Intelligent Asthma Monitoring Devices Market to Witness High Growth in Near Future Forecast to 2026 | CAGR of 54.5%
Pune, Maharashtra, India, December 17 2020 (Wiredrelease) Allied Analytics –:UPDATE AVAILABLE ON-DEMAND
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The global intelligent asthma monitoring devices market accounted for $20 million in 2017 and is expected to reach $655 million by 2025, registering a CAGR of 54.5% through 2025.
Increase in the number of asthma cases and asthmatic attack plays a major role in the growth of the intelligent asthma monitoring devices market. Furthermore, increase in adoption of latest phone-based apps and smart inhalers in the developing countries is expected to boost the growth of the global intelligent asthma monitoring devices market in the coming years.
Increase in indoor air pollutants, rise in prevalence of chronic obstructive pulmonary disease (COPD) and asthma, and surge in adoption of smart inhalers drive the growth of the global intelligent asthma monitoring devices market. However, concerns about data privacy hamper the market growth. On the contrary, increased focus toward advanced treatment protocols and unmet needs in respiratory care across developing countries are expected to create lucrative opportunities for the market players in the near future.
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Smart inhalers segment to be lucrative through 2025
Smart inhalers segment held the largest share in 2017, contributing more than four-fifths of the total market revenue. Moreover, the segment is expected to manifest the fastest CAGR of 57.0% during the forecast period because these devices are used for monitoring drug dose and improving drug administration time to identify asthma attack and avoid further complications. The other segment of wearable asthma is also analyzed in the report.
Based on product, the global intelligent asthma monitoring devices market is segmented into wearable asthma monitoring devices and smart inhalers. Smart inhaler segment is further bifurcated into inhalers and nebulizers. Inhalers segment is further bifurcated into dose metered inhalers (DMIs) and metered dose inhalers (MDIs). Currently, smart inhalers segment is leading the market and is estimated to grow at the fastest rate.
North America accounted for approximately one-half of the global market share in 2017 and is expected to remain dominant throughout the forecast period. This is attributed to the rise in demand for smart inhalers, increase in number of asthma patients and asthmatic attacks, higher number of trained medical professionals, and rise in geriatric population. While Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to rise in number of asthma patients and increase in adoption of intelligent asthma monitoring devices.
Asia-Pacific region is projected to grow at the fastest CAGR of 56.7% through 2025, owing to presence of high patient base, increase in healthcare expenditure by the populace, and technology advancements to launch cost-effective devices.
Key Findings of the Intelligent Asthma Monitoring Devices Market:
Based on product, the smart inhaler segment is expected to experience rapid growth in the market and is projected to grow at a CAGR of 57.0% from 2018 to 2025.
Based on end user, the hospital & clinic segment held approximately half of the global market share in 2017 and is expected to remain dominant throughout the forecast period.
Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 56.7% during the forecast period.
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The key market players analyzed in the report include
The key players profiled in this report include Vectura Group plc, Propeller Health, Teva Pharmaceutical Industries Ltd. (Gecko Health Innovations), Adherium Limited, Qualcomm Life, AstraZeneca plc, Health Care Originals, Philips Healthcare, GlaxoSmithKline plc, and Volansys Technologies.
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