Daily exposure to environmental pollution, rise in population susceptible to indoor air pollutants, portability of the drug delivery devices, surge in population of active smokers, and increase in the number of surgeries drive the growth of the global asthma diagnostic and monitoring device sector. On the other hand, high costs of the device and stringent regulatory procedures impede the growth to some extent. However, high growth potential in emerging markets and increase in geriatric population are expected to create lucrative opportunities in the industry.
According to the report published by Allied Market Research, the global COPD and asthma devices market is expected to reach $51,628.58 million by 2027, registering a CAGR of 4.30% during 2020-2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Alarming rise in prevalence of asthma, improvement in healthcare infrastructure, rise in number of hospitals, and advancement in respiratory diseases therapy are expected to notably contribute toward the growth of the global asthma and COPD drugs market during the forecast period.
- The outbreak of the pandemic led to increase in use of COPD and asthma diagnostic and monitoring devices to keep track of physiological functions of lungs.
- This drift is likely to continue post pandemic as well, since the key players are propping up the health system actively.
The diagnostic devices segment to dominate by 2027-
Based on product, the diagnostic devices segment contributed to more than two-thirds of the global asthma diagnostic and monitoring device market share in 2019, and is expected to lead the trail by the end of 2027, owing to increase in investment by the giant players and rise in research related funding that gives way to portable devices. The consumables and accessories segment, on the other hand, would grow at the fastest CAGR of 7.4% throughout the forecast period.
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Based on region,
North America garnered the major share in 2019, holding nearly two-fifths of the global asthma diagnostic and monitoring device market. Rise in prevalence of respiratory diseases in the province fuels the market growth. At the same time, the market across Asia-Pacific would exhibit the fastest CAGR of 7.0% during the forecast period, due to increase in population coupled with high growing geriatric population and rise in healthcare expenditure in the region.
Key players in the industry-
- Drägerwerk AG & CO. KGAA
- Getinge AB
- Invacare Corporation
- Masimo Corporation Medtronic Plc
- Vyaire Medical Inc.
- Koninklijke Philips N.V
- Becton Dickinson And Company
- Nihon Kohden Corporation
- Smiths Medical
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