Pune, India, June 28, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners’ latest study on "Smart Inhalers Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Disorder, and End User,” the market size is expected to reach $8.03 Bn by 2027 from $1.09 Bn in 2018; it is estimated to grow with a CAGR of 25.5% from 2018-2027. The demand for smart inhalers is influenced by increasing levels of air pollution as well as rise in smoking habits.
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Global Smart Inhalers Market Analysis: Competitive Landscape and Key Developments
GlaxoSmithKline plc; Adherium Limited; Novartis AG; Vectura Group plc; Cohero Health, Inc; Crux Product Design Ltd; Findair Sp. z o. o.; TEVA PHARMACEUTICAL INDUSTRIES LTD; 3M; and AMIKO DIGITAL HEALTH LIMITED are a few of the key companies operating in the smart inhalers market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In April 2022, GlaxoSmithKline Pharmaceuticals launched Trelegy Ellipta for Chronic Obstructive Pulmonary Disease (COPD) patients. Trelegy Ellipta (fluticasone furoate/umeclidinium/vilanterol) is the first once daily single-inhaler triple therapy (SITT) in India for COPD patients.
Growing Geriatric Population Propels the Global Smart Inhalers Market Growth:
COPD and asthma is a senescence condition, which leads to gradual complications. Asthma in older adults is a critical condition that often goes unnoticed, as per the Asthma and Allergy Foundation of America (AAFA). According to the Office of Disease Prevention and Health Promotion (ODPHP), approximately 23 million people in the U.S. have some form of asthma, most of which include the older population. Older people with asthma often need high doses of medication, in spite of mild asthma attacks. Hence, they are more likely to suffer from respiratory failure much faster as compared to the younger population. Also, COPD can appear at any age, however it is more prevalent in older population and can be fatal. Ageing population is growing exponentially worldwide. According to a report of United Nation (2017), there were approximately 962 million people aged 60 or over across the globe in 2017 and was projected to reach to 425 million by 2050. The number of geriatric population is expected to grow significantly in Africa followed by North America, Latin America & the Caribbean, and Asia Pacific region. The elderly people are more likely to have COPD and asthma than younger people, and the effect of the disease on quality of life is particularly deep in this population. With increase in the number of geriatric population, the prevalence of the COPD and asthma has increased significantly. Therefore, the demand for smart inhalers market is expected to increase in the forecast period.
Browse key market insights spread across 144 pages with 63 list of tables & 59 list of figures from the report, "Smart Inhalers Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product (Nebulizers and Inhalers); Disorder {Chronic Obstructive Pulmonary Disease (COPD) and Asthma}; End User (Home-Care Settings and Hospitals & Clinics), and Geography" in detail along with the table of contents: https://www.theinsightpartners.com/reports/smart-inhalers-market
Global Smart Inhalers Market: Segmental Overview
Global smart inhalers market, based on product was segmented nebulizers and inhalers. In 2018, the inhalers segment held the largest share of the market, by product. In addition, segment is also expected to grow at the fastest rate during the coming years as inhalers are available in various forms and are used as per the severity of the disease it is intended to be used for. Some of the main types of inhalers used in asthma and COPD are, manually-actuated pressurized metered-dose inhalers, breath-actuated pressurized metered-dose inhalers, dry powder inhalers, and mist inhalers. The use of an inhaler highly depends on the intensity of the respiratory disorder and the need for its diagnosis. With the help of a metered dose inhaler, the medication has a better chance to reach the small airways, thus increasing the medication's effectiveness. A dry powder inhaler (DPI) is generally used to deliver medications such as inhaled corticosteroids into the lungs. A DPI is breath activated and hence the medication is released only when an individual takes a deep, fast breath in through the inhaler. Some of the medications commonly delivered are beta-agonists, anticholinergics, glucocorticoids, tobramycin, and insulin.
For the treatment of asthma and COPD, inhalers are highly preferred by the patients. MDIs offer various advantages. Firstly, they are much easier to use and offer relief at a much faster rate, i.e., 2 puffs from an MDI/spacer requires 30 seconds for providing effective treatment, as compared to 10 minutes taken by a nebulizer. In addition, MDIs are also known to cause less side effects upon administration. Moreover, MDIs are available at a much cheaper rates, making it easily accessible to the patients. Hence, considering the above-mentioned factors, the segment of inhalers in the smart inhalers market is expected to grow at a significant rate during the forecast period.
Global Smart inhalers market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa and South & Central America. During 2018, the region of North America held a maximum share in the smart inhalers market, generating a revenue of US$ 503.91 Mn, which is anticipated to reach up to US$ 3,749.90 Mn by the end of the years 2027. The growth of the market can be attributed to the rising prevalence of COPD in the United States; more than 11 million people have been diagnosed with COPD, however a large number of population has been suffering from the condition even without being aware of the medical condition. In addition, about 2.4 million Canadians are reported to be living with asthma. In 2016, 8.4% of Canadians aged 12 and above (i.e., almost 2.6 million people) reported to have been diagnosed with asthma by a health professional.
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In the U.S. the prevalence of lung disorders has been witnessed to be significantly prevalent since the recent years. As per the Centers for Disease Control and Prevention (CDC), the number of adults above 18 years of age currently having asthma are approximately 19 million in the United States, accounting for almost 7.7% of the total adult population. Whereas the number of individuals below 18 years of age suffering from asthma is 6.2 million, accounting for 8.4% of the total children population. There has been significant awareness regarding the risks associated with the condition. Statistics by the CDC reveal, visits to office-based physicians with asthma indicated around 7.1% of all the medical conditions. Similarly, the number of visits to emergency departments with asthma as the primary diagnosis in the United States was approximately 1.8 million. Similar to asthma, the prevalence of COPD in the US has led to rising concern. COPD is recognized as the third leading cause of death by disease in the United States. More than 11 million people have been diagnosed with COPD, however a large number of population has been suffering from the condition even without being aware of the medical condition. COPD leads to serious long-term disability, eventually leading early death. At present, there is no cure hence the number of people dying from COPD is growing significantly during the recent years. The above-mentioned factors are expected to significantly accelerate the growth of smart inhalers market in United States at the significant rate during the forecast period.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
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