Market Insights
The intelligent asthma monitoring devices market was estimated at US$ 912 million in 2021 and is expected to grow at a CAGR of 8.28% during 2022-2028 to reach US$ 1617.72 million in 2028.
Asthma management necessitates the patient's active participation in self-monitoring regimens. Self-monitoring for asthma comprises both symptom-based and peak expiratory flow (PEF) monitoring. Advances in healthcare technology have resulted in the creation of digital gadgets that warn patients of an impending asthma attack. These monitoring devices can track adherence, enable data access for transfer to a personal device, and properly record the time of each dose taken by the patient. Mobile health and online applications (apps), wearables, and other personal monitoring devices offer enormous potential to improve people's lives.
Asthma management should be improved. The increased prevalence of a number of chronic respiratory illnesses is one of the primary drivers of revenue growth. According to a 2019 World Health Organization estimate, asthma affects almost 262 million people worldwide and is the most common chronic illness affecting children. Asthma incidence is rising at an alarming rate, owing to an increase in allergic reactions to pollen, dust, and other allergens, a growth in the geriatric population, and improvements in the market for intelligent asthma monitoring devices. It is the most prevalent chronic ailment among children. According to WHO, roughly 1.31 million people worldwide had asthma treatment in 2019.
Furthermore, asthma has been connected to almost 461,000 deaths worldwide. Sedentary lifestyles, smoking, and high levels of air pollution in a number of countries may also cause a variety of respiratory diseases, which may drive market expansion. The adoption of smart inhalers has been motivated by the constantly increasing prevalence of such chronic respiratory illnesses, which has resulted in a recent increase in demand for effective smart inhalers for respiratory care.
Smart inhalers are sensor-enabled digital devices that are used to give pharmaceuticals via inhalation as well as track inhaler usage and monitor precise doses. These devices contain a variety of drugs, including glucocorticoids, anticholinergics, and beta-agonists. These drugs are used to treat and prevent respiratory diseases such as chronic obstructive pulmonary disease and asthma. Smart inhalers can help medical professionals keep track of patients' medical histories and regular dose administration.
Smart inhaler technology is expected to advance more, increasing market numbers in the next years. Smart inhalers are being improved as a component of modern digital technology to improve the management of respiratory disorders. The expanded availability of cutting-edge smart inhalers asthma treatment will fuel market revenue growth. These cutting-edge devices provide a variety of advantages over traditional inhalers, including medication history tracking and monitoring, clinical data collection, enhanced accuracy, and ease of use, which will increase market growth potential. Furthermore, these devices provide patients with self-management capabilities as well as the shrinking of sensors for detecting the volume of medicine inhaled. These advantages will influence the business environment.
The intelligent asthma monitoring devices market is expected to rise as the global population grows, which is contributing to an increase in the number of people suffering from asthma. However, a lack of information about how to utilise these gadgets effectively is limiting industry expansion. Furthermore, technical developments and an increase in the number of firms engaged on device development are driving market expansion.
Several investments/guidelines in the industry have been directed in recent years, which would boost the overall market. Some of them are:
- MDIs are used by tens of millions of people in the United States. Methods such as shaking the MDI 10-15 times and timing and position of breaths can all have a substantial impact on the amount of medication that reaches the lungs. 90 out of every 100 inhaler users misuse them, and 66 fail to take their medication.
Segment Analysis
The market is divided based on product, and end user. On the basis of product, the market is further segmented into wearable asthma monitoring devices and smart inhalers.
On the basis of end user, the market is segmented into hospitals, homecare settings, others. The hospital segment led the global intelligent asthma monitoring devices market by end user and is expected to develop at a substantial rate during the projected period. The home usage segment, on the other hand, is predicted to develop at the quickest rate during the projection period, owing to an increase in the number of phone-based apps and smart inhalers that can be easily managed.
The intelligent asthma monitoring devices market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America held the biggest market share in 2021 and is likely to maintain this position throughout the forecast period. This is due to the exponential expansion in population, combined with an increase in the geriatric population. Furthermore, an increase in healthcare expenditure and the creation of recommendations for the diagnosis and management of asthma are projected to drive the growth of the intelligent asthma monitoring devices market.
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
