systems are aiming to shift reimbursement models towards value-based payment, which rewards providers for outcomes like preventing hospitalizations and improving chronic disease management. This transformation creates opportunities for smart inhalers that can directly demonstrate their impact on clinical and financial outcomes through aggregated usage data.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low due to high capital requirements and established brand loyalty of existing players in the smart inhalers market.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of alternatives and undifferentiated nature of products.
Bargaining power of suppliers: A few large players dominate the supply side, giving them moderate bargaining power over buyers.
Threat of new substitutes: Substitutes have low threat as smart inhalers offer convenience in tracking medication intake.
Competitive rivalry: Intense rivalry exists among existing players to gain market share through innovation and partnerships.
Key Takeaways
The global Smart Inhalers Market Growth is expected to witness high growth, exhibiting CAGR of 58% over the forecast period, due to increasing prevalence of respiratory diseases. North America dominates the market currently due to supportive reimbursement policies and major market players based in the region.
Regional analysis
North America is expected to dominate the global smart inhalers market during the forecast period. Favorable reimbursement policies for smart inhalers and presence of major players drive the growth. Europe is anticipated to exhibit a significant CAGR during the forecast period due to rising pollution levels resulting in higher respiratory disorders.
Key players
Key players operating in the smart inhalers market include Adherium Limited, AstraZeneca, Boehringer Ingelheim, Cohero Health, GSK, Novartis, and ResMed, among others. Adherium Limited offers smart inhalers integrated with digital sensors to track medication use.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
