The global asthma monitoring devices market is expected to grow at a CAGR of 7.2% during the forecast period of 2024 to 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 increase in the geriatric population, and the increased adoption of advanced monitoring devices, such as smart inhalers. Increased demand for smart inhalers and telemedicine solutions, as well as government support and reimbursement policies for asthma monitoring devices, present market participants with lucrative opportunities. Focus is being placed on the development of connected asthma monitoring devices that enable real-time monitoring and remote patient monitoring. However, the high cost of these devices and the absence of reimbursement in certain nations are likely to impede the growth of the global asthma monitoring devices market.

Increase in Asthma and Respiratory Illness Prevalence

Asthma and other respiratory conditions are becoming more prevalent, which is driving demand for monitoring devices that help patients manage their symptoms and prevent exacerbations. Asthma monitoring devices, such as peak flow meters, spirometers, and wearable devices, enable 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 widespread chronic respiratory disease affecting millions of Americans. According to the most recent data, approximately 25 million people, or roughly 1 in 13, have asthma; approximately 20 million of these are adults aged 18 and older. In 2019, 44.3% of children under 18 years old with asthma reported having at least one asthma attack in the previous year, and 47.2% of children under five years old with asthma had experienced an asthma attack.

Increased Recognition of the Importance of Asthma Management

The demand for these devices is driven by an increase in awareness and education about the importance of proper asthma management and monitoring. Globally, the demand for devices that can track lung function, monitor symptoms, and identify triggers has increased. In turn, this enables patients to better manage their asthma. As part of its efforts to guarantee universal health coverage, the World Health Organization (WHO) promotes the use of asthma monitoring devices. This is being achieved through a variety of means, including the development of guidelines and standards for medical devices, the provision of technical support and training to healthcare providers regarding device utilization, and the promotion of integration into national health systems. Additionally, the WHO collaborates with manufacturers, health organizations, and governments to ensure that these medical devices are accessible, affordable, and of high quality.

Increase in Smart Inhaler Usage

In 2023, the smart inhalers segment dominated the global asthma monitoring device market based on device type. This is attributable to the ability of smart inhalers to track medication usage, provide real-time monitoring and feedback, and increase medication adherence among asthma patients.
The incorporation of smart technology into inhalers has made it easier for healthcare providers to remotely monitor patients and adjust treatment plans as necessary, resulting in improved patient outcomes and satisfaction.

North America Remains as the Global Leader

In 2023, North America dominated the global market. The rise in asthma prevalence, resulting in high demand for asthma monitoring devices, and access to advanced technology for the creation of new and innovative asthma monitoring devices are driving market growth in the region. In North America, market growth is fueled by a well-developed healthcare system that provides easy access to healthcare services and a high disposable income that enables patients to invest in modern healthcare technologies. Moreover, government support and funding 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 projected to expand at a rapid rate. 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 regarding the importance of asthma monitoring and the benefits of using monitoring devices. Governments in the region have launched initiatives to expand access to asthma monitoring devices and raise awareness of the disease. Moreover, economic growth has resulted in an increase in disposable income and an expansion of healthcare access in the region.

Europe held a significant market share in 2023, driven by the rise in asthma prevalence, technological advancements in devices, and increased disease management awareness and emphasis. Asthma patients' rising demand for effective and efficient monitoring solutions is anticipated to boost regional market dynamics.

Market Competition to Intensify During the Forecast Period

The key companies that are active in the market include 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. These competitors are engaging in mergers & acquisitions, strategic partnerships, and the introduction of new products in order to increase their asthma monitoring devices' market share.

Major Trends in the Global Asthma Monitoring Devices Market

• In January 2023, Apple acquired Tueo Health, a startup dedicated to enhancing the management of respiratory health for children with asthma. Apple is a global technology corporation that designs, develops, and sells consumer electronics, computer software, and online services. Through this acquisition, the company is likely to add new features to its Health app for iPhones.
• In March 2023, Respira Labs introduced Sylvee, an AI-powered, wearable lung monitor that employs acoustic resonance technology to evaluate lung function and detect variations in lung air volume. The device employs algorithms based on artificial intelligence to analyse breathing patterns and provide real-time data on lung function. This technology can aid in the early diagnosis and treatment of respiratory disorders such as asthma, COPD, and COVID-19.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Asthma Monitoring Devices market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Asthma Monitoring Devices market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Asthma Monitoring Devices market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Asthma Monitoring Devices market?
• Which is the largest regional market for Asthma Monitoring Devices market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Asthma Monitoring Devices market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Asthma Monitoring Devices market worldwide?