Preliminary research of Fairfield Market Research indicates a promising growth outlook for global digital dose inhaler market during the course of next few years.
Global Digital Dose Inhaler Market
The key factors driving the digital dose inhaler market are the rise in the prevalence of chronic respiratory diseases like chronic obstructive pulmonary disease (COPD), asthma, obstructive sleep apnea (OSA), and respiratory allergies, as well as the rising mortality rate due to the diseases as mentioned earlier and disorders. The growing demand for technologically enabled features like patient tracking and seamless data transfer, and technological advancements that improve inhalation therapy devices like metered dose inhalers with internet connectivity, e-dose counters, and compact inhalers are driving the growth of the digital dose inhaler market. Additionally, the rising geriatric populations with respiratory diseases and favorable reimbursement policies are the two major driving forces for digital dose inhaler market.
Around 15% of older adults have asthma, chronic obstructive pulmonary disease, or another respiratory disorder, according to the article "Common Respiratory Disorders in Seniors," published in April 2020. The demand for digital dose inhalers is anticipated to increase due to the rising prevalence of respiratory diseases worldwide, which will also help the market expand. The government's initiatives, such as supporting Medicare and Medicaid programs, group association policies, employee policies, and individual insurance policies, impact the market for digital dose inhalers. Moreover, the rising number of product launches is anticipated to aid in the expansion of global digital dose inhaler market. For instance, as part of its ecosystem for chronic care, NuvoAir introduced an add-on sensor for inhalers used to treat COPD, and asthma in December 2021.
Digital Dose Inhaler Market: COVID-19 Impact
Medical supplies like masks, gloves, and safety glasses experienced phenomenal growth in demand due to COVID-19. The demand for medical supplies continued to gain traction among the general public and healthcare professionals due to the increase in COVID-19 cases worldwide. To guarantee a sufficient and ongoing supply of personal protective equipment in the market, manufacturers of these products explored an opportunity to capitalize on the rising demand for medical supplies. The COVID-19 pandemic outbreak has benefited the medical device sector. It has had a lasting impact on the digital dose inhaler market as it caused industries to close their doors temporarily, and governments declared states of lockdown in various regions, decreasing demand for digital dose inhaler devices.
Mounting Prevalence of Asthma, and COPD Promotes Product Penetration to Foster Digital Dose Inhaler Market Expansion
Developments in digital inhaler health platforms enrich businesses' value chains in the digital dosage inhaler market. Their contribution to improving inhaled therapy adherence among COPD, and asthma patients has created a value-grab opportunity for market competitors. The use of add-ons or embedded sensors allows patients and clinicians to collect data on inhaler actuation and occasionally on techniques, enabling adherence monitoring. The digital dose inhaler market will grow due to these product characteristics continuing to draw consumers. Due to digital technologies' critical role in e-health, new approaches to managing asthma patients have emerged. The window of opportunity will thus grow as e-health advances. The prospects for digital dosage inhaler market have improved over the past several years thanks to several products receiving approvals, particularly from the US FDA.
New Product Introductions Significantly Support Digital Dose Inhaler Market Growth
Major suppliers in the digital dose inhaler market have been focusing on scaling up their research and development efforts, and creating new product solutions due to the varying needs dependent on consumption. Top industry players have discovered how improved precision can affect several applications. For instance, in 2019 Teva Pharmaceutical Industries Ltd. reported that the US FDA had authorized the ProAir Digihaler inhalation powder, the first and sole digital inhaler with built-in sensors that helps connect to a mobile partner application and provides inhaler use information to individuals with asthma, and COPD. The ProAir Digihaler is used for the treatment or prevention of bronchospasm in patients with reversible obstructive airway disease who are four years of age or older, as well as for the prevention of exercise-induced bronchospasm (EIB) in patients who are four years of age or older.
Dearth of Skilled Individuals, and High Associated Costs Continue to Limit Digital Dose Inhaler Market Expansion
The factors anticipated to impede the growth of the digital dose inhaler market are the high cost of inhalers and worries about the accuracy of digital data. The market for digital dosage inhalers is expected to face challenges from a lack of awareness of modern digital technologies and consumers choosing traditional over digital due to the former's lower price. Despite the growing benefits of digital dose inhalers, the availability of manual inhalers as a replacement product may limit market expansion. Another significant factor impeding the market expansion of smart inhalers during the forecast period is the lack of awareness of using digital inhalers among the populace of developing economies.
Branded Medication Spearhead Digital Dose Inhaler Market with Soaring Demand in Development of Novel Respiratory Medications
Based on type, the digital dose inhaler market is segmented into branded and generic medications. The branded medication held the largest market share in 2021 and is anticipated to increase significantly over the next several years due to the sharp increase in healthcare spending levels and the surge in demand for developing novel respiratory medications. The consistent technological advancements in producing inhalation medicines and the rising number of branded drug inhalation devices would be responsible for the predicted penetration rate of these branded drug inhalation devices throughout the forecast period. Soon, the segment for generic medications is anticipated to grow at the fastest rate. The market for digital dose inhalers is anticipated to grow significantly over the forecast period due to many factors, including the growing awareness of the advantages of generic drugs and the high demand for affordable medications.
Dry Powder Inhalers Lead Digital Dose Inhaler Market in the Wake of High Prevalence of Chronic Respiratory Conditions
Based on the product, the digital dose inhaler market is segmented into metered dose inhalers and dry powder inhalers. The dry powder inhaler category dominated the market over the forecast period. Dry powder inhalers dispense medicine into the lungs as a dry powder. The main drivers of the dry powder inhaler market's expansion are the prevalence of long-term respiratory conditions like COPD, and asthma, as well as the rising demand for technologically advanced features in respiratory devices. The use of DPIs, which have fewer irritant effects while offering the same therapeutic efficacy as MDIs, has increased due to issues with drug irritation brought on by the presence of propellant components, such as chlorofluorocarbons (CFCs), in MDIs. The DPIs are therefore known as "green inhalers." Additionally, it is anticipated that the rising number of product launches will aid the study segment's expansion over the forecast period.
With Intensive R&D, North America Retains Dominance in Digital Dose Inhaler Market
Over the forecast period, it is anticipated that the North America’s digital dose inhaler market will account for the largest revenue share. This is attributable to the intensive research and development efforts along with the high level of awareness regarding the current crop of high-tech respiratory devices. In addition, a rise in the prevalence of respiratory diseases among both children and the elderly will support market expansion. Adult women in the U.S. are more likely than adult men to have asthma. 7.8% of Americans had common asthma in 2020, according to data from the Centers for Disease Control and Prevention (CDC) published in May 2022. According to the report, 6.1% of men and 9.5% of women in 2020 had asthma, respectively. Additionally, the rising number of product launches is anticipated to fuel market expansion in this area. For instance, Teva Pharmaceuticals introduced the AirDuo Digihare and ArmonAir Digihaler inhalation powder, two digital maintenance inhalers for asthma patients, in September 2020. As a result, it is anticipated that the factors mentioned earlier will fuel the expansion of digital dose inhaler in this region over the forecast period.
The Asia Pacific digital dose inhaler market is anticipated to mostly experience stable revenue growth throughout the forecast period. The main hubs for respiratory devices have been identified as being in China and Japan. Increased geriatric population burden, upward shift in total healthcare spending, increased demand for cutting-edge respiratory care devices, and the rapidly evolving healthcare industry are just a few of the key factors anticipated to propel the digital dose inhaler market growth. Additionally, the existence of beneficial government programs, such as the Make in India campaign, which offers startup businesses discounted land rates to set up their manufacturing facilities, along with several other additional incentives in the form of tax breaks and exemptions from electricity tax, excise tax, and import duties for the first few years, is anticipated to give this sector a stronger boost in the upcoming years.
Global Digital Dose Inhaler Market: Competitive Landscape
A few of the players in the digital dose inhaler market include 3M Company, AstraZeneca plc, GlaxoSmithKline plc, Glenmark Pharmaceuticals Limited, H&T Presspart Manufacturing Ltd., Koninklijke Philips N.V., Lupin Limited, Novartis AG, OPKO Health Inc., Propeller Health (ResMed), Sensirion AG Switzerland, and Teva Pharmaceutical Industries Ltd.
Recent Notable Developments
Global Digital Dose Inhaler Market is Segmented as Below:
Key Elements Included In The Study: Global Digital Dose Inhaler Market
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