The global wing asthma tracking devices market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The significant growth of the wing asthma tracking devices market can be attributed to the rising prevalence of asthma and CPOD globally. Increasing air pollution is one of the most potent sources of asthma that directly attributes to the market growth. Moreover, rise in sedentary lifestyle has also contributed to the rise in asthma cases. According to report of WHO of 2019, asthma affected 262 million people worldwide, causing 461,000 deaths. The growth of the market can also be attributed to increasing need for early diagnosis of the disease along with raised research expenditure by governments and private organizations. Rising preference for healthcare within home has increased over the past few years; giving treatment to patients in the comfort of their homes is a major factor estimated to propel the growth of the market. During the COVID-19 pandemic, the market has witnessed a boost in product demand from patients as well as healthcare professionals to monitor their lung functions at home.
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On the basis of product type, the market is segmented into devices, software, accessories, and consumables, out of which, the software segment is estimated to gain the highest revenue in the market over the forecast period on the back of increasing technological advancement in the software solutions industry. However, accessories and consumables also hold a considerable share in the market due to their reusability and cost-effectiveness, respectively. Based on the end-users, the market is segmented into clinics, hospitals, diagnostic centres, homecare, and others. Out of these, the hospitals segment is presently dominating the market share in terms of revenue, owing to the increasing healthcare expenditure leading to the involvement of advanced testing devices. However, the homecare segment is anticipated to witness highest growth over the forecast period owing to increasing adoption of home-test kits and treatment methods, as in recent times of Covid-19, home healthcare is one of the best services available at a doorstep.
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.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increased expenditure by governmental and non-governmental agencies for improving healthcare infrastructure in the region. Rising air pollution in developing countries, such as, China and India, is also anticipated to boost the market growth. The healthcare spending as percentage share of GDP for Asia Pacific countries has been increasing in the recent years. According to the World Bank, for China, the share of health expenditure as percentage of GDP has increased to 5.351% in 2018 from 4.208% in 2010. This is further expected to boost the regional market growth. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the increasing acceptance of technological advancement, followed by the presence of top healthcare service providers in the region. Rapid increase in elderly population is also projected to fuel the market growth. According to the United States Census Bureau, by 2034, there will be 77.0 million people 65 years and older.
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The global wing asthma tracking devices market is further classified on the basis of region as follows:
Our in-depth analysis of the global wing asthma tracking devices market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing prevalence of asthma globally and advancement in technology are the major factors driving the market.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Shortage of skilled professionals is estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing investment in research field about the wing asthma tracking devices market.
The major players dominating the wing asthma tracking devices market are Hill Rom, Inc, Teleflex Incorporated, Vyaire Medical Inc., Fukuda Sangyo Co. Ltd., and CHEST M.I. Inc., among others.
The company profiles are selected on the basis of 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 type, type, end user, and by region.
With respect to end-user, the hospitals segment is anticipated to hold the largest market share owing to the growing preference among individuals for hospitals.
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