The global intelligent asthma monitoring devices market is expected to grow significantly from USD 55.8 million in 2018 to USD 805.6 million in 2025, at a CAGR of 44.4% from 2019 to 2025. Factors driving the market growth are disease burden associated with increasing aging population, and rising prevalence of asthma and chronic obstructive pulmonary disease (COPD) across the globe. On the other hand growing adoption of smart inhalers, and rising awareness among people and increasing the acceptability of inhaler treatment are further boosting the industry growth. Additionally, increasing number of cases of respiratory diseases in emerging markets, driven by pollution, smoking and improved diagnosis are further augmenting market growth over the forecast period.
The emergence of digital technology in healthcare is beginning to change the status of patient’s diagnosis and treatment. Moreover, major healthcare manufacturing companies are seeking more effective drug delivery methods and use of smart technology in new product developments. The intelligent asthma monitoring devices to treat asthma and COPD diseases, in particular, are well-positioned to challenge the existing state in long-term therapy by embedding integrated sensors technology into the devices. However, data security concerns may hamper the market growth to some extent.
The years used for the assessment are as follows;
Historical year: 2015, 2016 and 2017
Base year: 2018
Forecast period: 2019 – 2025
Smart Inhalers Segment Drives the Market Demand
Smart inhalers segment held the major share of the global market in 2018. Smart inhaler devices use bluetooth technology to detect inhaler use, remind the patients about the medication, and gather data. Smart inhalers have the potential to improve patients adherence to asthma therapies. Moreover, inhaler companies have developed connected inhaler sensors technology. These inhale sensors are connectable to cloud platforms to enable remote patients monitoring. In addition, growing product developments and new product launches are further boosting the market growth.
Intelligent Asthma Monitoring Devices Market – Regional insight
North America held the major share of the global intelligent asthma monitoring devices market in 2018. The growth is attributed to the growing adoption of new technology and presence of major key players in the region. Furthermore, in the United States, approximately 25 million people are affected by asthma, and it continues to be the third-ranking cause of hospitalization for children under 15 years of age. The growth of intelligent asthma monitoring devices market in Europe is attributed to increasing adoption of intelligent asthma monitoring devices in the region. Moreover, growing number of research projects and increasing number of funding activities in the region is further propelling the market growth. In addition, Asia-Pacific is expected to register the highest CAGR during the 2019-2025, due to rising number of cases of asthma and COPD diseases due to air pollution, tobacco smoke, and indoor or outdoor allergens. South Asia has the largest number of children living in the polluted areas resulting in an increasing risk of asthma and lung diseases.
The research and analysis are based on data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;
Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, surveys and other secondary sources
Interacting with key opinion leaders of the market and developing data points based on interaction with them
Study of past trends in the market and their year on year impact on the market size and share
Analyzing the collected data points
Bridging the data points to calculate the Intelligent Asthma Monitoring Devices market and its various segments
Anticipating potential risks
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the Intelligent Asthma Monitoring Devices market
Finalizing the overall size and share for the global Intelligent Asthma Monitoring Devices market
To classify global Intelligent Asthma Monitoring Devices market into segments on the basis of material, product type, end-user and region to analyze their growth prospects individually
To analyze market trends, opportunities, drivers and restraints associated with Intelligent Asthma Monitoring Devices
Profiling key companies operating in the global Intelligent Asthma Monitoring Devices market
To study market response with respect to the mergers and acquisitions in the industry