Asthma Monitoring Device Market: Current Analysis and Forecast (2023-2030)

Report Description

The Asthma Monitoring Device Market was valued at USD 796.84 million in the year 2022 and is expected to grow at a strong CAGR of around 7.1% during the forecast period (2023-2030). The global asthma monitoring device market is a growing market that includes a range of devices used to measure and track asthma symptoms. These devices include peak flow meters, spirometers, and peak flow meters with spirometry. The market is driven by an aging population, an increase in asthma prevalence, and advances in technology. Opportunities for growth in the market include the development of new and improved devices and the increasing adoption of remote monitoring technology. Key trends in the market include the integration of asthma monitoring devices with mobile health apps and the growing use of spirometry in clinical settings. For instance, in September 2019, Aluna, a company focused on developing solutions for asthma management, received a grant from the National Science Foundation (NSF) to develop a user-friendly mobile device with a mobile application for asthma patients. The company has received a total of USD 1.1 million in grants to fund this project, which is likely to increase the devices’ product sales and market value.

Some of the major players operating in the market include COSMED srl; Teleflex Incorporated; SCHILLER; Hill-Rom, Inc.; Koninklijke Philips N.V.; ICU Medical, Inc; SDI Diagnostics; AstraZeneca; Merck & Co., Inc.; BD Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst device, the spirometer category held a dominating share of the market in 2022”

Based on device, the market is segmented into spirometer, peak flow meter, and smart inhalers. Amongst these, the spirometer category dominated the market in 2022. This is mainly due to technological advancements in spirometry or the high demand for spirometers in hospitals due to the large patient pool. For instance, in August 2022, AstraZeneca partnered with Alveofit, a respiratory healthcare platform, to offer IoT-enabled handheld spirometers at hospitals across the country. This handheld spirometer is connected to the Internet of Things (IoT), so it can be used to track patients remotely and do tele-spirometry with full care management solutions.

“Amongst end-user, the hospitals & clinics category captured the majority share of the asthma monitoring device market in 2022”

By end-user, the market is bifurcated into hospitals & clinics, homecare, and diagnostic laboratories. Among these, the hospitals & clinics category captured the majority share of the asthma monitoring device market in 2022 owing to the growing aging population, an increase in asthma prevalence, and advances in technology. Hospitals and clinics are well-positioned to capitalize on this growth and provide effective asthma management for their patients.

“North America Dominated the Asthma Monitoring Device Market in 2022”

The asthma monitoring device market in North America is a rapidly growing market, driven by the increasing prevalence of asthma and the need for effective asthma management. Asthma is a chronic respiratory disease that affects millions of people in North America, and it can cause symptoms such as wheezing, coughing, and shortness of breath. Moreover, the increasing use of technology such as wearable devices,  inhalers with sensors, and mobile applications, are becoming more popular which will drive the growth of the market.

Asthma Monitoring Device Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global asthma monitoring device market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Research Methodology

Research Methodology for the Asthma Monitoring Device Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Asthma Monitoring Device Market were the three major steps undertaken to create and analyze the adoption of smart homes in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Asthma Monitoring Device Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Asthma Monitoring Device Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Asthma Monitoring Device Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as device and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Asthma Monitoring Device Market. Further, we conducted factor analysis using dependent and independent variables such as device and end-user of the Asthma Monitoring Device Market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Asthma Monitoring Device Market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Asthma Monitoring Device Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Asthma Monitoring Device Market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Asthma Monitoring Device Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Asthma Monitoring Device Market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the device and end-user in the global Asthma Monitoring Device Market.

The main objective of the Global Asthma Monitoring Device Market Study

The current & future market trends of the global Asthma Monitoring Device Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Asthma Monitoring Device Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the device and end-user.
• Define and analysis of the regulatory framework for the smart home
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Asthma Monitoring Device Market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Asthma Monitoring Device Market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team