The global Spirometry Market is witnessing a significant rise in its revenues, mainly due to the rising occurrences of respiratory diseases such as asthma and COPD. Besides, the growing rate of diagnosis processes conducted for the detection of interstitial pulmonary fibrosis fosters the growth of the market. Moreover, the increasing exposure to risk factors and the ever-increasing population is driving a large share of the market.
According to the reports published by Market Research Future Reports, the global Spirometry Market size is probable to exhibit a 10.03% CAGR from 2018 to 2023 and is also on the verge to reach USD 1,106.76 million by 2023. Such a humongous market growth can be attributed to the strident rise in the cases of chronic obstructive pulmonary disorders (COPD) and asthma.
Spirometry is considered as a basic test, which is conducted by clinicians to estimate the status of lungs. It is an essential test for diagnosing asthma, COPD, and other breathing disorders. Thus, spirometers are used to carry out the tests.
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Global Spirometry Market: Drivers & Trends
The factors such as emerging chronic respiratory diseases globally, increasing global aging population, and technological shifts in spirometer devices toward smartphone-based data connectivity and analysis are expected to drive the global spirometry market exponentially during the forecast period. With that, emerging economies with growing industrialization are also contributing to driving the market with opportunities for the future in substantial ways.
More stimulating factors such as government initiatives to restrain smoking habits of people, focus on breathing diseases, rising levels of air pollution, and expanding awareness towards the adoption of spirometers at homes are noticeably auguring the global spirometry market growth. Even awareness of reimbursement policies among the public and clinicians are also projecting to be the drivers for patients towards taking these tests. On the flip side, the high costs of spirometers may act as a restrictive factor against the market and hinder the global spirometry market growth.
Furthermore, the rising geriatric population is also anticipating being the factors for the increase in the demand for spirometers to analyze respiratory patterns. The need for spirometers is also probable in the rise due to a high number of surgeries in hospitals and clinics. These factors are tremendously driving the global spirometry market to rise high at a higher CAGR in the years to come.
According to the reports published by MRFR, the global spirometry market has been segmented by product, technology, application, and end-user.
By the mode of products, the market includes table-top spirometry, hand-held spirometry, and desktop (PC) spirometry.
By the mode of technology, the market has been segmented into volume measurement spirometry, peak flow meters (PFM), and flow measurement spirometry.
By the mode of application, the spirometry market is segmented into diagnostic and treatment monitoring.
Moreover, by the mode of end-users, the market includes research & academic institutes, diagnostic centers, hospitals & clinics, and home care.
Geographically, the market of spirometry has covered some main regions such as Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
Among these, Asia Pacific is expected to register the highest CAGR for the market to proliferate during the forecast period. Growth of this market in the Asia Pacific region is driven mainly by the large population of the patient and a high prevalence of chronic respiratory diseases.
While North America has the largest market for spirometers owing to technological advancements, government regulations, rise in incidences of respiratory diseases, increasing healthcare expenditure, and improved healthcare infrastructure.
In the end, here are the prominent players in the spirometry market, they are Carefusion Corporation (U.S.), NDD Medical Technologies, Inc. (U.S.), Nihon Kohden Corporation (Germany), MGC Diagnostics Corporation (U.S.), Vitalograph (U.K.), Schiller AG (Switzerland), COSMED srl (Italy), Hill-Rom Holdings, Inc. (U.S.), Midmark Corporation (U.S.), Smiths Medical Inc. (U.S.), and Koninklijke Philips N.V. (The Netherlands).
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