Intelligent Asthma Monitoring Devices Market size is estimated to reach $1.1 billion by 2026, growing at a CAGR of 54.4% during the forecast period 2021-2026. Asthma Monitoring Devices are used to monitor asthma to avoid attacks and related morbidity. The technological advancements in the health care system have led to the development of digital devices that alert patients of a possible asthma attack. These monitoring devices have the ability to monitor adherence, provide access to data so that it can be transported to a personal device, and accurately record the time of each dose taken by the patient. The rise in the adoption of smart inhalers, such as dry powdered inhalers and metered dose inhalers in developed nations, increase in the investment by the key companies to develop advanced monitoring devices, and growing demand for advanced nebulizers in developing nations for the treatment of asthma are the factors that are set to drive the growth of the Intelligent Asthma Monitoring Devices Market for the period 2021-2026.
Intelligent Asthma Monitoring Devices Market Segment Analysis-By Product Type
The Intelligent Asthma Monitoring Devices Market based on the Product Type can be further segmented into Wearable Monitoring Devices, Smart Inhalers, and Nebulizers. The Smart Inhalers segment held the largest share in 2020 and is also estimated to be the fastest growing segment with a CAGR of 54.7% over the period 2021-2026. This growth is owing to the factors such as rise in the adoption of smart inhalers, such as dry powdered inhalers and metered dose inhalers in developed nations and the growing demand for advanced forms of inhalers that can be digitally connected to apps and that can monitor adherence and accurately record the time. The ability of smart inhalers to give a signal that a patient is overusing the preventer medicine is driving the growth of the Intelligent Asthma Monitoring Devices Market. The Wearable Monitoring segment held the second largest share in 2020 owing to its tremendous potential to improve the management of asthma and to allow the detection of significant changes over time to help patients and their caregivers determine the change in symptoms.
Intelligent Asthma Monitoring Devices Market Segment Analysis-By End User
The Intelligent Asthma Monitoring Devices Market based on the End User can be further segmented into Hospitals, Clinics, Home Care Settings, and Others. The Hospitals segment held the largest share in 2020 owing to the factors such as growing demand for hospital-based environment for the treatment of acute severe asthma and increase in the adoption of dry powdered inhalers and metered dose inhalers. The availability of healthcare professionals in hospitals who offer proper guidance about the handling of various monitoring devices is driving the growth of the Intelligent Asthma Monitoring Devices Market. The Home Care Settings segment is estimated to be the fastest growing segment with a CAGR of 54.9% over the period 2021-2026. This growth is owing to the factors such as increase in the investment by the key players to focus on the development of advanced devices for home care settings and growing demand for smart inhalers and nebulizers to address the challenges faced by patients within the home care settings.
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Intelligent Asthma Monitoring Devices Market Segment Analysis-By Geography
North America held the largest share with 31% of the overall market in 2020. The growth in this segment is owing to the factors such as increase in the investment by the key companies to develop advanced monitoring devices and the growing demand for smart inhalers in home care settings. The rise in the adoption of dry powdered inhalers and metered dose inhalers in developed nations is driving the growth of the Intelligent Asthma Monitoring Devices Market. Asia-Pacific is estimated to be the fastest growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as growing demand for advanced nebulizers in developing nations for the treatment of asthma and increase in the prevalence of asthma in countries like China and India.
Intelligent Asthma Monitoring Devices Market Drivers
Increase in the Adoption of Smart Inhalers
Smart inhalers, such as dry powdered inhalers and metered dose inhalers are emerging as one of the most visible areas of pharmaceutical engagement in digital health. The key players are embracing the use of these smart inhalers to enhance the management of asthma and also to improve the effectiveness of the prescribed medications, which is propelling the growth of the Intelligent Asthma Monitoring Devices Market.
Rise in the Investment by the Key Companies for Developing Advanced Monitoring Devices
Key players across the world are increasing their investment to develop advanced monitoring devices for the treatment of asthma. These companies are focusing on developing devices that help patients and physicians better understand asthma, improve symptoms and outcomes, and also have an automated communication for patients with their doctors to know what’s happening between visits, which is one of the major factors driving the growth of the Intelligent Asthma Monitoring Devices Market.
Intelligent Asthma Monitoring Devices Market Challenges
Lack of Knowledge about the Effective use of Smart Inhalers and Nebulizers
The rise in the prevalence of asthma owing to the growing levels of pollution across the globe has propelled companies to develop cost-effective and advanced monitoring devices for patient’s active commitment to engage in self-monitoring routines. However, lack of knowledge about the effective use of smart inhalers and nebulizers is one of the major factors that is estimated to reduce the growth of the Intelligent Asthma Monitoring Devices Market.
Intelligent Asthma Monitoring Devices Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Intelligent Asthma Monitoring Devices Market. Key companies of this market are Teva Pharmaceutical Industries Ltd, Qualcomm Life, Health Care Originals, GlaxoSmithKline plc, Philips Healthcare, Vectura Group plc, Respiri Ltd, AstraZeneca plc, 3M Company, and Cohero Health Inc among others.
Acquisitions/Product Launches:
In September 2020, Teva Pharmaceutical Industries Ltd has launched two digital inhalers AirDuo® Digihaler® (fluticasone propionate and salmeterol) and ArmonAir® Digihaler® (fluticasone propionate) to provide the ability to patients to share objective inhaler use data with their healthcare providers.
In June 2020, Respiri Ltd Company has launched its digital wheezo asthma measurement device in Australia for transforming itself into an eHealth software as a service company (SaaS) from a device manufacturer.
In November 2019, Philips has launched affordable 800 series air purifiers and smart inhalers that are built with an intelligent auto purification mode that is powered by a professional grade sensor to monitor asthma symptoms.
Key Takeaways
Geographically, North America Intelligent Asthma Monitoring Devices Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the growing adoption of dry powdered inhalers and metered dose inhalers in developed nations.
The growing demand for advanced form of inhalers that can be digitally connected to apps is driving the Smart Inhalers segment. However, the lack of knowledge about the effective use of smart inhalers and nebulizers is one of the major factors that is said to reduce the growth of the Intelligent Asthma Monitoring Devices Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Intelligent Asthma Monitoring Devices Market report.
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