Wing Asthma Tracking Devices Market size is set to expand at significant growth rate during the forecast period i.e., between 2024-2036.
The significant growth of the market can be attributed to the rising prevalence of asthma and CPOD globally. Increasing air pollution is one of the most potent sources of asthma that directly attributes to the market growth. Moreover, rise in sedentary lifestyle has also contributed to the rise in asthma cases. According to report of WHO of 2019, asthma affected 262 million people worldwide, causing 461,000 deaths. The growth of the market can also be attributed to increasing need for early diagnosis of the disease along with raised research expenditure by governments and private organizations. Rising preference for healthcare within home has increased over the past few years; giving treatment to patients in the comfort of their homes is a major factor estimated to propel the growth of the wing asthma tracking devices market. During the COVID-19 pandemic, the market has witnessed a boost in product demand from patients as well as healthcare professionals to monitor their lung functions at home.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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On the basis of product type, the wing asthma tracking devices market is segmented into devices, software, accessories, and consumables, out of which, the software segment is estimated to gain the highest revenue in the market over the forecast period on the back of increasing technological advancement in the software solutions industry. However, accessories and consumables also hold a considerable share in the market due to their reusability and cost-effectiveness, respectively. Based on the end-users, the market is segmented into clinics, hospitals, diagnostic centres, homecare, and others. Out of these, the hospitals segment is presently dominating the market share in terms of revenue, owing to the increasing healthcare expenditure leading to the involvement of advanced testing devices. However, the homecare segment is anticipated to witness highest growth over the forecast period owing to increasing adoption of home-test kits and treatment methods, as in recent times of Covid-19, home healthcare is one of the best services available at a doorstep.
Our in-depth analysis of the global market includes the following segments:
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Geographically, the wing asthma tracking devices market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is poised to dominate majority revenue share by 2036, owing to increased expenditure by governmental and non-governmental agencies for improving healthcare infrastructure in the region. Rising air pollution in developing countries, such as, China and India, is also anticipated to boost the market growth. The healthcare spending as percentage share of GDP for Asia Pacific countries has been increasing in the recent years. According to the World Bank, for China, the share of health expenditure as percentage of GDP has increased to 5.351% in 2018 from 4.208% in 2010. This is further expected to boost the regional market growth. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the increasing acceptance of technological advancement, followed by the presence of top healthcare service providers in the region. Rapid increase in elderly population is also projected to fuel the wing asthma tracking devices market growth. According to the United States Census Bureau, by 2034, there will be 77.0 million people 65 years and older.
August, 2020: NuvoAir, a Sweden based company received its certification of Class Im medical device. Its product ‘Air Next’ is a certified Bluetooth spirometer, a connected patient app and a healthcare portal.
April 2020: San Francisco-based Company, Aulna launched its FDA-approved portable digital spirometer, helping patients monitor their lung health at home.
Author Credits: Radhika Pawar
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