Digital Dose Inhalers Market - Rising Integration of AI and the Adoption of IoT to Boost Growth through 2019-2023 | Technavio
LONDON--(BUSINESS WIRE)--Nov 4, 2019--
According to a recent Technavio report, the digital dose inhalers market is expected to grow by USD 989.44 million during 2019-2023. Growth in the digital dose inhalers market can be attributed to many segments, one of which is the product segment comprising of metered dose and soft mist inhalers and dry powder inhalers. Industry participants are focusing on analyzing maximum growth opportunities in the market by considering their prospects in the fast-growing product segment.
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Technavio has announced its latest market research report titled global digital dose inhaler market 2019-2023. (Graphic: Business Wire)
What are the Latest Trends?
The integration of artificial intelligence (AI) in the healthcare sector is gaining prominence as it boosts clinical and operational efficiency by minimizing the need for direct human input and analyzing complex medical data using algorithms and software. The adoption of Internet of Things (IoT) improves healthcare outcomes, minimizes treatment costs, and reduces the risk of human error. Such benefits of AI and IoT have encouraged healthcare professionals to digitize the treatment of asthma and COPD by developing IoT-based digital dose inhalers. As per Technavio, the digital dose inhalers market is forecast to grow at a CAGR of almost 13% by 2023.
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AI and IoT technologies are gaining prominence among many pharmaceutical companies as they help in analyzing data about drug adherence, patient’s need, and efficacy of drugs. This will drive the demand for inhalation devices such as digital dose inhalers.
The adoption of digital dose inhalers allows customers to prevent subsequent respiratory attacks by monitoring their condition and understanding the dosage measurement. These digital dose inhaler systems are integrated with sensors to collect data.
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Developments in the field of Digital Dose Inhalers
Several vendors in the market are collaborating with digital therapeutics companies to develop advanced sensors for digital dose inhaler systems. For instance, Novartis AG collaborated with Propeller Health to develop a custom add-on sensor for the Breezhaler inhaler.
AstraZeneca Plc is one of the several vendors operating in the digital dose inhalers space. The company offers Symbicort inhaler, which is integrated with SmartTouch sensor. This product helps in monitoring the adherence to medication.
For Further Market Information
More insights like this on the U.S. and global markets can be found in a series of reports published by Technavio entitled the Asthma Spacers Market Analysis, Size, Trends | Global | 2019-2023 & Respiratory Drugs Market Analysis, Size, Trends | Global | 2019-2023.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
Technavio is an international consulting and market research firm dedicated to empowering confident strategic decisions within the medical device, dental, pharmaceutical and more Healthcare industries.
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INDUSTRY KEYWORD: PHARMACEUTICAL HEALTH MEDICAL DEVICES
SOURCE: Technavio Research
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