Global Smart Asthma Monitoring Devices Market Highlights over 2022 – 2031
The global smart asthma monitoring devices market is estimated to grow at a CAGR of ~25% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing prevalence of asthma, along with the rising acceptance of smart medical devices. According to the data by the World Health Organization (WHO), 262 million people were diagnosed with asthma in 2019, which caused 461000 deaths globally. Factors, such as, exposure to polluted air, chemicals, fumes, or dust, along with genetic makeup or smoking are mainly responsible for the high cases of asthma across the world. Moreover, the growing awareness regarding the treatment of asthma in early stages, combined with the demand for regular monitoring, are anticipated to drive the market growth. Additionally, with the rise in incidences of various diseases, the demand for smart diagnostic and monitoring medical devices is also increasing, which is further projected to play a crucial role in the market growth. Furthermore, the growing government initiatives to curb and control asthma is also estimated to fuel the growth of the market. For instance, asthma is included in the WHO Global Action Plan for the Prevention and Control of NCDs. Moreover, WHO also established Global Alliance against Chronic Respiratory Diseases (GARD) to control and prevent asthma and other respiratory diseases.
The market is segmented by product into wearable monitors, smart inhalers, breath analyzer, nebulizers, and others, out of which, the smart inhalers segment is anticipated to hold the notable share in the global smart asthma monitoring devices market over the forecast period. This can be accredited to the various advantages of smart inhalers, such as, metered dosage. Moreover, smart inhalers can also remind patients to take the medicines, therefore assisting in self-care routines for asthma patients. Such factors are estimated to boost the market growth. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Smart Asthma Monitoring Devices Market Regional Synopsis
On the basis of geographical analysis, the global smart asthma monitoring devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of high geriatric population, along with the rising cases of asthma, as older people are more vulnerable to respiratory diseases. Moreover, the growing adoption of innovative medical equipment in the APAC region is estimated to boost the market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the high prevalence of asthma in the developed countries. A report by the Asthma and Allergy Foundation of America (AAFA) stated that approximately 25 million Americans suffer from asthma, including 5.1 million children under the age of 18. Healthcare experts believe that asthma is directly related to urbanization, as the urban lifestyle includes more exposure to air pollution, which is one of the major causes of high cases of asthma in the U.S.
The global smart asthma monitoring devices market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global smart asthma monitoring devices market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The growing prevalence of asthma, backed by rapid urbanization is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~25% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Adherium Limited, AstraZeneca Group, Cohero Health, Inc., GlaxoSmithKline plc, Aevice Health, Vectura Group plc, Health Care Originals Inc, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, device, end-user, and by region.
The hospitals segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
High cost of smart devices is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the increasing cases of asthma in the region.
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