LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global smart inhaler technology market predicts a CAGR of over 51% during the period 2018-2022.
The report segments the global smart inhaler technology market by product (inhalers and nebulizers), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global smart inhaler technology market, according to Technavio researchers:
- Rising prevalence of COPD and asthma: a major market driver
- Growing exposure to air pollution and tobacco smoking: emerging market trend
- The Americas dominated the global smart inhaler technology market with more than 48% share in 2017
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Rising prevalence of COPD and asthma: a major market driver
Respiratory diseases affect various organs in the respiratory system such as the pharynx, larynx, trachea, lungs, and bronchi. COPD is a chronic respiratory disease, which affects a large population across the globe. It largely affects the lungs and results in blockage of the airflow, making it difficult to breathe. The condition is characterized by chronic bronchitis, and the symptoms include shortness of breath, wheezing, or chronic cough.
The prevalence of chronic respiratory conditions such as asthma and COPD is expected to increase over the forecast period, thus, indicating that a large population will require smart inhalers to restore normal functioning of the lungs. Also, the increasing number of emergency visits due to asthma and COPD will further increase the demand for smart inhalers, as they are used as the first line of treatment.
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Growing exposure to air pollution and tobacco smoking: emerging market trend
Cigarette smoking is the major cause of COPD. In the US, the smoking rates indicate that more than 16 million people have a disease caused by smoking. For every person who dies due to smoking-related diseases in the US, at least 30 people live with serious smoking-related illnesses due to passive smoking. Similarly, worldwide, tobacco use causes nearly 6 million deaths per year, and current trends show that tobacco use will cause more than 8 million deaths annually by 2030.
According to a senior analyst at Technavio for health and wellness, “The increase in cigarette and tobacco smoking is leading to an increase in the prevalence of COPD and asthma. The growing number of patients with respiratory disorders need inhalers as the first line treatment. Traditional inhalers are gradually getting replaced by smart inhalers for enhanced efficiency of the connected healthcare services. Thus, in the coming years, smart inhalers will replace traditional inhalers, leading to the rapid growth of the global smart inhaler technology market.”
Global market opportunities
In terms of regional dominance, the Americas led the global smart inhaler technology market, followed by EMEA and APAC in 2017. APAC held the lowest market share in the global market owing to low product penetration and limited presence of vendors in the region. However, the market in APAC is expected to emerge as the fastest growing market during the forecast period due to the increasing product adoption, further supported by the growing disposable income and healthcare spending in developing countries such as India and China.
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