Persistence Market Research predicts that the global smart inhaler market will generate revenue of over US$1 billion by the end of 2031.
PUNE, MAHARASHTRA, INDIA, March 18, 2022 /EINPresswire.com/ — The smart inhaler market is set to grow on a graceful note over the next 10 years. The health care vertical is shifting from “value” to “production”. This shift to collaboration (instead of competition) is expected to set new benchmarks in the smart inhaler market. This rapidly changing environment is set to take the healthcare vertical by storm over the next decade.
This updated analysis on the smart inhaler market by Persistence Market Research predicts that the industry will grow at a CAGR of 23.5% and reach a net worth of US$1 billion by the end of the decade.
Respiratory disorders such as asthma and COPD have become more common over the past decade, and this trend is also expected to continue throughout this decade. With more cases of respiratory problems being recorded, the demand for treatment and therapies for these disorders has also subsequently increased.
Adoption of smart inhalers is expected to increase as more healthcare professionals recommend them and their effectiveness in delivering and tracking medications materializes. Increased medical adherence, reduced treatment costs, improved and better outcomes, and the ability to track and maintain a record of clinical data are some of the factors expected to propel the adoption of smart inhalers.
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Leading smart inhaler manufacturers are investing to reach untapped markets and focus on increasing product awareness. They are also adopting both organic and inorganic strategies to drive sales across all regions.
In July 2019, Teva Pharmaceutical, a renowned pharmaceutical company, announced that it had obtained FDA approval for its AirDuo Digihaler. The product is a sensor inhaler that sends usage data to a smartphone, and this information may also be shared with a medical provider.
In May 2021, RYAH Medtech Inc. signed an agreement with exclusive product distribution and software development rights to its French partner, Delled SAS, for the RYAH smart inhaler.
OPKO Health, Inc.
Astra Zeneca plc
H&T Presspart Manufacturing Ltd.
Cohero Health, Inc.
Key insights from market research
The smart inhaler industry is expected to grow at an impressive CAGR of 23.5% through 2031.
The Chinese market is expected to grow at the fastest rate until 2031.
The adoption of smart inhalers in North America is high and the market in this region represents a dominant share in the global landscape.
Lack of awareness in underdeveloped economies is a major restraining factor for market growth.
By 2031, the global market for smart inhalers is expected to be worth more than US$1 billion.
Increased medical adherence, growing proliferation of technology in the medical industry, and increasing awareness about the benefits of smart inhalers are some of the factors driving the growth potential of the market.
“To utilize the full revenue potential of the market, manufacturers of smart inhalers should increase product awareness and adoption in developing regions,” says an analyst at Persistence Market Research.
The global smart inhalers market has been identified as quite a fragmented space owing to the presence of a high number of market players.
Some of the major market players included in the report are GlaxoSmithKline Plc., Teva Pharmaceutical Industries Ltd., Novartis AG, AstraZeneca plc, Boehringer Ingelheim International GmbH, Aptar Pharma (AptarGroup, Inc.), Propeller Health, OPKO Health Inc., H&T Presspart Manufacturing Ltd., Sensirion AG and Cohero Health Inc.
The above companies are identified as the major suppliers of smart inhalers. These market players are engaged in market expansion activities and focus on mergers and collaborations to develop a better product portfolio and boost their sales funnel.
More valuable information about the offer
Persistence Market Research, a research and advisory firm, has published a new market research report on the global smart inhalers market which contains industry analysis from 2016-2020 and opportunity assessment for 2021-2031 .
The report provides an in-depth analysis of the market across different segments i.e. product type, disease indication, distribution channel and region. The report also provides supply and demand trends along with an overview of the parent market.
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