Global rise in air pollution, increase in population susceptible to indoor air pollutants, growing adherence to smart inhalers, and surge in incidences of asthma cases drive the growth of the global intelligent asthma monitoring devices market. However, misusing data & data privacy and resistance toward adoption of smart inhalers restrain the market to some extent. On the other hand, increased focus toward advanced treatment protocols and significant unmet need in respiratory care present new opportunities in the upcoming years.
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The global intelligent asthma monitoring devices market size was valued at $180.5 Million in 2020, and is projected to reach $1,696.7 Million by 2030, registering a CAGR of 25.1% from 2021 to 2030.
Smart inhalers segment to be lucrative through 2030
Smart inhalers segment held the largest share in 2021, 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.
Increase in adherence to smart inhalers coupled with transformation from physician-centered to the patient-centered model, rise in collaboration between pharmaceutical companies & smart inhaler manufacturers, and surge in incidence of asthma cases fuel the growth of the market. However, misusing data and data privacy and resistance towards adoption of smart inhalers are expected to restrain the market growth. Conversely, increase in focus toward advanced treatment protocols, unmet needs in respiratory care, and increase in healthcare expenditure in developing countries are expected to provide lucrative opportunities to the market players.
What is the Impact of COVID-19 Pandemic on the Intelligent Asthma Monitoring Devices Market?
For instance, the Indian Council of Medical Research and the National Institute of Virology collaborated to develop Bharat Biotech’s vaccine COVAXIN. For instance, in January 2021, the DCGI announced the approval of COVAXIN for emergency use to prevent COVID-19. Meanwhile, the Oxford-AstraZeneca coronavirus vaccine is undergoing Phase III trials.
The COVID-19 outbreak is anticipated to have a positive impact on intelligent asthma monitoring devices Market. Rise in prevalence rate of chronic respiratory diseases is expected to further drive the growth of the respiratory monitoring devices market in the near future.
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The report offers detailed segmentation of the global intelligent asthma monitoring devices market based on product, end user, and region.
Based on product, the smart inhalers segment held the highest market share in 2020, holding 92% of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 25.6% from 2021 to 2030. The report also includes wearable asthma monitoring devices.
Key Market Players:
Adherium, AstraZeneca PLC, Cohero Health, Inc., GlaxoSmithKline plc, Health Care Originals, Koninklijke Philips N.V.,, PROPELLER HEALTH, Teva Pharmaceutical Industries Ltd. (Gecko Health Innovations), Vectura Group plc, Volansys Technologies.
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