Smart Inhalers Market: Overview
Smart inhalers, also known as connected inhalers and sensors are predominantly used as clip-on sensors, which are fastened on top of a regular nebulizer for the treatment of chronic obstructive pulmonary disorder (COPD) and asthma. Smart inhaler technology is birthing as one of the most notable areas that pharmaceutical companies are engaged in order to push digital health. Smart inhalers help patients keep track of dosage of relievers or preventers that are administered at various intervals during the day. These smart devices can raise reminders and alerts for users based on previous pattern of dosage administration or based on inputs fed by users.
Smart Inhalers Market: Key Trends
The growth of the smart inhalers market is attributed to increasing air pollution, increasing incidence of respiratory diseases such as COPD and asthma, and burden on healthcare services due to higher cases of COPD and asthma. In addition, increasing adoption of smart inhalers for proper management of COPD and asthma are further boosting the market’s growth.
Top pharmaceutical companies are adopting digital technology in their way for improved disease management such as that for asthma and COPD and for improving the efficacy of prescribed medicines. Extensive benefits that range from reducing hospital admissions to improving the efficacy of medicines, makes smart inhalers the talk of the town in the respiratory care segment.
However, high costs involved in the treatment of COPD and asthma due to their chronic nature, limited availability of smart inhalers, and misinterpretation of information are expected to challenge the market’s growth.
Smart Inhalers Market: Market Potential
The efficacy and ability for the smart management of respiratory diseases has called in for smart inhalers to enter the U.K healthcare system, as per a recent industry news. The impending entry of smart inhalers in the National Health Service (NHS) might herald the onset of the smart healthcare age. However, proper planning and rigorous testing is needed before smart inhalers ensure smart-enabled healthcare delivers best outcomes for individuals with asthma, adds the NHS.
Smart Inhalers Market: Regional Outlook
On the regional perspective, Europe has emerged as the second largest market for smart inhalers. This is because smart inhalers are increasingly being adopted in hospitals and physicians’ offices, thereby boosting the market growth. The European Academy of Allergy & Clinical Immunology is continuously striving to increase awareness about COPD and asthma and the use of technology for smart management of these conditions.
North America stood as the largest revenue generator for the market in the recent past, whereas Asia Pacific is expected to rise at a double-digit growth rate over the next few years. Asia Pacific has vast untapped opportunities in the smart inhalers market as it has a growing population base combined with rising disposable incomes and increasing awareness about the use of digital devices for proper disease management.
Smart Inhalers Market: Competitive Landscape
Some important players in the smart inhalers market include Teva Pharmaceuticals Industries Ltd., Vectura Group plc, AstraZeneca plc, Propeller Health, Adherium Limited, GlaxoSmithKline plc, Boehringer Ingelheim GmbH, Cohero Health LLC, OPKO Health Inc., and Novartis AG.
Of these, Adherium is a key player in the market with majority of product approvals to its credit. Because smart inhalers is a lucrative market, collaborations and acquisitions between pharmaceutical companies, smart inhaler manufacturers, and medical device companies is on the rise for larger market share. Key players in the smart inhalers market are also focused on product approval and clinical trials to stay competitive in this market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.