Smart Inhalers Market Estimated to Witness High Growth Owing to Rising Prevalence of Respiratory Diseases
The 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 used for delivering medications to treat respiratory diseases like asthma and chronic obstructive pulmonary disease (COPD). They are integrated with sensors and connectivity capabilities that allow patients to digitally track medication use and send data to healthcare providers. This helps improve medication adherence and manage diseases more efficiently. The growing focus on remote monitoring and telemetry services is propelling demand for smart inhalers for real-time monitoring and analysis of patient's health status.
Market Dynamics:
The smart inhalers market is primarily driven by the rising prevalence of respiratory diseases worldwide. As per the World Health Organization (WHO), approximately 235 million people suffer from asthma, while approximately 3.2 million die from COPD each year globally. The surging cases of respiratory illnesses are compelling manufacturers to develop innovative smart inhalers with digital tracking features for better patient outcomes. Furthermore, the growing importance of digital medicines and connectivity in healthcare is another key factor stimulating market growth. Smart inhalers enable physicians to remotely analyze a patient's medication use patterns and respiratory function through wireless data transmission. This aids clinicians to customize treatments in a time-efficient manner. However, the high costs associated may hinder market expansion during the forecast period.
SWOT Analysis
Strength: Smart inhalers can digitally track medication use and provide feedback to improve adherence. Connected features allow remote monitoring by caregivers. Integrated sensors provide accurate dosage tracking in three sentences.
Weakness: High costs of development and manufacturing limits widespread adoption. Data privacy and security concerns may reduce patient acceptance in two sentences.
Opportunity: Growing prevalence of respiratory diseases increases the potential patient pool. Connectivity and remote monitoring features address the challenges of manually tracked inhaler use in three sentences.
Threats: Technical glitches and errors in connected features may reduce trust and reliability in two sentences. Stringent regulations for medical devices delay product approvals and market entry in two sentences.
Key Takeaways
The global Smart Inhalers Market Share is expected to witness high growth, exhibiting CAGR of 58.% over the forecast period, due to increasing prevalence of respiratory diseases such as asthma and COPD. Rapid penetration of connected healthcare devices and remote patient monitoring services further drives the market.
North America dominated the global market in 2022 and is expected to maintain its lead over the forecast period. This is attributed to presence of major players, higher adoption of emerging technologies, and growing health awareness in the region. However, Asia Pacific is projected to witness highest growth rate owing to rising respiratory disorders, growing medical tourism, and increasing focus of global players in developing countries.
Key players operating in the smart inhalers market are Adherium Limited, AstraZeneca, Boehringer Ingelheim, Cohero Health, GSK, Novartis, and ResMed, among others. manufacturers are focusing on new product launches integrated with advanced technologies such as artificial intelligence, Bluetooth, and cloud-based software. They are also involved in strategic collaborations to expand regional presence and strengthen their market position.
Read More,
https://cmiinfopiece.blogspot.com/2023/12/digital-health-solutions-is-fastest.html
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