Intelligent Asthma Monitoring Devices Market Expected to Reach $1,696.7 Million by 2030 | CAGR 25.1%

According to a new report published by Allied Market Research, titled, “Global Intelligent Asthma Monitoring Devices Market by Product and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030," 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.

Intelligent asthma monitoring device is used to monitor asthma and prevent asthma attacks & related complications. The growth of the global intelligent asthma monitoring devices market is driven by increase in air pollution. Increase in susceptibility to asthma due to indoor air pollutants and alarming rise in prevalence of COPD & asthma globally are expected to augment the market growth.

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.

Factors that boost the growth of the global intelligent asthma monitoring devices market include  rise in geriatric population, surge in prevalence of asthma, increase in collaboration between pharmaceutical companies and smart inhaler manufacturers, and expected increase in adherence to smart inhalers.

The major factor attributed to the increase in number of cases of chronic obstructive pulmonary disease (COPD) and asthma is rise in air pollution globally. Air pollution is caused by various sources such as naturally occurring and anthropogenic sources. It comprises gases, volcanic ash, smoke from fires, and dust particles. Various research studies show that asthma symptoms deteriorate by air pollution. A study conducted on young campers suffering from moderate-to-severe asthma displayed results that they were 40% more prone to suffer from acute asthma incidents on days having high pollution as compared to average pollution days.

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.

The global Intelligent asthma monitoring devices market is segmented into product, end user, and region. By product, the market is bifurcated into wearable asthma monitoring devices and smart inhalers. The smart inhalers segment is further divided into inhalers and nebulizers. The inhalers segment is subsegmented into dry powdered inhalers and metered dose inhalers.

On the basis of end user, the market is fragmented into hospital, clinics, and home use. The hospital segment led the global market, and is anticipated to grow at a significant pace during the forecast period. On the contrary, the home use segment is expected to exhibit the fastest growth rate during the forecast period, due to increase in the number of phone-based apps and smart inhalers that can be handled with ease.

North America was the leading revenue contributor to the global intelligent asthma monitoring devices market, generating $72.6 million in 2020, and is expected to reach $439.1 million by 2030, registering a CAGR of 23.8% during the forecast period.

However, Asia-Pacific is expected to grow at the highest CAGR of 27.3% during the study period, due to increase in affordability, surge in healthcare expenditure, and rise in awareness about intelligent asthma monitoring devices.

This is attributed to the early approval of asthma monitoring devices and rapid usage of these devices due to rise in prevalence of asthma and asthma attacks.

Key Findings of the Study

• The smart inhalers segment accounted for around 92.2% share of the global intelligent asthma monitoring devices market in 2020.
• The wearable asthma monitoring segment is expected to grow at a CAGR of 15.90% from 2020 to 2030.
• The home care segment accounted for around 32.78% share in 2020.
• North America accounted for around 40.22% share of the global intelligent asthma monitoring devices market in 2020.
• Asia-Pacific is expected to grow at the highest CAGR of 27%.