Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Spirometers Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The market, which stood at USD 568.96 million in 2023, is forecasted to surge to a valuation of USD 758.89 million by 2028. This notable expansion reflects a steady compound annual growth rate (CAGR) of 5.93% during the period from 2023 to 2028. This research highlights pivotal trends and factors fueling this growth, including technological innovations in spirometry devices, the growing burden of respiratory diseases, and an increased inclination toward home healthcare solutions.
Impact of COVID-19
The spread of COVID-19 initially stifled the spirometers market due to restricted diagnostic procedures and a sharp decline in patient visits for respiratory care. However, the market is swiftly rebounding with the resumption of diagnostic services and an uptick in patient consultations for pulmonary conditions. The analysis anticipates a robust recovery and significant growth over the forecast period.
Rising Chronic Respiratory Diseases
A primary market driver is the escalating prevalence of chronic obstructive pulmonary disease (COPD). An article from the European Respiratory Journal spotlighted that by 2050, COPD cases in Europe could rise to nearly 50 million from 36 million in 2020. This surge in the patient population necessitating respiratory function assessment is expected to fuel the demand for spirometers.
Technological Advancements
Technological progressions in spirometry are enhancing the accuracy, portability, and user-friendliness of devices, thereby driving market growth. Innovations such as Vyaire Medical's mobile spirometry system and eResearch Technology's ERT iSpiro Virtual Visits are setting new standards for pulmonary diagnostics and improving patient access to advanced pulmonary care.
Hand-Held Spirometers: Hand-Held Spirometers Segment to Exhibit Significant Growth
- Portable spirometers are gaining traction for their convenience and high accuracy.
- Recent studies show devices like PIKO-6 have higher accuracy compared to other models, which is anticipated to boost their adoption rates.
- Product launches such as Cipla’s pneumotach-based portable, wireless spirometer in India further fortify the market segment.
North America Leads the Market: North America to Dominate Spirometers Market Share During Forecast Period
- The high incidence of respiratory ailments coupled with strong healthcare infrastructure positions North America at the forefront of the spirometers market.
- Initiatives like the CDC’s National Asthma Control Program further catalyze market growth by promoting awareness and adoption of spirometry testing.
- Product launches, such as the new Pneumotrac spirometer by Vitalograph, reflect the dynamism and innovation prevalent in the region's market.
Market Outlook
The examination of market dynamics suggests substantial growth opportunities for spirometers, especially in addressing chronic respiratory diseases. The report underscores the necessity for increased awareness of COPD as a potential market growth inhibitor to be addressed in the coming years.
Spirometers Industry
The current landscape of the spirometer market is moderately fragmented with key players contributing to the market's advancement through continuous product innovation and research. As medical professionals increasingly rely on more sophisticated and user-centric spirometry solutions, the industry is expected to witness sustained growth, reflective of the comprehensive market insights presented in this study.
A selection of companies mentioned in this report includes:
- Baxter International (Hill-Rom Services, Inc.)
- Jones Medical Instrument Company
- MGC Diagnostics Corporation
- Midmark Corporation
- NDD Medical Technologies
- KoKo PFT
- OHD (SCHAUENBURG International Group)
- Koninklijke Philips N.V.
- ICU Medical, Inc.
- Teleflex Incorporated
- Vitalograph
- Vyaire Medical Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ob9ysg
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Attachments
- Spirometers Market Projected Prevalence Of C O P D In By Country Europe 2050
- Spirometers Market Spirometers Market Growth Rate By Region
