Global Smart Inhalers Market – Overview
Smart Inhaler is a part of new age digital technology which is designed to improve the disease management in the respiratory diseases. Smart Inhalers are basically the respiratory inhalers equipped with a digital sensor. The sensor installed in the inhaler tracks the data such as the dosage timing, monitors the use of the inhaler, and schedules the next dosage. Smart Inhalers can generate alerts for the daily dosage for the user using the smart devices connected to the sensors via Bluetooth.
Smart inhaler technology is quickly becoming one of the most valuable areas of pharmaceutical engagement in digital health. There has been rise in number of companies that are adopting this digital technology and opting to use it to enhance the management of lung disorders such as asthma and chronic obstructive pulmonary disorder (COPD), as well as improve the efficacy of the prescribed medications. Wide variety of benefits ranging from improving medication adherence to reducing hospital admissions, which makes smart inhalers the next big thing of respiratory care segment.
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The global market for smart inhalers is growing continuously and expected to grow at a CAGR of 42.8% during the forecast period 2017-2023. According to a recent study report published by the Market Research Future, The global smart inhalers market is booming and expected to gain prominence over the forecast period growing rapidly. The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a prominent CAGR during the anticipated period (2017 – 2023).
Smart inhalers market has been driven by various factors including their advantage over conventional inhalers technological advancements, improving adherence to inhalers, linking with telehealth, and also due to extensive use of smart computing devices. Due to these reasons the market is expected to rise further in the coming future. Simultaneously other factors restricting the market growth includes data security concern related to security devices, regulating government policies for the use of healthcare devices, and also limited availability of these products in potential emerging market and regions.
Adherium Limited (New Zealand), AstraZeneca (England), Cohero Health (USA), GlaxoSmithKline (U.K.), Gecko Health Innovations Inc (USA), Inspiro Medical Ltd., and Propeller Health (USA) are some of the prominent players at the forefront of competition in the Global Smart Inhalers Market and are profiled in MRFR Analysis.
Global Smart Inhalers Market – Competitive Analysis
The market for smart inhalers is characterised by the presence of several well-established and small players, the Global market of smart inhalers appears to be highly competitive and fragmented. Major players are increasingly expanding their footprint in the emerging nations, making it putting pressure on the regional players, especially in terms of features such as type, product portfolios, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. There has been rise in number of companies that are adopting this digital technology and opting to use it to enhance the management of lung disorders such as asthma and chronic obstructive pulmonary disorder (COPD), as well as improve the efficacy of the prescribed medications.
For instance, Adherium’s partnering and market expansion for the ‘Rest of World’ territories, including countries in Asia Pacific and the Middle East where Adherium already has sanctions to market its Smartinhaler products in China, Australia and New Zealand. This will increase the company’s strength in these countries.
Moreover, AstraZeneca, multinational pharmaceutical and biopharmaceutical Company had recently started its expansion in respiratory business with the acquisition of respiratory business of Tadeka Pharmaceuticals in 2016, and also with partnership with Adherium, for the supplies of smart inhaler and sensors.
In January 2017, AstraZeneca announced that on 25 January 2017 the US Food and Drug Administration (FDA) granted six months of paediatric exclusivity for Symbicort (budesonide/formoterol) Inhalation Aerosol. Symbicort is approved in the US to treat asthma in patients 12 years and older and for the maintenance and treatment of COPD in adults, the company is expecting larger market share with the product launch.
Gecko Health Innovations, Inc., acquired by Teva Pharmaceutical in 2015, focusing on cloud-based solution to simplify chronic respiratory disease management, and connect patients and caregivers through remote monitoring and real-time tools. The major driving factors for the company’s growth in the market are due to increasing technological advancements and need for integrated cloud based technologies in the treatment of respiratory diseases.
Therefore, the growing acquisitions and clinical approvals for various competitive products by the major players has spurred the growth of the market.
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