WILMINGTON, DE / ACCESSWIRE / February 2, 2023 / Transparency Market Research Inc. - An increase in awareness about early diagnosis and proactive management of common chronic respiratory diseases, such as chronic obstructive pulmonary disease (COPD) and asthma, has created attractive growth opportunities for companies in the Peak Flow Meter Market.
The surge in demand for smart and portable health monitoring technologies in resource-limited settings such as in low- and middle-income countries present lucrative opportunities. The global peak flow meter industry value stood at US$ 68.3 Mn in 2021 and is projected to exceed US$ 104.3 Mn by 2031.
A recent peak flow meter market trend of adopting these devices to help patients avoid asthma triggers has made it a crucial monitoring technology. Their usage has therefore become a key part of personalized asthma action plans for managing the symptoms early. The rise in awareness and education related to asthma treatment in children and adults has boosted the peak flow meter market outlook.
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Key Findings of Study -
- Rapid Rate of Adoption of Digital Health Monitoring Tech Creates Attractive Opportunities: Rise in the prevalence of asthma and COPD is anticipated to propel the adoption of digital health monitoring technologies among the patient population. Digital peak flow meters are gaining popularity for the self-management of asthma, especially among at-home patients. The digital product segment is thus projected to account for the leading market share during the forecast period.
- Rise in Demand for Smart and Portable Peak Flow Meters among Patients with Asthma: Numerous miniaturized, smart devices to manage chronic respiratory diseases have been commercialized in the past few years. Their utilization in the diagnosis and evaluation of asthma has increased significantly in recent years. Medical device manufacturers in the market have gained significant revenues from the sale of smart and portable devices. They are launching smart monitors that are connected to apps to make them more useful for patients.
Key Drivers -
- The rise in global awareness of key aspects of asthma diagnosis and management is creating significant demand for peak flow meters
- An increase in the health burden of common chronic respiratory diseases is likely to generate attractive growth opportunities for companies in the peak flow meter industry
- The rise in the usage of digital health monitoring technologies to manage bronchitis, asthma, and COPD is expected to propel the global peak flow meter industry. A number of awareness programs and education initiatives toward self-management of these diseases at home are broadening the peak flow meter market outlook. A case in point is the increase in the popularity of smart asthma control devices.
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Regional Growth Dynamics -
North America held a major market share in 2021. The presence of several large medical device manufacturing companies in the region and the early adoption of technologically advanced diagnostic devices among the population are expected to bolster market growth. Efforts by governments in North America to improve access to healthcare services are expected to propel the demand for the products. A significant adoption rate of peak flow meters in hospitals and clinics is anticipated to fuel the commercialization of the products in the region.
Competition Landscape -
Leading companies are implementing the strategies of merger and acquisition and restructuring of product portfolios to gain market share. Key players operating in the peak flow meter industry are
- DeVilbiss Healthcare,
- ResMed,
- Medline Industries,
- NSPIRE Inc.,
- Teleflex,
- Vyaire Medical, and Omron.
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Market Segmentation -
Product
- Digital Peak Flow Meter Market
- Mechanical Peak Flow Meter Market
Indication
- Chronic Obstructive Pulmonary Disease (COPD)
- Asthma
- Others
End-user
- Hospitals & Clinics
- Homecare Settings
- Others
Region
- Asia Pacific
- North America
- Europe
- Middle East & Africa
- Latin America
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