Spirometry Market Research Report, by Product (Table-top Spirometry, Hand-held Spirometry, Desktop Spirometry), Technology (PFM, Volume Measurement Spirometry, Flow Measurement Spirometry), Application (Diagnostic, Treatment Monitoring), End-user (Hospitals & Clinics, Home Care, Diagnostic Centers, Research & Academic Institutes), and Region – Forecast to 2027
The CAGR for the spirometry market is projected to be 10.3% until 2023. Its value is projected to be USD 1,106.7 million by then. Spirometry is invaluable because it helps doctors determine the real health of a person’s lungs. Thus, it is a good lung cancer screening aide. It’s also great in determining if a person has asthma or other serious respiratory/breathing problems.
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Segmentation:
The spirometry market can be segmented by product, technology, application, and end-user.
By product, the market is segmented into table-top spirometry, hand-held spirometry, and desktop (PC) spirometry. The table-top spirometry segment accounted for 49.9% market share in 2017, followed by hand-held (31%), and desktop (19.1%). This can be attributed to adoption of spirometers in hospitals and clinics. But the desktop segment is touted to register the highest CAGR of 10.58% during the forecast period owing to its rapid diagnosis rate and increasing use of computer-based applications.
By technology, the market covers flow measurement spirometry, volume spirometry, and peak flow meters (PFM). The flow measurement spirometry segment accounted for 50.3% share in 2017. This can be attributed to its lightweight nature and compact size. Its functionality based on the familiar table-top spirometer technology and lack of frequent calibration make it popular among clinicians. But the PFM technology can register 10.58% CAGR over the forecast period to reach USD 149.76 million by 2023.
Regional Analysis:
The spirometry market covers the latest trends and opportunities across Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas accounted for 39.74% share in the global market in 2017, followed by Europe and APAC. This can be attributed to economies such as the U.S. which are the earliest adopters of latest technologies coupled with the large patient pool suffering from respiratory disorders. The region is likely to enjoy a 10.25% CAGR over the forecast period.
The Europe spirometry market is expected to enjoy a CAGR similar to the Americas market over the forecast period to touch a valuation of USD 322.33 million by 2023. This can be credited to rising number of asthma cases and ballooned healthcare expenditure of nations such as Germany and France.
The MEA region can experience a respectable CAGR during the review period owing to improvements of healthcare infrastructure and enhanced healthcare budgets of Kuwait, Qatar, and Dubai.
The APAC region is expected to exhibit a 10.94% CAGR over the forecast period owing to high cases of chronic diseases, awareness of respiratory devices, and increased healthcare budgets of developed nations in the region. The growing geriatric populace in China and Japan can contribute to regional market revenue till 2023.
Competitive Dashboard:
Key players in the spirometry market include Smiths Medical Inc. (U.S.), Vitalograph (U.K.), MGC Diagnostics Corporation (U.S.), Hill-Rom Holdings, Inc. (U.S.), Schiller AG (Switzerland), COSMED srl (Italy), Midmark Corporation (U.S.), NDD Medical Technologies, Inc. (U.S.), Carefusion Corporation (U.S.), Nihon Kohden Corporation (Germany), and Koninklijke Philips N.V. (The Netherlands).
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