Smart Inhaler Technology Market Size to Grow by $ 132.66 mn During 2020-2024
Technavio has been monitoring the smart inhaler technology market and it is expected to grow by $ 132.66 mn, accelerating at a CAGR of almost 43% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report
Smart Inhaler Technology Market: North America to lead market growth during the forecast period
Smart Inhaler Technology Market: Key Competitors
The market is concentrated. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. 3M Co., Adherium Ltd., AptarGroup Inc., GlaxoSmithKline Plc, OPKO Health Inc., ResMed Inc., Seebo Interactive Ltd., Sensirion AG, Teva Pharmaceutical Industries Ltd., and Vectura Group plc are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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Smart Inhaler Technology Market: Key Highlights of the Report for 2020-2024
Technavio has been monitoring the Global Smart Inhaler Technology Market and it is expected to grow by USD 132.66 million accelerating at a CAGR of almost 43% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. Download latest version with COVID-19 analysis Free Sample Report
Smart Inhaler Technology Market: Rising prevalence of COPD and asthma to drive growth
One of the primary factors that will trigger the growth of the Smart Inhaler Technology Market size is the rise in respiratory diseases such as COPD and asthma which affect the respiratory organs such as the pharynx, larynx, trachea, lungs, and bronchi. Asthma and COPD lead to medical complexities such as difficulty breathing, chronic cough, fatigue, and chest tightening. According to the CDC report, more than 24 million people in the US have asthma and more than 3,600 deaths have been recorded due to the condition. It is estimated that chronic respiratory diseases are likely to increase in the next five years and this factor will positively impact market growth.
The growing exposure to air pollution and tobacco smoking is one of the key smart inhaler technology market trends. COPD patients face breathing difficulties if exposed to smoking. The disease usually causes coughing, wheezing, and shortness of breath. COPD is primarily caused due to cigarette smoking and it has been estimated that due to intensive smoking rates in the US, more than 16 million people have the condition. The large number of COPD and asthma patients will drive the demand for inhalers as the first-line treatment.
Smart Inhaler Technology Market: Vendor Analysis
The market is concentrated due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. 3M Co., Adherium Ltd., AptarGroup Inc., GlaxoSmithKline Plc, OPKO Health Inc., ResMed Inc., Seebo Interactive Ltd., Sensirion AG, Teva Pharmaceutical Industries Ltd., and Vectura Group plc are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio offers custom research reports with detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect COVID-19 related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report
