Germany’s Smart Inhalers market size stood at around USD XX.X billion in 2019 and is projected to reach USD XX billion by 2028, exhibiting a CAGR of greater than 62% during the forecast period.
Germany Smart Inhalers market is positioned top in holding the highest shares of the European market by owing to the launch of innovative products with the help of the latest technologies. The growing tendency to improve healthcare services is leveraging the demand of the market. Also, government investments in developing new devices in the medical sector are elevating the growth rate of the German smart inhalers market.
Recent developments include collaboration between Novartis and Qualcomm, acquisition of Inspiro Medical by Opko Health, and acquisition of Gecko Health by Teva Pharmaceuticals for manufacturing smart inhalers. These developments aim to manufacture smart inhalers, as well as devices with inbuilt smart inhalers, which will positively increase the market revenue soon, and competition among the manufacturers will increase. Thus, the smart inhalers market is a very lucrative market and is expected to provide multiple opportunities for both consumers as well as manufacturers.
The rise in the incidence of respiratory diseases is majorly driving the growth of the market. The growing focus on the development of new devices in the medical sector is straight, elevating the demand for the smart inhalers market. These devices are beneficial for physicians to track their patient’s inhale usage, which is additionally accelerating the growth rate of the market. Furthermore, the growing prevalence of effective treatment procedures and improving the quality of drugs is promoting the growth rate of the market.
The surge in the occurrence rate of COPD and cystic fibrosis is predicted to fuel market growth. The easy availability of the devices in pharmaceutical stores and in online stores is expanding the size of the market. Smart inhalers are very accurate and promote the best treatment for patients who have asthma and chronic obstructive pulmonary diseases.
Additionally, the rise in air pollution, which causes disorders like asthma and COPD, the inclination of patients towards digitalized medical devices, increasing aging population are further accelerating the market growth. Rising awareness about medication, increasing investments in R&D of medical devices, new product innovations in the pharmaceutical industry, and the technological advancements in the pharma-medical devices industry are some additional factors that are driving the market.