The smart inhalers market size is projected to reach US$ 23.98 billion by 2031 from US$ 2.95 billion in 2023. The market is expected to register a CAGR of 29.9% during 2023–2031. Increasing acceptance of mobile health technology is likely to remain key trends in the market.
The prevalence of asthma, chronic obstructive pulmonary disease (COPD), cystic fibrosis, and other respiratory diseases is increasing across the globe. For example, according to the World Health Organization (WHO), in 2022, the number of asthma-related deaths in 2019 was 455,000. In addition, the Burden of Disease Study in 2019 recorded 212.3 million cases of COPD worldwide, resulting in 3.3 million deaths. In addition, one of the major causes of respiratory diseases such as COPD and asthma is the rise in air pollution. Further, the Organization for Economic Co-operation and Development (OECD) estimates that global emissions of greenhouse gases are likely to grow by ~50% by 2050, primarily due to a 70% increase in CO2 emissions. Additionally, the beneficial effects on patients through combination therapy for asthma and COPD have increased, which has increased the demand for smart inhalers as they are one of the best ways to administer drugs. Hence, the growing prevalence of respiratory diseases among the global population is one of the factors driving the growth of the smart inhalers market.
Major factors driving the market growth includes rising cases of respiratory disorders, as well as growing adoption of generic inhalers. Additionally, increasing product development activities is likely to emerge as significant future trend in the market during the forecast period. However, lack of early diagnosis and high cost of inhalers is among the market deterrent factors.
As per the Action on Smoking and Health (ASH) Fact Sheet, in the UK in 2022, 12.9% of adults are smokers, with 14.6% of men and 11.2% of women smoking. This equates to around 6.4 million people in the population. The adult smoking rates by country in the UK in 2022 were as follows: England: 12.7%, Wales: 14.1%, Scotland: 13.9%, and Northern Ireland: 14.0%. Rising rate of tobacco smokers is major drivers of global smart inhalers market share.
With new medical knowledge and effective medicines, treatment with a wide range of asthma inhalers continues to advance. Rising use of ventilator combination therapies and increasing investments by major players in developing sophisticated ventilator inhalers are boosting the demand for respiratory inhalers. In addition to the numerous advantages of the device such as portability, convenience, and effectiveness, the growing number of developments is expected to strengthen the demand for smart inhalers in the coming years. A few of the major developments and approvals are listed below:
Thus, such growing advancements by various market players and product approvals are likely to catalyze the growth of the global smart inhalers market during the forecast period.
Key segments that contributed to the derivation of the smart inhalers market analysis are product, , disorder, and end user.
The geographic scope of the smart inhalers market report is mainly divided into five regions: North America, Asia Pacific, Middle East & Africa, Europe, and South & Central America.
North America has dominated the market. The US held the largest share of the market in this region in 2023, followed by Canada, owing to the increasing prevalence of COPD and asthma among people in the region. According to an article published in Merck Sharp & Dohme (MSD) Manual, ~16 million people suffer from COPD, which is a leading cause of death, claiming over 150,000 lives annually in the US. Thus, growing chronic respiratory disorder in the US are driving the growth of respiratory inhalers market. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
The regional trends and factors influencing the Smart Inhalers Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Smart Inhalers Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2.95 Billion |
| Market Size by 2031 | US$ 23.98 Billion |
| Global CAGR (2023 - 2031) | 29.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Smart Inhalers Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Smart Inhalers Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The smart inhalers market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the smart inhalers market are listed below:
The “Smart Inhalers Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The smart inhalers market is estimated to record a CAGR of 29.9% till 2031.
The smart inhalers market is expected to be valued at US$ 23.98 billion in 2031.
Increasing product development activities be the trend in the smart inhalers market
The smart inhalers market majorly consists of the players, including GlaxoSmithKline plc., Cohero Health, Inc., Crux Product Design Ltd, Adherium Limited, Novartis AG, Vectura Group plc, Findair Sp. z o. o., Teva Pharmaceutical Industries Ltd., 3M, and Amiko Digital Health Limited.
Factors such as increasing prevalence of respiratory diseases and rising rate of tobacco smokers propel the smart inhalers market.
The North America region held the largest share of in the smart inhalers market 2023.