Wilmington, Delaware, United States, March 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Asthma Monitoring Devices Market is likely to grow at a CAGR of 7.0% between 2022 and 2031. Asthma monitoring devices are advanced forms of medical devices used for monitoring various aspects of breathing in a patient with a respiratory disorder such as asthma. These devices are used for measuring different parameters such as airflow, breathing pace, and others. It also provides real-time data and information about triggers and symptoms of asthma. The information collected in these monitoring devices is then used for avoiding asthma attacks.
Rise in pollution levels and increase in the number of smokers are the key factors augmenting asthma monitoring devices market development. An increase in awareness about the advantages of using these devices is projected to drive market expansion during the forecast period. A surge in investment in research & development activities and launch of innovative products in the remote patient monitoring segment are likely to propel the market in the next few years.
Increase in demand for telemedicine solutions and rise in popularity of smart inhalers are projected to help increase revenue of the global market of asthma monitoring devices during the forecast period. Companies operating in the market are engaging in the development of connected asthma monitoring devices for remote patient monitoring and real-time data collection. This is expected to accelerate market growth during the forecast period.
According to TMR report, the global market was valued at US$ 700.0 Mn in 2021 and is projected to reach US$ 1.4 Bn by the end of 2031. An increase in need for remote patient monitoring is anticipated to propel industry growth in the near future.
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Key Findings of Study
- A surge in Awareness about Asthma Prevalence: Increase in awareness about the importance of asthma management and monitoring devices is projected to bolster market growth. Introduction of devices capable of tracking and recording triggers and symptoms are projected to accelerate market expansion during the forecast period.
- Increase in Popularity of Smart Inhalers: Integration of smart inhalers and rise in success rates are projected to boost demand for asthma monitoring devices in the near future. It is easier for healthcare providers to monitor patients remotely and accordingly diagnose them for better outcomes. Smart inhalers improve overall patient experience, and are expected to create significant business opportunities in the asthma monitoring devices market.
- Rise in number of patients with respiratory disorders
- Increase in need for better treatment plans for patients with possibility of asthma attacks
- Surge in prevalence of asthma and rise in need for effective disease management
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Regional Growth Dynamics
- North America dominated the global asthma monitoring devices market in 2022. This is ascribed to large patient pool in developed countries such as Canada and the U.S.
- The presence of better healthcare facilities propels the demand for asthma monitoring devices in these regions. Such factors are further anticipated to aid in market expansion for North America during the forecast period
Prominent players in the global asthma monitoring devices market are
- MGC Corporation,
- River City Holdings LLC,
- OMRON Corporation,
- GSK plc,
- Respira Labs,
- Nihon Kohden Corporation,
- Koninklijke Philips,
- F. Hoffmann-La Roche Ltd.,
- ResMed, and Masimo
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Asthma Monitoring Devices Market Segmentation
- Peak Flow Meters
- Smart Inhalers
- Hospitals & Clinics
- Home Care
- Ambulatory Care Centers
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
- GCC Countries
- South Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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