According to a new report published by Allied Market Research, titled,"Intelligent Asthma Monitoring Devices Market by Product and End User: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global intelligent asthma monitoring devices market was valued at $20 million in 2017, and is expected to reach $655 million by 2025, growing at a CAGR of 54.5% from 2018 to 2025.
Intelligent asthma monitoring devices are devices used to monitor asthma and prevent asthma attacks related complications. Growth in geriatric population and increase in cases of asthma drive the growth of the global intelligent asthma monitoring devices market. Moreover, some of the factors such as increase in healthcare expenditure and better clinical outcomes fuel the market growth. However, product recall and lack of skilled healthcare professionals are expected to hinder the growth of the global market.
Based on product, the global intelligent asthma monitoring devices market is segmented into wearable asthma monitoring devices and smart inhalers. Smart inhaler segment is further bifurcated into inhalers and nebulizers. Inhalers segment is further bifurcated into dose metered inhalers (DMIs) and metered dose inhalers (MDIs). Currently, smart inhalers segment is leading the market and is estimated to grow at the fastest rate.
Based on end user, the global intelligent asthma monitoring devices market is classified into hospitals, clinics, and home use. Presently, hospital segment is dominating the global market and is estimated to grow during the forecast period. Whereas, home use segment is expected to show fastest growth in the market during the forecast period due to increase in the number of phone-based apps and smart inhalers that can be handled with ease.
Key Findings of the Intelligent Asthma Monitoring Devices Market:
- Based on product, the smart inhaler segment is expected to experience rapid growth in the market and is projected to grow at a CAGR of 57.0% from 2018 to 2025.
- Based on end user, the hospital & clinic segment held approximately half of the global market share in 2017 and is expected to remain dominant throughout the forecast period.
- Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 56.7% during the forecast period.
North America accounted for approximately one-half of the global market share in 2017 and is expected to remain dominant throughout the forecast period. This is attributed to the rise in demand for smart inhalers, increase in number of asthma patients and asthmatic attacks, higher number of trained medical professionals, and rise in geriatric population. While Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to rise in number of asthma patients and increase in adoption of intelligent asthma monitoring devices.
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