The global Spirometry Market is growing rapidly. The market growth attributes to the rising occurrences of respiratory diseases such as asthma and COPD worldwide. Besides, increasing numbers of diagnosis procedures conducted for the detection of interstitial pulmonary fibrosis foster the growth of the market. Moreover, the recent COVID 19 outbreak is projected to escalate the growth of the market exponentially.
Coronavirus has presented considerable challenges to global health services, disturbing almost every aspect of medical practice and policy. Subsequently, there occurs a surge in acute caseload with immediate implications for routine diagnostic and surveillance investigations. These implications have increased numbers of lung function testing (LFT), particularly spirometry, which is performed widely and in a variety of settings. As a result, market revenues are increasing significantly.
According to Market Research Future (MRFR), the valuation of global Spirometry market is expected to reach USD 1,106.76 MN by 2023, growing continually at 10.03% CAGR during the assessment period (2018-2023). Increasing exposure to risk factors among the ever-increasing population is a significant growth driver. Similarly, increasing healthcare expenditures and technological advances in respiratory care devices drive a large share of the market.
In addition to the growing exposure to risk factors such as smoking, pollutants such as chemicals, fumes, and dust, the increasing prevalence of respiratory diseases fosters the growth of the market. Conversely, huge costs associated with tests that require different spirometers and reimbursement limitations are the major factors predicted to obstruct the growth of the market.
Nevertheless, growing government initiatives and funding support to spread awareness and to drive the required R&D to improve diagnostics techniques and devices would support the growth of the market throughout the estimated period.
Global Spirometry Market – Segmentations
The report is segmented into five dynamics;
By Product : Hand-held Spirometry, Table-top Spirometry, Desktop (PC) Spirometry, and others.
By Technology : Volume Measurement Spirometry, Flow Measurement Spirometry (Pneumotachograph System and Mass Flow Meter), Peak Flow Meter (PFM), and others.
By Application : Treatment Monitoring, Diagnostic (Asthma, COPD, Interstitial Pulmonary Fibrosis, others), and others.
By End-user : Research & Academic Institutes, Hospitals & Clinics, Home Care, Diagnostic Centers, and others.
By Regions : Europe, Americas, Asia-Pacific, and Rest-of-the-World.
Spirometry Market – Geographical Analysis
North America dominates the global Spirometry market. The largest market share attributes to the growing prevalence of respiratory diseases such as asthma, COPD, interstitial pulmonary fibrosis, and others. Besides, factors such as the large technological advances and rising adoption of Spirometry devices in the region to improve diagnosis processes drive the growth of the market. Also, the availability of state-of-the-art facilities & infrastructure in the region foster market demand.
Additionally, the growing awareness, alongside the presence of notable industry players, boosts the regional market growth. Furthermore, high healthcare expenditures and expanding rebates on diagnostics push the regional market growth. The North American Spirometry market is projected to reach USD 444.99 MN by 2023, growing at 10.25% CAGR during the forecast period.
Europe stands second in the global spirometry market. The market is largely driven by the presence of major medical device companies in Germany and increasing per capita healthcare expenses in the region. Moreover, factors such as the proliferating healthcare industry and developed infrastructure in the region are driving the market growth further. The Europe spirometry market is expected to create a valuation of USD 322.33 MN by 2023, registering a significant CAGR throughout the review period.
The Spirometry market is brisk in the Asia Pacific region. The region demonstrates enormous growth potential. Additionally, factors such as the availability of cost-competitive diagnostic procedures and devices and large unmet clinical needs for respiratory diseases increase the size of the regional market, providing ample opportunities for market growth. The APAC Spirometry market is assessed to reach USD 247.52 MN by 2023, posting 10.64% CAGR during 2018-2023.
Spirometry Market – Competitive Analysis
The Spirometry market appears highly competitive due to the presence of several well-established players. To gain a larger competitive share, industry players initiate strategies such as mergers & acquisitions, collaboration, expansion, and technology launch. Significant investments are transpired in the field to bring innovations in the therapy and clinical trials. There is a shift towards the hospital testing department, which dominates a large market share. As a result, players rely on their collaborations and partnerships with hospitals to increase market penetration. Besides, these players employ numerous distributions channels and engage insurance companies to retain their market position.
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.
Industry/ Innovation/ Related News:
June 08, 2020 ---- NHS England announced that thousands of patients with cystic fibrosis (CF), alongside the ones recovering from coronavirus, are being given access to devices and apps to enable remote monitoring of their conditions. CF patients are considered to be at extreme risk from the coronavirus. To enable this group of patients to shield at home as much as possible, patients aged six years, and are given a spirometer to measure their lung capacity, and an app to share this information with their doctor.
NHS England further said that home-based spirometry had been hailed as the most critical intervention by the CF National Network for cystic fibrosis patients. The roll-out of these devices has been accelerated to help patients stay safe at home during the pandemic, while also ensuring the right help fast.
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