Global Spirometer Market is expected to grow at a CAGR of 8.15% during the forecast period from 2018-2025
A new research report published by Fior Markets with the title Global Spirometer Market by Product (Consumables & Accessories, Devices, Software), Mechanism (Flow-Sensing Spirometers, Peak Flow Meters), Disposable Components, Application, End Use, Region and Global Forecast 2018-2025.
As per the report, the global spirometer market is expected to grow from USD 635.11 million in 2017 to USD 1,234.44 million by 2025 at a CAGR of 8.15% during the forecast period from 2018-2025. Increasing number of patience dealing in asthma and COPD, technological advancements, prevalence of unhealthy lifestyle, and awareness among people about respiratory disease are some of the factors that led to the growth of spirometer market in North America region.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Prominent companies in the industry include Hill-Rom, Vyaire Medical, Fukuda Sangyo, Chest M.I., Schiller AG, MGC Diagnostics, Medical International Research, NDD Medizintechnik AG, Vitalograph, Midmark Corporation, Benson Medical Instruments, Bionet America, Inc., COSMED srl, Advanced Medical Engineering, and Medikro Oy are offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain market share. For instance, in 2016, Propeller Health and Medical International Research (MIR) collaborated to integrate several of MIR’s mobile and clinical spirometers into the Propeller system. This integration helps in monitoring treatment process by controlling and improving quality of life.
Product segment is divided into consumables & accessories, devices, and software. The devices segment further includes pc-based spirometers, portable spirometers, and table-top spirometers. Consumables & accessories segment dominated the market with the market size of USD 248.01 million in 2017 due to rising incidence of chronic respiratory diseases and technological advancements related to consumer devices. Mechanism segment includes flow-sensing spirometers and peak flow meters. Peak flow meters segment held highest market share of 53.51% in 2017 owing to demand for peak flow meters. To measures air flowing out of the lungs peak flow meter are used. It helps to find narrowing of the airways well in advance of an asthma attack. Disposable components segment covers filters, tubes, and sensors. Filters segment dominated the market with the market size of USD 293.99 million in 2017. The filters in spirometer enables to reduce the need to sterilize spirometer’s flow head. Application segment is segmented into chronic obstructive pulmonary disease (COPD), asthma, cystic fibrosis, pulmonary fibrosis, and other. Chronic obstructive pulmonary disease (COPD) segment is anticipated to reach value around USD 479.83 million during forecast period. Here, contributing factors are increasing global prevalence of respiratory diseases and the growing number of aged population. End use segment is categorized into hospitals, clinical laboratories, home care settings, and industrial settings. Hospitals segment is anticipated to grow with highest CAGR 9.35% during the forecast period owing to higher use of spirometer in hospital settings and private practices
Increase in incidence of chronic obtrusive pulmonary diseases (COPD), rising levels of air pollution, and technological improvements in monitoring solutions using smartphone-based data collection are the key driving factors for the Spirometer market. In addition, rising incidence of respiratory diseases, and growth in geriatric population will lead the growth of spirometer market in couple of years. The time required to perform the test, lack of standard reimbursement policies, and lack of financial assistance and awareness about the symptoms of respiratory diseases may limit the growth of market. However, government initiatives to increase awareness regarding respiratory diseases and their treatment and emerging economies is expected to boost the spirometer market over the forecast period.
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About the report:
The global spirometer market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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