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HEALTHCARE & PHARMACEUTICAL

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

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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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.

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.

Wearable Asthma Monitor Market

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

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.  

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

Market Segmentation

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

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.

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