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Wearable Asthma Monitor Market Segmentation by Application (Trigger Prediction, Symptom Monitoring, and Others); and by End-User (Home Care, Hospitals, and Others) – Global Demand Analysis & Opportunity Outlook 2031

Buy Now Report ID: 3919 | Published Date: Feb 03, 2023

Global Wearable Asthma Monitor Market Regional Synopsis

On the basis of geographical analysis, the global wearable asthma monitor 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 growing prevalence of asthma, along with higher healthcare awareness amongst the population.

The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the high incidences of asthma amongst children. As per the data by the Center for Disease Control and Prevention (CDC), 6 million children below 18 years have asthma, in the U.S.

Wearable Asthma Monitor Market Share

The global wearable asthma monitor 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


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Wearable Asthma Monitor Market
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Major Macro-Economic Indicators Impacting the Market Growth

Healthcare Expenditure per Capita, (USD), 2015-2018

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.  


Market Segmentation

Market-Growth-Drivers

Our in-depth analysis of the global wearable asthma monitor market includes the following segments:

By Application

  • Trigger Prediction
  • Symptom Monitoring 
  • Others

By End-User

  • Home Care
  • Hospitals
  • Others

Growth Drivers

  • Increasing Incidences of Asthma in Children
  • Development of Innovative Technologies in Healthcare Sector

Challenges

  • Slow Commercial Production of Wearable Monitors
  • Lack of Awareness regarding the Product


Healthcare Expenditure per Capita, (USD), 2015-2018
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Top Featured Companies Dominating the Market

top-features-companies

    Wearable asthma monitors are not being commercially manufactured presently. However, various healthcare device manufacturers are estimated to invest in the market. Some of the major medical device manufacturers include Koninklijke Philips N.V., Pear Therapeutics, Inc., Sanofi-aventis Groupe, Abbott Laboratories, Johnson & Johnson Services, Inc., Siemens Healthcare GmbHMindstrong Health, and others.


In-the-news

In The News

  • August 14, 2020: A study by the U.S. National Library of Medicine suggested that wearable asthma monitors can assist doctors to treat asthmatic children at home. These wearables can provide regular follow-up of physiological parameters in the home settings, eliminating the need for hospital-based assessments.

  • June 01, 2016: Researchers from the North Carolina State University designed a wearable device that monitors a user's environment, and heart rate, to predict and prevent asthma attacks.


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Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


Author Credits:  Radhika Gupta, Shivam Bhutani


Key Questions Answered in the Report

1) What are the major factors driving the growth of the wearable asthma monitor market?

Ans: The increasing prevalence of asthma amongst children is estimated to boost the market growth.

2) What would be the CAGR of wearable asthma monitor market over the forecast period?

Ans: The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2031.

5) Who are the major players dominating the wearable asthma monitor market?

Ans: The major medical device manufacturers, such as, Koninklijke Philips N.V., Pear Therapeutics, Inc., Sanofi-aventis Groupe, Abbott Laboratories, Johnson & Johnson Services, Inc., Siemens Healthcare GmbHMindstrong Health, and others are estimated to invest in the market.

6) How are the company profiles selected?

Ans: 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.

7) What are the segments in the wearable asthma monitor market?

Ans: The market is segmented by application, end-user, and by region.

8) Which segment captures the largest market size in application segment in the wearable asthma monitor market?

Ans: The symptom monitoring segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.

8) What are the challenges affecting the market growth?

Ans: Low commercial manufacturing of wearable devices is estimated to hamper the market growth.

8) Which region will provide more business opportunities for growth of the wearable asthma monitor market in future?

Ans: The North America region is anticipated to provide more business opportunities over the forecast period owing to the rising prevalence of asthma amongst children.

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