The global COPD & asthma diagnostic and monitoring devices market held a market value of USD 6,696.41 million in 2021 and is estimated to reach USD 13,971.38 million by the year 2030. The market is likely to register a CAGR of 8.45% during the forecast period. In addition to that, the market volume is estimated to account for 88.45 million units in 2021, with a growth rate of 6.18% over the anticipated period.
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With ever-increasing burden of diseases, coupled with the pandemic outbreak, the demand for asthma and COPD monitoring and diagnostic devices has been tremendously rising. Moreover, the exposure to environment pollution is also a factor boosting the demand. Furthermore, the portability of the drug delivery devices and the technological advancements drive the growth of the industry.
On the other hand, the strict regulatory framework hinders the growth of the industry.
In addition to that, the high cost of the device is another factor hampering the preference rate of the COPD and asthma monitoring and diagnostic devices. Moreover, the product recalls also hinder the growth rate of the industry. For instance, in August 2022, Philips expanded an earlier announced recall of respiratory machines toa total of 1,700 devices globally owing toa possible contamination of a plastic component with a non-compatible material.
Portability of the Drug Delivery Devices
The prominent players in the market are focusing on developing drug delivery devices that are portable, disposable, and provides other benefits. For instance, in September 2021, BreatheSuite received FDA 510 (k) clearance for its BreatheSuite metered-dose inhaler (MDI) V1 device. BreatheSuite designed the device to turn existing MDIs into smart inhalers by automatically monitoring and offering feedback on inhaler adherence and technique for people with asthma and COPD. It constitutes a disposable, battery-powered, portable MDI add-on and a mobile application based on behaviour change strategies. Thus, such new releases boost the growth rate of the market.
Increase in population of active smokers
The rise in active smoker population drives the growth rate of the COPD and asthma diagnostic and monitoring devices industry. For instance, cigarette smoking prevails as the leading cause of preventable disease, and death in the United States, and the Office on Smoking and Health, National Center for Chronic Disease Prevention and Health Promotion mentions that it accounts for more than 480,000 deaths every year. Thus, such high statistics boost the demand in the market.
The global COPD & asthma diagnostic and monitoring devices market is segmented into product type, indication, and end user.
By Product Type,
? Diagnostic Devices
o FeNO Test analyzer
o Arterial blood gas analyzer (ABG)
o Polysomnography devices
o Peak flow meters
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? Monitoring Devices
o Pulse oximeters
o Asthma monitors
o Portable tabletop pulse oximeter
o Wearable devices
o Fourier transform infrared spectroscopy (FTIR)
? Consumables & Accessories
o Spirometry accessories
o Polysomnography accessories
o Peak flow meter accessories
o Pulse oximeter sensors
o Capnography accessories
o Gas analyzer accessories
The diagnostic devices segment held the major share of more than 60% in 2021.
The COPD segment held the largest growth of 6.29% in 2021 owing to the increasing usage of diagnostic devices for COPD disease.
By End User,
? Hospitals and clinics
? Home care settings
The hospitals and clinics segment held the highest market share of more than 60% in 2021, with the highest growth rate of 8.76%.
By region, the global COPD & asthma diagnostic and monitoring devices market is divided into Europe, North America, Asia Pacific, Middle East & Africa, and Latin America.
The North American market for COPD and asthma diagnostic and monitoring devices held the largest market share of more than 25% in 2020. The regional market held a revenue of USD 6,696.4 million. On the other hand, the Asia Pacific industry for COPD and asthma diagnostic and monitoring devices grew at the fastest growth rate of 9.14% over the anticipated period.
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The Middle Eastern and African market for COPD & asthma diagnostic and monitoring devices is also growing at a substantial rate due to the increasing strategic alliances.
The chief companies operating in the global COPD & asthma diagnostic and monitoring devices market include Vyaire Medical, Smiths Medical, KONINKLIJKE PHILIPS N.V., Masimo Corporation, Medtronic plc, Invacare Corporation, Becton Dickinson & Company, and Getinge AB, among many others. the top ten players hold around 65% of the overall market share. The key market players are investing in product launches, collaborations, mergers and expansions to sustain in the market. For instance, in December 2020, Philips Engineering Solutions, and a Dutch company, Gilbert Technologies, announced their work to turn their proprietary soft mist technology into a first-of-a-kind medical inhaler device, which has the potential to improve treatment effectiveness for patients and reduce medical costs.
The global COPD & asthma diagnostic and monitoring devices market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global COPD & asthma diagnostic and monitoring devices market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Pricing Analysis: Pricing analysis of various metals and other components used in the manufacturing of COPD & asthma diagnostic and monitoring devices
? Manufacturing Cost Analysis: Cost-share of various components in COPD & asthma diagnostic and monitoring devices, cost analysis of COPD & asthma diagnostic and monitoring devices
The global COPD & asthma diagnostic and monitoring devices market report answers questions such as:
? What is the market size and forecast of the global COPD & asthma diagnostic and monitoring devices market?
? What are the inhibiting factors and impact of COVID-19 on the global COPD & asthma diagnostic and monitoring devices market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the global COPD & asthma diagnostic and monitoring devices market?
? What is the competitive strategic window for opportunities in the global COPD & asthma diagnostic and monitoring devices market?
? What are the technology trends and regulatory frameworks in the global COPD & asthma diagnostic and monitoring devices market?
? What is the market share of the leading players in the global COPD & asthma diagnostic and monitoring devices market?
? What modes and strategic moves are considered favorable for entering the global COPD & asthma diagnostic and monitoring devices market?
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