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Smart Solutions for Asthma: Intelligent Monitoring Device Market Expansion
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According to The Business Research Company's, The intelligent asthma monitoring devices market size has grown strongly in recent years. It will grow from $0.93 billion in 2023 to $1.00 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to developments in guidelines for the diagnosis of asthma, a favorable regulatory environment, increasing approvals for asthma monitoring devices, a growing focus on preventive healthcare, and increased adherence to smart inhalers.
The intelligent asthma monitoring devices market size is expected to see strong growth in the next few years. It will grow to $1.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to the surge in the occurrence of respiratory diseases, the increase in the geriatric population, urbanization and environmental pollution, the increase in the incidence of asthma cases, and the rising population across the globe. Major trends in the forecast period include collaborations between pharmaceutical companies and smart inhaler manufacturers, smartphone apps and mobile health solutions for asthma management, AI-powered algorithms, and machine learning for early prediction of asthma attacks, and integrating smart inhalers with digital health platforms.
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Market Drivers and Trends:
The surge in the occurrence of respiratory diseases is expected to propel the growth of the intelligent asthma monitoring device market going forward. Respiratory diseases refer to a broad category of medical conditions that affect the organs and tissues involved in breathing. Increased air pollution, smoking, urbanization, and an aging population are significantly driving the rise in respiratory diseases. Intelligent asthma monitoring devices provide real-time data on lung function and environmental triggers, enabling early symptom detection and personalized treatment adjustments, thereby improving management and quality of life for respiratory disease patients. For instance, in December 2023, according to the data published by the American Lung Association, a US-based professional organization, in 2022, 5.09 million males were recorded with COPD (chronic obstructive pulmonary disease), up from 4.82 million cases in 2021. Therefore, the surge in the occurrence of respiratory diseases is driving the growth of the intelligent asthma monitoring device market.
Major companies operating in the intelligent asthma monitoring devices market are increasing their focus on developing technologically advanced solutions, such as AI-powered wearable lung monitor devices, to enhance patient monitoring, improve treatment outcomes, and empower individuals with better control over their respiratory health. AI-powered wearable lung monitors are advanced medical devices that integrate artificial intelligence (AI) technologies with wearable sensors designed to monitor and analyze lung function and respiratory health in real time. For instance, in December 2021, Respira Labs, a US-based medical technology company, launched Sylvee, an AI-powered wearable lung monitor. This device is designed to evaluate lung function in patients with COPD, COVID-19, and asthma. The wearable patch is placed on the lower part of the rib cage and uses embedded speakers and microphones to measure changes in acoustic resonance, which serves as an indicator of changes in lung air volume. Sylvee creates sound through its speakers and then uses the microphones to detect the sounds produced. The underlying theory is that air cavities in the lungs alter the quality of the sound, much like tapping a drum filled with air compared to one filled with cotton, wool, or liquid. The device utilizes this data to gauge lung volume, capacity, flow rate, and any trapped air, with the company seeking to achieve 90% accuracy in measuring air trapping through a large trial involving more than 500 patients.
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Major Key Players of the Market:
AstraZeneca plc, 3M Company, Boehringer Ingelheim International GmbH, Teva Pharmaceuticals Industries Ltd., ResMed Inc, Aptar Pharma Inc, OPKO Health Ltd, Sensirion AG, Vectura Group plc, Circassia Pharmaceuticals, Propeller Health, Vitalograph Ltd, Volansys Technologies Pvt Ltd, Amiko Digital Health Inc, Pneuma Respiratory Inc, Quvium, FindAir Sp. z o., Monitored Therapeutics Inc, Respiri Ltd, NuvoAir AB, Health Care Originals Inc, AEvice Health
Intelligent Asthma Monitoring Devices Market 2024 Key Insights:
• The intelligent asthma monitoring devices market size is expected to see strong growth in the next few years. It will grow to $1.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Surge In Respiratory Diseases Drives Growth Of Intelligent Asthma Monitoring Device Market
• AI-Powered Wearable Lung Monitors Enhancing Asthma Management And Patient Empowerment
• North America was the largest region in the intelligent asthma monitoring devices market in 2023
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