Smart Inhalers Have Changed the Game with Their High Accuracy Rates and Convenience of Use: Fact.MR Report

ROCKVILLE, MD, UNITED STATES, June 7, 2024 /EINPresswire.com/ -- According to a newly released industry report compiled by expert analysts at Fact.MR, the global smart inhaler market is estimated to reach a value of US$ 105.3 million in 2024 and further expand at 12.1% CAGR from 2024 to 2034. Key factor propelling sales of smart inhalers is increasing incidence of multiple chronic respiratory ailments, including asthma and chronic obstructive pulmonary disease (COPD) across the world.

In the wake of the COVID-19 pandemic, there was a growing need for cutting-edge digital respiratory and pulmonary care products and devices, which drove up demand for smart inhalers. Demand for smart therapeutic respiratory devices is growing at a significant rate because they are more accurate, convenient to use, track medication history, as well as monitor user behavior more efficiently than traditional inhalers.

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Demand for smart inhalers is being also driven by a growing number of significant market participants who are emphasizing R&D efforts and developing them. Additionally, a lot of businesses are introducing digital technologies into their product lines to improve the management of COPD and asthma as well as the effectiveness of pharmaceuticals.

Key Takeaways from Market Study

The global smart inhaler market is projected to expand at a CAGR of 12.1% from 2024 to 2034. The market is forecasted to reach US$ 331 million by the end of 2034.

The market in the United States is poised to reach a value of US$ 38 million in 2024. Brazil is estimated to account for a 46.1% share of the market in East Asia in 2024. Revenue from the sales of smart inhalers in Canada is set to reach US$ 2 million in 2024. The Latin American market is forecasted to expand at a CAGR of 11.2% from 2024 to 2034.

“Rising prevalence of several long-term respiratory diseases, including COPD and asthma, caused by increasing pollution levels across regions, is projected to boost the sales of smart inhalers. In addition, stringent regulations aimed at reducing the environmental impact of inhaler devices are boosting the adoption of smart inhalers,” says a Fact.MR analyst.

Manufacturers Adding Digital Technologies to Range of Products

Top priorities for smart inhaler manufacturers are expanding into new markets and raising consumer awareness of their products. To increase sales in other areas, they are also utilizing both organic and inorganic methods.

A 2020 Cleveland Clinic study found that patients with COPD who used Propeller Health's smart inhalers saw a nearly 35% reduction in hospital visits as well as a significantly lower risk of being admitted.

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Market Developments

Teva's ProAir Digihaler (albuterol sulfate) stands out in the smart inhaler market, featuring a real-time usage tracking sensor that syncs with a mobile app. It holds the distinction of being the first smart inhaler to receive approval from the United States Food and Drug Administration.

In April 2022, Aptar Pharma introduced HeroTracker Sense, a cutting-edge digital chronic respiratory e-health solution. HeroTracker Sense transforms a traditional metered dose inhaler into a smart inhaler, enhancing its functionality and user experience.

Country-wise Insights

In 2024, North America is projected to hold a significant 38.8% share of the smart inhaler market. This dominance is driven by high awareness of digital devices for efficient disease management, increasing acceptance of smart inhalers, notable technological advancements in the healthcare industry, and the implementation of the Internet of Things (IoT).

India is poised to become a lucrative market for smart inhaler manufacturers, driven by a growing geriatric population, a high prevalence of chronic respiratory diseases (CRD), expanding healthcare infrastructure, and increased government initiatives supporting healthcare. According to the National Statistical Office's "Elderly in India 2021" report, the number of Indians aged 60 and above is expected to rise by 41% over the next decade, from 138 million in 2021 to 194 million in 2031.

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Digital Respiratory Devices Market: The global digital respiratory devices market was valued at US$ 43 Billion in 2022 and is expected to expand at a CAGR of 25% from 2022 to 2032.

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