Inhalers have long been an essential tool in managing respiratory conditions such as asthma and COPD. With advancements in technology, smart inhalers have emerged as a promising innovation in the healthcare industry. These devices not only deliver medication but also track usage and provide valuable data for both patients and healthcare providers. In this blog post, we will delve into the latest statistics and trends in the rapidly growing smart inhalers industry.
The Latest Smart Inhalers Industry Statistics Explained
The smart inhalers market was valued at $34 million in 2019.
The statistic “The smart inhalers market was valued at $34 million in 2019” indicates the total economic worth of smart inhalers, a type of inhaler device equipped with digital technology to monitor inhaler usage, in the year 2019. This value represents the sum of all sales or revenue generated from smart inhalers within that specific time period. The market value serves as a key metric to assess the size and growth of the smart inhalers industry, providing insight into the demand for these innovative devices and their potential impact on healthcare management.
The market is projected to reach $163 million by 2027.
The statistic implies that the market under consideration is expected to grow to a value of $163 million by the year 2027. This projection suggests a positive trend in the market, with potential opportunities for investment or growth for businesses operating within it. It provides stakeholders with a glimpse into the anticipated future size and value of the market, serving as valuable information for decision-making, strategic planning, and forecasting. However, it is important to note that projections are subject to various external factors that may impact the actual outcome, so careful monitoring and analysis of market dynamics will be necessary to assess the accuracy and relevance of this forecast.
It’s anticipated to grow at a CAGR of 22.1% from 2020 to 2027.
This statistic indicates that from 2020 to 2027, the anticipated growth rate of the subject in question is expected to be 22.1% annually on average, according to the compound annual growth rate (CAGR). This means that the subject is projected to increase steadily over the specified period, with a cumulative growth rate of 22.1% each year. The CAGR takes into account the compounding effect and provides a smooth representation of the growth trajectory, allowing for a more accurate long-term forecast of the expected growth rate.
Among the product type segment, the inhalers segment secured the highest share in 2019.
The statistic indicates that within the product type segment, which likely includes various medical devices and pharmaceutical products, the inhalers segment had the largest market share in 2019. This suggests that inhalers, which are commonly used for respiratory conditions such as asthma and COPD, were the most popular or widely used product within this specific category during that particular year. This information can be valuable for companies in the healthcare industry for strategic planning, product development, and marketing efforts, as it highlights the prominence and demand for inhalers among consumers or patients compared to other products in the market segment.
North America led the market in 2019, and it’s expected to continue its dominance by 2027.
The statement “North America led the market in 2019, and it’s expected to continue its dominance by 2027” suggests that North America was the dominant market region in 2019 and is projected to maintain its leading position until 2027. This implies that North America had the highest market share or revenue compared to other regions in 2019, and analysts predict that this trend will persist over the next few years. Factors such as strong economic performance, technological advancements, regulatory environment, and consumer preferences in North America may contribute to its continued market dominance. This statistic underscores the importance of North America in the global market landscape and highlights the region’s potential for sustained growth and influence in the coming years.
Propeller Health’s smart inhaler is used by patients in over 35 countries.
This statistic indicates the widespread adoption and global reach of Propeller Health’s smart inhaler technology, as it is being utilized by patients in more than 35 countries worldwide. The use of smart inhalers, which track medication usage and provide insights to patients and healthcare providers, is increasing as a way to better manage respiratory conditions such as asthma and COPD. The fact that patients across a diverse range of countries are using this technology reflects its growing popularity and acceptance as a valuable tool in improving respiratory health outcomes on a global scale.
An estimated 9.32% CAGR is expected for the smart inhalers market in Europe from 2020 to 2027.
The statistic “An estimated 9.32% CAGR is expected for the smart inhalers market in Europe from 2020 to 2027” indicates that the Compound Annual Growth Rate (CAGR) for the smart inhalers market in Europe is projected to be 9.32% on average per year for the period spanning from 2020 to 2027. This growth rate suggests a positive trend in the market, with the market size expected to increase at a steady pace over the specified time frame. The estimation implies that there is a growing demand for smart inhalers in Europe due to factors like the increasing prevalence of respiratory diseases, technological advancements in healthcare, and growing awareness about the benefits of smart inhalers in managing respiratory conditions.
Europe’s smart inhalers market was valued at USD 13.59 million in 2019.
This statistic indicates that the market for smart inhalers in Europe was worth USD 13.59 million in the year 2019. Smart inhalers are devices that can monitor inhaler usage, remind patients to take their medication, and provide insights into usage patterns. The value of the market reflects the total sales revenue generated by smart inhaler products within Europe during that year. This figure serves as an important metric for understanding the size and growth of the smart inhalers market in Europe, providing insights into the adoption of this technology among healthcare providers and patients in the region.
Global Smart Inhalers Market is expected to reach USD 829.3 Million by 2024.
The statistic stating that the Global Smart Inhalers Market is expected to reach USD 829.3 million by 2024 signifies the projected market value of smart inhaler devices that help individuals manage their respiratory conditions such as asthma and COPD more effectively. This figure implies an increasing adoption of smart inhalers due to the growing prevalence of respiratory diseases and the rising awareness of the benefits of connected healthcare devices. The forecasted value also suggests a lucrative market opportunity for manufacturers and investors in the healthcare industry, driven by advancements in technology and the demand for more personalized and efficient treatment options for respiratory conditions.
The Smart Inhalers Market is expected to grow around CAGR of 15% and anticipated to reach around USD 441.4 Million by 2026.
This statistic indicates that the Smart Inhalers Market is forecasted to experience significant growth at a Compound Annual Growth Rate (CAGR) of about 15% over the forecast period. It suggests that the market for smart inhalers, which are innovative devices used for monitoring and managing respiratory conditions like asthma and chronic obstructive pulmonary disease (COPD), is expected to expand rapidly. By the year 2026, the market is projected to reach approximately USD 441.4 million in terms of value. This growth trend reflects increasing awareness about the benefits of smart inhalers in improving treatment adherence, providing real-time data for healthcare professionals, and enhancing overall patient outcomes in respiratory care.
A large portion of the smart inhalers market was captured by North America in 2020.
The statistic stating that a large portion of the smart inhalers market was captured by North America in 2020 indicates that North America had a significant market share or dominance in the smart inhalers industry compared to other regions during that year. This could be attributed to factors such as technological advancements in healthcare, high adoption rates of digital health solutions among healthcare providers and patients in the region, and potentially greater awareness and investment in managing respiratory diseases. The strong presence of pharmaceutical companies, research institutions, and regulatory support in North America may have also contributed to its leading position in the smart inhalers market, showcasing the region as a key player in shaping the future of respiratory health technology.
Asia-Pacific smart inhalers market is expected to grow at a CAGR of 16.4% in the forecast period of 2020 to 2027.
This statistic indicates that the Asia-Pacific smart inhalers market is projected to experience a Compound Annual Growth Rate (CAGR) of 16.4% between the years 2020 and 2027. This growth rate signifies a steady increase in the market size and adoption of smart inhalers in the region over the forecast period. Factors such as advancements in technology, increasing prevalence of respiratory diseases, rising awareness about the benefits of smart inhalers, and the growing demand for effective healthcare solutions are likely driving this growth. The CAGR represents the average annual growth rate of the market during this period, reflecting the potential opportunities for market players and stakeholders in the Asia-Pacific region within the smart inhalers industry.
There are approximately 67 million asthma patients in India and China are estimated to use various inhalers.
The statistic indicates that there are a significant number of asthma patients in India and China, with approximately 67 million individuals relying on inhalers for treatment. This suggests a considerable burden of asthma in these two countries, highlighting the prevalence of the condition in the population. The use of inhalers by such a large number of patients also underscores the importance of access to appropriate medication and healthcare services for managing asthma effectively in these regions. By recognizing the scale of asthma and the reliance on inhalers for treatment, healthcare providers and policymakers can better understand the needs of asthma patients in India and China and work towards improving asthma management and care for these populations.
The smart inhalers market in the Middle East and Africa is expected to have limited growth due to lack of awareness about the product.
The statistic suggests that the smart inhalers market in the Middle East and Africa is anticipated to experience constrained expansion primarily because of the prevailing lack of awareness regarding these innovative healthcare products in the region. Smart inhalers, which offer advanced features such as tracking medication usage and providing reminders, can significantly benefit individuals suffering from respiratory conditions like asthma and COPD. However, the limited awareness about these devices among healthcare professionals and patients in the Middle East and Africa could hinder their adoption and thereby restrict the market’s growth potential. Increasing education and promotional efforts to raise awareness about the benefits of smart inhalers could be crucial in driving market growth in the region.
In 2019, Cohero Health raised $10 million for its connected inhaler.
The statistic “In 2019, Cohero Health raised $10 million for its connected inhaler” indicates that the company successfully secured a significant amount of funding to support the development and marketing of its innovative connected inhaler technology. This substantial investment in Cohero Health’s product suggests a high level of confidence from investors in the potential impact and market viability of the connected inhaler. The $10 million raised signifies a substantial financial boost that can be instrumental in advancing research, production, and distribution of the connected inhaler, underscoring the importance and promising potential of this healthcare technology in improving respiratory care and monitoring for patients.
As per the market analysis, dry powder inhalers are expected to witness the fastest growth, recording a CAGR of 58.4% during the period 2016 – 2022.
The statistic suggests that dry powder inhalers are predicted to experience significant growth in the market, with a compound annual growth rate (CAGR) of 58.4% between the years 2016 and 2022. This indicates that there is an increasing demand and adoption of dry powder inhalers within the market, likely driven by factors such as advancements in technology, increasing prevalence of respiratory diseases, and a shift towards more user-friendly and effective inhaler devices. The high CAGR reflects a rapid and sustained growth rate over the specified time period, positioning dry powder inhalers as a promising segment within the healthcare industry.
Asthma segment dominated the disease indication segment with more than half of the market share in 2019.
The statistic that the asthma segment dominated the disease indication segment with more than half of the market share in 2019 indicates that asthma was the most prevalent and impactful condition within the specified market for that year. This suggests that a significant portion of resources, research, treatments, and overall attention were likely focused on addressing asthma compared to other disease indications within the market. Furthermore, the high market share for asthma may also reflect the prevalence and severity of the condition, highlighting the importance of addressing and managing it effectively.
The hospital pharmacies dominated end users segment in 2019, accounting for nearly two-thirds of the total market.
This statistic means that in 2019, hospital pharmacies were the most prominent end users within the market being analyzed, representing almost 66% of all users in that particular segment. This dominance suggests that hospital pharmacies were the primary consumers or purchasers of the products or services being offered in the market during that time. This high market share indicates a strong reliance on hospital pharmacies as key players within the industry, potentially influencing market trends, product development, and overall market dynamics. This data highlights the significant role that hospital pharmacies played in driving demand and shaping the market landscape in 2019.
References
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