The global asthma monitoring devices market is anticipated to expand at a CAGR of 7.2% between 2024 and 2032. The global asthma monitoring devices market is driven by the increasing prevalence of asthma, the development of new and improved asthma monitoring devices, the ageing population, and the increased adoption of advanced monitoring devices, such as smart inhalers. Increased demand for smart inhalers and telemedicine solutions, in addition to government support and reimbursement policies for asthma monitoring devices, present lucrative opportunities for market participants. The development of connected asthma monitoring devices that permit real-time monitoring and remote patient monitoring is a priority. However, the high cost of these devices and the lack of reimbursement in certain nations are likely to hinder the expansion of the global asthma monitoring devices market.
Asthma and other respiratory conditions are on the rise, driving demand for monitoring devices that assist patients in managing their symptoms and preventing exacerbations. Asthma monitoring devices, including peak flow meters, spirometers, and wearable devices, allow individuals to track their symptoms, monitor lung function, and detect early signs of an asthma attack, which could lead to prompt intervention and prevent severe outcomes.
According to the Asthma and Allergy Foundation of America, asthma is a pervasive, chronic respiratory illness that affects millions of Americans. According to the most recent data, approximately 25 million people, or roughly 1 in 13, have asthma, 20 million of whom are adults aged 18 or older. In 2019, 44.3% of children under 18 with asthma reported at least one asthma attack in the previous year, and 47.2% of children under 5 with asthma had experienced an asthma attack.
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Increased awareness and education about the importance of proper asthma management and monitoring drive the demand for these devices. Demand for devices that can track lung function, monitor symptoms, and identify triggers has increased internationally. As a result, patients are able to better manage their asthma. The World Health Organization (WHO) promotes the use of asthma monitoring devices as part of its efforts to ensure universal health coverage. This is being accomplished through a variety of means, such as the development of guidelines and standards for medical devices, the provision of technical support and training to healthcare providers regarding device usage, and the promotion of integration into national health systems. In addition, the WHO works with manufacturers, health organizations, and governments to guarantee that these medical devices are accessible, affordable, and of high quality.
Based on device type, the smart inhaler segment dominated the global asthma monitoring device market in 2023. This is due to the ability of smart inhalers to track medication usage, provide real-time monitoring and feedback, and improve asthma patients' medication adherence. The incorporation of smart technology into inhalers has made it easier for healthcare providers to remotely monitor patients and make necessary adjustments to treatment plans, resulting in improved patient outcomes and satisfaction.
North America dominated the global market in 2023. Access to advanced technology for the development of new and innovative asthma monitoring devices drives market expansion in the region. In North America, market growth is fueled by a well-developed healthcare system that provides patients with easy access to healthcare services and a high disposable income that allows them to invest in modern healthcare technologies. In addition, government funding and support for research and development of new asthma monitoring devices is anticipated to drive regional market statistics over the forecast period.
During the forecast period, the Asia-Pacific market for asthma monitoring devices is anticipated to grow rapidly. This can be attributed to an increase in the prevalence of asthma and other respiratory conditions, an improvement in healthcare infrastructure, and an increase in awareness of the significance of asthma monitoring and the advantages of using monitoring devices. The regional governments have launched initiatives to expand access to asthma monitoring devices and raise awareness of the disease. In addition, economic expansion has led to an increase in disposable income and an expansion of healthcare access in the region. Due to the rise in asthma prevalence, technological advancements in devices, and increased emphasis on disease management, Europe held a significant market share in 2023. The rising demand for effective and efficient monitoring solutions among asthma patients is anticipated to stimulate regional market dynamics.
Medtronic, Koninklijke Philips N.V., GSK plc, F. Hoffmann-La Roche Ltd., ResMed, Siemens, OMRON Corporation, Masimo, Propeller Health, Accumed, Nihon Kohden Corporation, Respira Labs, River City Holdings LLC, and MGC Diagnostics Corporation are the market's leading companies. In order to expand their market share for asthma monitoring devices, these competitors are engaging in mergers & acquisitions, forming strategic alliances, and introducing new products.
Major Tendencies on the Global Market for Asthma Monitoring Devices
