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 Market Research Future (MRFR), the global Spirometry market is expected to garner a valuation of USD 1,106.76 MN by 2023, registering 10.03% CAGR over the assessment period (2018-2023). Factors such as the increasing healthcare expenditures and technological advances in respiratory care devices are estimated to support market growth over the forecast period.
Spirometry is a medical test to evaluate lung functions vital for detecting asthma, COPD, and other breathing disorders. Spirometry is also performed for therapeutic reasons for asthma, chronic obstructive pulmonary disease, and restrictive lung disease. Growing exposure to risk factors, including smoking and pollutants such as chemicals, fumes, and dust, is fostering the growth of the market, increasing the prevalence of respiratory diseases.
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Major Players
Players active in the global Spirometry market include NDD Medical Technologies, Inc. (US), Nihon Kohden Corporation (Germany), Carefusion Corporation (US), Vitalograph (UK), Schiller AG (Switzerland), MGC Diagnostics Corporation (US), Hill-Rom Holdings, Inc. (US), Midmark Corporation (US), COSMED Srl. (Italy), Smiths Medical Inc. (US), and Koninklijke Philips N.V. (Netherlands), among others.
Segmentation
The segment study of the global spirometry market is done by Product, Technology, Application and End-user.
- The Product-based segments of the spirometry market are hand-held spirometry, table-top spirometry, and desktop (PC) spirometry among others. The table-top spirometry segment can acquire about 49.9% share of the market through the study period. The hand-held and desktop segments can acquire decent share of the global market. The rise in adoption of spirometers across hospitals and clinics can support the market surge. As per MRFR analysis, the desktop segment can register about 10.58% CAGR through the forecast period.
- The Technology-based segments of the spirometry market are volume spirometry, measurement spirometry, and peak flow meters (PFM). The flow measurement spirometry segment can hold about 50.3% share of the market. The increase in the demand for lightweight and compact table-top spirometer among clinicians can support the market rise. The PFM technology segment can expand at 10.58% CAGR through the forecast period and earn about USD 149.76 Mn by 2023.
- The Application-based segments of the spirometry market are treatment and diagnostic. The sub-segments of the diagnostic segment are interstitial pulmonary fibrosis, asthma, and COPD. The diagnostic segment can secure nearly 68.93% share of the global market by 2023 as the prevalence of breathing diseases is observed to increase. The treatment monitoring segment can earn about USD 353 Mn by 2023 from USD 214.12 Mn in 2018.
- The End-users-based segments of the spirometry market are research & academic institutes, hospitals & clinics, home care, and diagnostic centers. The home care segment can rise at 9.90% CAGR to generate about USD 71.14 Mn by 2023.
Regional Analysis
Trends and factors influencing the regional expansion of the spirometry market is assessed across Americas, EU, APAC, and the Middle East & Africa (MEA).
In the Americas, the spirometry market is expected to secure the maximum share of the worldwide market, following APAC and EU. The Americas spirometry market expansion can be attributed to the rapid adoption of advanced technologies by cash-rich regions. The existence of a large patient pool those afflicted with respiratory issues can cause the regional market to rise at 10.25% CAGR through the forecast period.
In Europe, the spirometry market can expand at high pace across the review period. The regional market can thrive at USD 322.33 Mn by 2023. The increase in asthma cases and surge in the healthcare expenditure by countries of the region, such as Germany and France, can support the expansion of the market in the analysis period.
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In MEA, the spirometry market expansion can expand at decent CAGR across the analysis period as improvements in the healthcare infrastructure are observed. The surge in healthcare budgets across Qatar, Kuwait, and Dubai can promote the market across the review period.
In APAC, the spirometry market can expand at 10.94% CAGR through the forecast period. Increase in high cases of chronic malaises, rise in awareness about respiratory devices, and hike in healthcare budgets across developing nations can favor the market through the review period.
