Smart Inhalers Market Size to Reach USD 1406 Million by 2026 - Valuates Reports

BANGALORE, India, July 1, 2020 /PRNewswire/ -- Smart inhalers, predominantly used as clip-on sensors, are fastened on top of a regular nebulizer to treat the chronic obstructive pulmonary disorder (COPD) and asthma. Moreover, the smart inhalers also help monitor the technique used for effectively inhaling the medicine compared to the normal inhalers. 

The global smart inhalers market size was valued at USD 34 Million in 2018 and is estimated to reach USD 1,406 Million by 2026, growing at a CAGR of 58.4% from 2019 to 2026.

This research includes the global market study of smart inhalers and the latest trends from 2019 to 2026 to recognize the prevailing opportunities and strategic evaluation. Global smart inhalers Market size and estimates are based on a comprehensive analysis of key industry developments. Strategic business planning is supported by a detailed study of global smart inhalers market share focused on innovative products.

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TRENDS INFLUENCING SMART INHALERS MARKET SIZE

The global demand for smart inhalers is powered by the growing incidence of people suffering from asthma and chronic obstructive pulmonary disorders and technical developments in creating improved tools and systems for inhaling.

The smart inhaler market is driven mainly by innovation, where the focus is on digital collaborations between pharmaceutical and tech companies. This continuous collaboration for R&D purposes is expected to increase the smart inhaler market size during the forecast period.

The treatment cost associated with respiratory disorders is considered a major issue for payers, patients, and prescribers. Smart inhalers are introduced as a novel approach to promoting adherence by monitoring medication use based on respiratory disorders. Smart inhalers have been successfully improving patient outcomes while reducing the significant financial costs associated with suboptimal medication adherence. These factors are, in turn, fuelling the growth of smart inhaler market size.

The lack of knowledge about the symptoms of COPD and asthma has left most people with respiratory conditions undiagnosed and often untreated. This is considered to be the primary factor that hampers business growth.