Global Wearable Asthma Monitor Market Highlights over 2022 – 2031
The global wearable asthma monitor market is estimated to grow at a notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing cases of asthma, especially amongst children. According to the data by the World Health Organization, asthma is the most common chronic disease amongst children. Wearable asthma monitors are based on artificial intelligence and machine learning technologies, which helps them identify and record the symptoms of asthma attack. Moreover, these wearables can differentiate between a cough, sneeze, or panting, along with recording the breathing rate, heart rate, and environmental factors that may trigger an attack. Additionally, wearable asthma monitor is considered highly beneficial for autistic children, as it allows parents and medical practitioners to access the data accurately. Such advantageous features are estimated to drive the market growth. Furthermore, the data recorded by the wearable can also be reviewed remotely by doctors, allowing them to refine treatment plans. This eliminates the need for follow-up trips to the hospital, therefore cutting the treatment cost. This is further anticipated to boost the market growth.
The market is segmented by end-user into home care, hospitals, and others, out of which, the home care segment is anticipated to hold the notable share in the global wearable asthma monitor market over the forecast period on account of increasing demand for home care for children. Moreover, wearable monitors can be helpful for monitoring symptoms at home, which is 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 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.
The global wearable asthma monitor market is further classified on the basis of region as follows:
Our in-depth analysis of the global wearable asthma monitor market includes the following segments:
Top Featured Companies Dominating the Market
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.
FREQUENTLY ASKED QUESTIONS
The increasing prevalence of asthma amongst children is estimated to boost the market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2031.
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.
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 application, end-user, and by region.
The symptom monitoring segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Low commercial manufacturing of wearable 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 rising prevalence of asthma amongst children.
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