Asthma Monitoring Devices Market
Number of pages: 100 | Report Format: PDF | Published date: April 14, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 738.1 million |
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Market Size Value in 2031 |
US$ 1,391.6 million |
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CAGR |
7.3% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global asthma monitoring devices market was valued at US$ 738.1 million in 2022 and is expected to register a revenue CAGR of 7.3% to reach US$ 1,391.6 million by 2031.
Asthma Monitoring Devices Market Fundamentals
Asthma is a frequent yet intricate heterogeneous inflammatory condition of the airways. Although there have been considerable advances in the knowledge of the pathogenesis and management of asthma, it continues to be a leading cause of mortality and morbidity. Asthma monitoring aims to reduce the risk of asthma-related death and permanent airflow limitation, regulate symptoms, and prevent exacerbations. Newly created technology makes it possible to assess pulmonary function under supervision at home and delivers accurate findings to direct management and decision-making. Particularly in times of social distance, this technology can increase access to care and lessen the necessity for in-person clinic visits. Asthma monitoring devices such as peak flow meters and spirometers have become essential devices for managing asthma symptoms and preventing exacerbations. They allow patients to check their lung function and adjust their medication, improving their quality of life. Intelligent asthma monitoring technology monitors asthma and stops asthma attack episodes and related consequences. These devices have sensors that enable early intervention and customized treatment programs by identifying breathing patterns and air quality changes.
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Asthma Monitoring Devices Market Dynamics
Asthma monitoring devices market revenue is rising due to the rising prevalence of asthma, emphasis on patient monitoring, and advanced treatment strategies. The global prevalence of asthma has been increasing in recent years, particularly in urban areas. According to WHO, asthma affected an estimated 262 million people in 2019 and caused 455 000 deaths globally. The rise in air pollution worldwide is a major factor supporting the global asthma monitoring devices market revenue growth. Additionally, the rising prevalence of chronic obstructive pulmonary disease and other respiratory diseases increases the susceptibility to indoor air pollution. The main driver accelerating the asthma monitoring devices market size is the emergence of smokers and pollution levels. The WHO estimates that tobacco smoking kills over eight million people annually. Around 1.2 million of those fatalities are caused by non-smokers being exposed to secondhand smoke, while more than seven million are caused by direct tobacco use while smoking.
Additionally, it is expected that technological developments in these devices, such as the incorporation of Bluetooth and Wi-Fi connectivity, will further accelerate market revenue growth. From 2023 to 2031, global asthma monitoring devices market revenue growth is expected to be driven by rising consumer awareness of the benefits of using these devices. During the forecast period, the market is expected to be driven by increased R&D spending and the introduction of novel technologies in the remote patient monitoring space. Furthermore, preventative care is becoming more crucial in the healthcare sector, especially for chronic illnesses. Before an asthma attack takes place, asthma monitoring devices can help patients recognize the symptoms and causes, enabling them to take preventative action and avoid exacerbations. Increasing adoption of home healthcare is helping the market account for a sizable revenue share in the global asthma monitoring devices market during the forecast period.
However, there are multiple complications associated with the devices used. One of the main global asthma monitoring devices market challenges is that patients may forget to use them regularly, leading to inaccurate readings. Additionally, some devices require frequent calibration and maintenance, which can be time-consuming and costly for patients and healthcare providers.
Asthma Monitoring Devices Market Ecosystem
This report provides the global asthma monitoring devices market analysis in terms of revenue, market dynamics, regional landscape, and overall competitive positioning of the major market players.
The global asthma monitoring devices market is analyzed from three perspectives: type, end user, and region.
Asthma Monitoring Devices Market by Type
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Based on the type, the global asthma monitoring devices market is segmented into spirometry, peak flow meter, FeNo testing devices, and smart inhalers.
The smart inhalers segment accounted for the largest revenue share of the global asthma monitoring devices market in 2022. Smart inhalers are an excellent option to solve complicated monitoring problems and the consequences associated with airway illness. These inhalers may measure medicine use, send users medication reminders, and communicate information to healthcare professionals. This enables more individualized treatment programs and better management of airway illness. Currently, technology is capable of tracking when a smart inhaler is used, alerting patients when it is time to take their next dose, analyzing technique through measurement of inspiratory flow rate, and providing feedback on timing and technique. These technological advancements have been shown to increase medication adherence and decrease exacerbations. Therefore, smart inhalers have the potential to completely change how airway disease is managed and enhance patient outcomes. The information gathered by these devices can also be safely shared with a healthcare provider to asses with a real-world perspective on each patient’s adherence and competency to medication. The user may be more concordant due to knowing that their actions are being recorded, and the healthcare provider may tailor consultations to the specific patient using these data to encourage consistent, appropriate use or identify and commend concordance.
Asthma Monitoring Devices Market by End User
Based on the end user, the global asthma monitoring devices market is segmented into home care, hospital and clinics, and ambulatory care centers.
The home care segment accounted for the largest revenue share of the global asthma monitoring devices market in 2022. Since asthma is a chronic respiratory disorder that needs ongoing monitoring and management, the home care setting segment leads the global asthma monitoring devices market. Patients with asthma must frequently check their lung function and take the right medicine to stop asthma attacks. They can manage their illness in a relaxed and comfortable setting at home. Furthermore, home care settings give patients with asthma a chance to get individualized attention and support from family members or carers, which can help them stick to their treatment programs and maintain a healthy lifestyle. In addition, individuals with asthma prefer home care settings over hospitals or clinics due to the lower chance of exposure to allergens and respiratory infections that can cause asthma attacks. The popularity of these devices in the home care segment’s revenue growth is further driven due to the availability of portable asthma monitoring equipment that may be used at home. Also, the rising popularity of remote patient monitoring has made it possible for medical professionals to monitor asthmatic patients from a distance, raising the need for asthma monitoring devices in home care settings.
Asthma Monitoring Devices Market by Region
Based on the region, the global asthma monitoring devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of the global asthma monitoring devices market in 2022. Increased asthma prevalence and access to innovative technology to create advanced asthma monitoring devices are driving market revenue growth in the region. The advancement of the market in North America is driven by a well-developed healthcare system that offers simple access to healthcare services and high disposable income, enabling patients to spend on front-line healthcare technologies. Additionally, government support and financing for research and development of innovative asthma monitoring devices are expected to provide a sizable market revenue growth in the asthma monitoring devices market outlook.
Moreover, Asia Pacific is expected to expand quickly in terms of the asthma monitoring devices market revenue growth. This can be attributed to the rise in the prevalence of asthma and other respiratory diseases, improvements in the healthcare system, and increased awareness of the value of tracking asthma symptoms and the advantages of employing monitoring equipment. The regional governments have started campaigns to expand access to asthma monitoring devices and raise public awareness of the ailment. In addition, economic expansion has increased disposable income and improved access to healthcare in this region.
Competitive Landscape of the Asthma Monitoring Devices Market
Some of the primary development strategies that many organizations prioritize include the introduction of novel therapies, securing approval for those goods, and taking part in additional initiatives, including awareness projects, which are the key factor included in asthma monitoring devices industry analysis. Moreover, the market categorized partnerships, acquisitions, and numerous other forms of collaboration as better growth strategies. With the expanding global market for asthma monitoring devices demand, these actions have raised the chance of having profitable revenue growth prospects in the future. Notable participants in the global asthma monitoring devices market include:
Strategic Developments in Asthma Monitoring Devices Market
Asthma monitoring devices are used for managing asthma symptoms and preventing exacerbation.
The increased prevalence of asthma and increased technological advancements are the key factors driving the growth of the global asthma monitoring devices revenue share.
The high cost is a major restraining factor hampering the revenue growth of the global asthma monitoring devices market.
Key companies operating the global asthma monitoring devices market are Medtronic Plc, Koninklijke Philips N.V., GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd., and ResMed.
The global asthma monitoring devices market is expected to grow at a revenue CAGR of 7.3% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain