Pune, India, Jan. 24, 2022 (GLOBE NEWSWIRE) -- The global spirometer market size is expected to reach USD 789.0 million in 2028, exhibiting a CAGR of 5.2% during the forecast period. The market valuation amounted to USD 528.6 million in 2020 and reached. The rising cases of respiratory disorders will have an excellent effect on the market growth in the forthcoming years, states Fortune Business Insights, in a report, titled “Spirometer Market, 2021-2028.”
Notable Development:
- June 2020: AireHealth Inc. announced a strategic merger with BreathResearch. This joint venture will concentrate on the creation of a virtual care platform for respiratory illnesses.
- June 2021 – ERT announced the launch of ERT iSpiro Virtual Visits, which enables real-time coaching during at-home pulmonary function tests (PFT). With iSpiro Virtual Visits, ERT delivers on its commitment to offer customer and patient-oriented innovations that enable decentralization.
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Increasing Prevalence of COPD to Drive Market
COPD is the world's third-biggest cause of death, putting a major strain on patients and healthcare systems. In the U.S., it is among the largest causes of death, impacting around 16 million people, according to the National Heart, Lung, and Blood Institute. Tobacco smoking is a key risk factor for COPD. Other environmental exposures, such as air pollution and biomass fuel exposure, may, nevertheless, have serious health consequences. The rising prevalence of the condition is a worrying trend that will fuel demand for diagnostic devices over the projection period. Thus, boosting the growth of this market.
Rising Incidence of Asthma to Promote Growth in North America
In 2020, the North American market stood at USD 265.0 million and will capture substantial percentage of spirometer market share by 2028. The rising prevalence of chronic obstructive pulmonary disease, asthma, and other respiratory disorders has contributed to this region's domination. This has put a greater financial strain on the healthcare system, prompting the development of precision equipment to address the problem. The respiratory disease COPD, for example, is the fourth biggest cause of mortality, according to the Global Initiative for Chronic Obstructive Lung Disease (COPD) 2020 study, and the disease is putting a great strain on healthcare systems to lower its prevalence.
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COVID-19 Impact:
Supply Chain Disruptions in Healthcare to Affect Market Dynamics
The new coronavirus has had a significant impact on global healthcare market dynamics. The medical equipment supply chain around the world have been disrupted as a result of the pandemic. For example, some of the market's main participants are experiencing supply problems, particularly from Chinese wholesalers. On the other hand, due to a lack of locally sourced raw materials or parts, the production processes of some market participants have been hampered. For example, Vitalograph, a spirometry equipment maker located in Ireland, has had production challenges since some parts are sourced from China.
Market Segments:
Based on product type, the market is classified into devices, software, and accessories & consumables.
Because of the introduction of advanced software solutions for testing procedures, the software segment is expected to increase significantly.
Volume measurement and peak flow meters are two types of meters available in the market. In the year 2020, volume measurement devices dominated the market. The device's dominance can be attributed to its ability to produce precise results while being simple to use.
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Major Companies Focus on Distribution Network to Strengthen Position
Because of the varied product portfolio and impressive distribution network of big corporations in developed and emerging nations, the market is consolidated. Companies such as ndd Medizintechnik AG and COSMED srl, among others, have recently released market-leading products.
The Report Lists the Key Companies Profiled in the Market Report:
- ndd Medizintechnik AG (Zurich, Switzerland)
- COSMED srl (Rome, Italy)
- MGC Diagnostics Corporation (Minnesota, U.S)
- Morgan Scientific (Massachusetts, U.S)
- Chest M.I., Inc. (Tokyo, Japan)
- VYAIRE (Illinois, U.S)
- Ganshorn Medizin Electronic GmbH (Niederlauer, Germany)
- Medical International Research (MIR) (Rome, Italy)
- Other Players
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