PORTLAND, Oregon, January 22, 2019 /PRNewswire/ --
Surge in prevalence of COPD and asthma and increase in adoption of smart inhalers are expected to propel the growth of the intelligent asthma monitoring devices market
Allied Market Research published a report, titled, "Intelligent Asthma Monitoring Devices Market by Product (Wearable Asthma Monitoring Devices, and Smart Inhalers) and End User (Hospitals, Clinics, and Home Use): Global Opportunity Analysis and Industry Forecast, 2018-2025". The report offers in-depth analyses of the market size & estimations, key player positioning, drivers & opportunities, major market segments, top-winning strategies, and competitive landscape. According to the report, the global intelligent asthma monitoring devices market accounted for $20 million in 2017 and is expected to reach $655 million by 2025, registering a CAGR of 54.5% through 2025.
Increase in indoor air pollutants, rise in prevalence of chronic obstructive pulmonary disease (COPD) and asthma, and surge in adoption of smart inhalers drive the growth of the global intelligent asthma monitoring devices market. However, concerns about data privacy hamper the market growth. On the contrary, increased focus toward advanced treatment protocols and unmet needs in respiratory care across developing countries are expected to create lucrative opportunities for the market players in the near future.
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Smart inhalers segment to be lucrative through 2025
Smart inhalers segment held the largest share in 2017, contributing more than four-fifths of the total market revenue. Moreover, the segment is expected to manifest the fastest CAGR of 57.0% during the forecast period because these devices are used for monitoring drug dose and improving drug administration time to identify asthma attack and avoid further complications. The other segment of wearable asthma is also analyzed in the report.
Home use segment to retain largest share through 2025
The home use segment is register the fastest CAGR of 53.8% from 2018 to 2025, as these products are user-friendly, help avoid severe attack due to real-time monitoring, and assist in drug dose and time of medication. However, hospitals segment held the largest share in 2017, contributing about two-fifths of total revenue, as it offers basic services for asthma monitoring along with availability of skilled nurses and trained professionals.
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Asia-Pacific to grow the fastest through 2025
Asia-Pacific region is projected to grow at the fastest CAGR of 56.7% through 2025, owing to presence of high patient base, increase in healthcare expenditure by the populace, and technology advancements to launch cost-effective devices. However, North America held the largest share in 2017, contributing more than two-fifths of the total market revenue, owing to increased awareness about intelligent asthma monitoring devices among healthcare professionals & patients, availability of trained healthcare personnel, and high reimbursement policies. The other regions analyzed in the report include Europe and Latin America, Middle East and Africa (LAMEA).
Major market players
The key market players analyzed in the report include Vectura Group plc, Teva Pharmaceutical Industries Ltd. (Gecko Health Innovations), Qualcomm Life, Health Care Originals, GlaxoSmithKline plc, Propeller Health, Adherium Limited, AstraZeneca plc, Philips Healthcare, and Volansys Technologies.
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SOURCE Allied Market Research