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:
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.
Our in-depth analysis of the global wearable asthma monitor market includes the following segments:
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.
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.
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
Ans: The increasing prevalence of asthma amongst children is estimated to boost the market growth.
Ans: The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2031.
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.
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.
Ans: The market is segmented by application, end-user, and by region.
Ans: The symptom monitoring segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Ans: Low commercial manufacturing of wearable devices is estimated to hamper the market growth.
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.